Irvine, California-based Digital Map Products, a provider of of cloud-based spatial technology and data solutions, has secured $36.3 million in funding. The lead backer was Silversmith Capital Partners.
(Irvine, CA and Boston, MA – September 15, 2016) Digital Map Products (DMP), a leading, high-growth provider of cloud-based spatial technology and data solutions, has affected a management recapitalization including a $36.3 million investment from lead investor Silversmith Capital Partners, a Boston-based growth equity firm. DMP provides easy-to-use location technology and content solutions that empower businesses, government organizations and consumers to increase productivity and drive better decision-making.
“We are thrilled to partner with the team at Silversmith for the next phase of the DMP story. We continue to revolutionize location technology – growing the market by delivering location technology and data solutions that are easy for customers to implement and use,” said Jim Skurzynski, CEO & founder of Digital Map Products. “This investment will allow us to scale our current track record of innovation and propel long-term customer success. Our secret sauce is that we don’t provide a toolbox, we bring business users actionable information to make decisions. The investment by Silversmith will allow us the resources to double-down on this strategy.”
By embedding mapping technology and data into everyday business processes, DMP enables non-technical users across organizations of varying types and sizes to leverage the value of location intelligence in day-to-day decision making. The company’s offerings cover a spectrum of location technology needs from turnkey Software-as-a-Service (SaaS) applications to platform APIs and aggregated nationwide data solutions.
“Jim and co-founder Geoff Wade are talented entrepreneurs who have built a technology platform that is rare in its depth, breadth and extensibility,” said Todd MacLean, Managing Partner of Silversmith. “Specialty data is a cornerstone area of focus for Silversmith and we follow a simple mantra – data is valuable when data is hard to access. We are excited to work with Jim and Geoff and the rest of the DMP team to continue to build upon this foundation in the coming years.” MacLean and Marc Munfa, a Principal at Silversmith, have joined DMP’s Board of Directors along with DMP’s co-founders Skurzynski and Wade.
DMP has built a customer base of over 850 subscribing clients spanning hundreds of thousands of registered users and millions of end-users, which in aggregate generate billions of server hits per month. DMP technology and content solutions are experienced in nearly every major on-line real estate portal, as well as three of the top five multiple listing services (MLS’s) in the USA and hundreds of local, state and federal government agencies.
Choate Hall & Stewart served as legal counsel to Silversmith Capital Partners, while Stradling Yocca Carlson & Rauth served as legal counsel to Digital Map Products. Pagemill Partners provided investment banking advisory services to Digital Map Products.
About Digital Map Products
Digital Map Products, headquartered in Irvine, CA, is the leading provider of cloud-based location technology and content solutions that bring the power of spatial technology to mainstream business, government and consumer users.
SpatialStream®, the company’s spatial development platform enables API access to mapping technology and location data sets. Its SmartParcels® nationwide parcel and property data sets provide unparalleled location context, accuracy and interactivity. The company’s SaaS products include LandVision™ for real estate and GovClarity® for local government. For more information, visit www.DigitalMapProducts.com.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $460 million of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. The firm seeks to invest $15 million to $50 million per company, with the ability to increase the equity commitment in select situations.
The founders have over four decades of collective investing experience and have served on the boards of numerous successful growth companies including Ability Networks, Accelecare Wound Centers, Dealer.com, Liazon, Liberty Dialysis, MedeAnalytics, MedHOK, National Cardiovascular Partners, Net Health, Passport Health, SurveyMonkey, Wrike and Yapstone. For more information, visit www.silversmithcapital.com.