Frontier exits Zephyr

Frontier Capital has sold Zephyr, a provider of analytics software, to SmartBear Software. No financial terms were disclosed. William Blair and Womble Bond Dickinson were financial adviser and legal representative, respectively, on the deal.


CHARLOTTE, NC – (Oct. 23, 2018) – Frontier Capital (“Frontier”), a leading growth equity firm focused exclusively on software and technology-enabled business services companies, is pleased to announce the exit of its investment in portfolio company Zephyr (“Zephyr” or the “Company”) through a sale to SmartBear Software (“SmartBear”).

Zephyr provides more than 18,000 organizations with a robust suite of test management applications. The Company’s software testing solutions enable development teams of all sizes to build higher quality software more efficiently and collaboratively. By adding Zephyr to its suite of software quality tools, SmartBear will create the industry’s most comprehensive set of test management solutions in the market.

Zephyr partnered with Frontier in 2016 to transform from an emerging growth software company to a recognized market leader in test management software. Through a collaborative partnership with Frontier, the Zephyr management team was able to make strategic investments and execute on its growth initiatives of expanding its product capabilities and launching in new end markets. Complementing Zephyr’s organic growth, with Frontier’s guidance, management successfully completed a strategic tuck-in acquisition as well.

“We are proud of the transformative growth that Zephyr has achieved during our partnership,” said Frontier Partner Scott Hoch, who led the Frontier investment team. “It has been our privilege to work with Zephyr CEO Scott Johnson and Founder Samir Shah, along with the entire team at Zephyr, to help build a durable platform company with strategic value that is exceptionally well positioned to continue its growth trajectory as part of SmartBear.”

“Frontier has been a true growth partner throughout our relationship,” said Scott Johnson. “With its deep experience in growth-stage software investing, Frontier was invaluable in helping us refine our go-to-market strategy, launch new products, and enhance our value proposition for our customers. Their guidance and leadership enabled a great outcome.”

William Blair and Womble Bond Dickinson acted as exclusive financial advisor and legal representative, respectively. Terms of the transaction were not disclosed.