Fruition Partners, a provider of technology-enabled services for the IT Service Management sector, raised $12 million in Series A financing. Trident Capital led the round, which will be used to bolster sales and marketing and for other growth efforts. Michael Biggee, managing director at Trident Capital, and Jeff Rich, venture partner at Trident Capital, will join the company’s board.
Fruition Partners, the leading provider of technology-enabled services for the IT Service Management (ITSM) sector, today announced that it has closed a $12 million Series A financing round led by Trident Capital. The funds will be used to accelerate growth and aggressively expand sales, marketing and delivery resources to meet the increasing demands for cloud-based professional services and Platform-as-a-Service (PaaS) development offerings globally. Michael Biggee, managing director at Trident Capital and Jeff Rich, venture partner at Trident Capital and former CEO of Affiliated Computer Services led the investment in Fruition Partners and will join the company’s board of directors.
The financing follows a record-breaking year for Fruition Partners marked by more than 150 new customer engagements in 2012 and 125 percent revenue growth over 2011. This accelerated growth is in lock-step with the rapid expansion and market demand seen by ServiceNow(TM), for whom Fruition Partners is a premier implementation partner. Companies are turning to cloud-based solutions to automate enterprise IT operations and create a single system of record for enterprise IT that lowers operational costs and increases efficiencies. With a staff of nearly 150 cloud experts, highly trained in ITSM best practices, Fruition Partners provides superior integration, training and managed services that ensure customers get the most from their ITSM investment.
“The emergence of the cloud is not only redefining IT hardware and software as we know it, but it is creating new growth opportunities for technology-enabled services,” said Michael Biggee, Trident Capital managing director. “With its deep IT service management background, highly trained staff and focus on supporting cloud solutions, Fruition Partners is optimally positioned to enable this paradigm shift and help drive the transformation of enterprise IT organizations to the cloud.”
Trident Capital has an exceptional track-record of backing pioneering companies that leverage emerging technologies to redefine the next-generation of business services. Prior investments include companies such as Advantec (acquired by Oasis Outsourcing), Circles (acquired by Sodexo), CSG Systems, Merchant eSolutions (acquired by Cielo), Outsource Partners International (acquired by EXL), Pegasus Solutions, and Viant.
Founded in 2003, Fruition Partners has quickly grown to become a trusted partner to some of the world’s most respected organizations including Coca-Cola, General Electric (GE), Delphi, Fox, Target, Tiffany & Company, Viacom and Yale University.
“Fruition Partners has invested heavily in expanding our ServiceNow capabilities in the past three years as we realized this was the biggest advancement in ITSM automation,” said Marc Talluto, CEO of Fruition Partners. “We continue to see clients migrating to cloud applications and requesting more advanced services to integrate and expand their usage. Our relationship with Trident Capital will allow us to continue on this growth trajectory and to extend our offerings to include advanced cloud integrations, platform development and managed services.”
About Fruition Partners Fruition Partners is an experienced cloud-service management firm with a proven history of process transformation and practical results. From robust service offerings to innovative products, Fruition Partners has the technology-enabled tools and services to help organizations attain sustainable success throughout the entire ITSM process. With more than 300 ServiceNow implementations, Fruition is regarded as a premier partner of ServiceNow. The company boasts a highly trained and knowledgeable staff of nearly 150 cloud and service management experts. Fruition’s depth of experience accelerates service management to the cloud and ensures clients experience the cost and performance benefits of cloud-based service management quickly and easily. For more information on Fruition Partners visit http://www.fruitionpartners.com .
About Trident Capital Trident Capital is a venture capital and growth equity firm combining the vision and risk-tolerance of venture capital with the financial creativity and flexibility associated with private equity. Trident is a thesis-driven investor that continually evaluates emerging trends and future customer needs. Trident’s areas of investment focus are Internet and Mobility, Software, IT Security, Healthcare IT and Business Services. Trident has raised $1.9 billion of capital since inception in 1993. The firm is based in Silicon Valley, but will invest in the right company anywhere in North America.