TMCnet News
Proven Optics Receives Growth Investment Led by Silversmith Capital PartnersProven Optics, a practitioner-founded Financial Management software company, today announced that is has secured a majority growth investment led by Silversmith Capital Partners, a Boston-based growth equity firm. The investment marks the first time the profitable, founder-led company has raised outside capital and was made from Silversmith's fourth growth equity fund, a $1.3 billion fund raised in July 2022. Silversmith has served as the first institutional investor in numerous other leading DevOps platforms, including Appfire, Gearset, and PDFTron. Proven Optics was founded in 2020 by William Miller and Ben Perkins to provide IT and finance leaders with the necessary analytics and insights to make better business decisions by automating the financial management of complex IT budgets. The Proven Optics Financial Management Application Suite is delivered on the ServiceNow Platform through the ServiceNow App Store and offers tailored solutions for numerous enterprise verticals as well as federal and state governments. "While organizations know how much their IT spend is, they often have little insight into the value that spend is returning to the organization," said William Miller, Founding Partner & Co-CEO of Proven Optics. "Our mission since we founded the company has been to provide organizations with scalable, configurable and simple to use soutions that allow them to make smarter IT budgeting decisions. We are very excited to partner with Silversmith and leverage their deep experience working with enterprise software companies like ours, as we accelerate our growth." The investment will be used to further product development of Proven Optics' innovative suite of software products and will enable the company to invest in sales and marketing. Proven Optics has experienced significant organic growth since its founding in 2020 and is looking to hire across the organization. "The team at Proven Optics are true domain experts in IT Financial Management," said Silversmith Vice President, Danielle Waldman. "As a rapidly growing profitable business in a large market, Proven Optics is a great fit for Silversmith. We are excited to serve as the first institutional investor and support Bill and Ben in the company's next stage of growth." In addition to Ms. Waldman, Jim Quagliaroli of Silversmith has joined the Board of Directors alongside Miller and Perkins. Kirkland & Ellis served as legal counsel to Silversmith Capital Partners and Porter Wright served as legal counsel to Proven Optics.
About Proven Optics
About Silversmith Capital Partners
ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005252/en/ |
