Intelex Technologies Inc, a Canadian provider of environmental, health, safety and quality management software, has secured $160 million in funding. The round was led by U.S. growth equity firm JMI Equity and was joined by HarbourVest Partners. With more than 1,000 clients, Intelex’s solutions help businesses improve performance, mitigate risk, and ensure compliance with international standards. The round’s proceeds will be used to support the Toronto-based company’s continued growth. As part of the deal, JMI’s David Greenberg, Harry Gruner and Bert Winemiller will join Intelex’s board of directors, as will HarbourVest’s Rob Wadsworth.
Intelex Secures $CAD 160 Million in Strategic Growth Investment Led by JMI Equity
Toronto Based Software Firm Continues Impressive Growth Trajectory With Largest Growth Funding Round in Recent Canadian History
TORONTO, ON–(Marketwired – August 13, 2015) – Intelex, a leading provider in Environmental, Health, Safety (EHS) and Quality management software solutions, today announced that it has secured $CAD 160 million in funding led by JMI Equity, a growth equity firm focused on investing in leading software and services companies. HarbourVest, a leading private markets investment firm, also participated in the round.
This sizable financing round comes on the heels of 10+ years of continuous growth by the Toronto-based software firm who employs over 350 staff in its Toronto office and boasts a premier list of clients, many of whom are household names.
“This investment will help us accelerate some of our current initiatives and ensure we continue on our growth path,” said President and CEO Mark Jaine of Intelex. “We are exceptionally proud to have partnered with JMI and HarbourVest in this effort and have the right team in place to further establish our market leading position.”
JMI Equity has an impressive track record when it comes to investing in promising Canadian technology firms, having provided growth financing to several successful software companies including Eloqua and PointClickCare. Eloqua was eventually acquired by Oracle in 2013 for approximately $1 billion and PointClickCare continues to exhibit impressive growth and have a significant presence in the Canadian tech sector. Other notable North American portfolio companies for JMI include ServiceNow, BigMachines and PowerPlan. Likewise, HarbourVest Partners has also been a long time investor in prominent Canadian software companies including Ottawa-based Kinaxis Corporation, a leading cloud computing vendor of both supply chain and sales and operations planning solutions. Kinaxis went public in June 2014 and was the top performing IPO on the TSX in 2014.
Founded in 1992, Intelex’s solutions enable organizations to streamline processes that keep employees safe, reduce environmental impacts and improve the quality of their products and services. These increased efficiencies improve business performance, mitigate organization-wide risk and ensure sustained compliance with regulatory requirements for over 1,000 companies using Intelex’s software. The company’s blue chip customer base comprises companies of all sizes and across a variety of industries, including food & beverage, healthcare, oil & gas and automotive, to name a few.
“Intelex is an emerging market leader and well positioned for continued growth due to its highly configurable, market-leading software platform,” said Harry Gruner, Founder and Managing General Partner of JMI. “We look forward to working closely with Mark and the Intelex team as they continue to expand their business.”
The development of EHS and quality software is a large, horizontal and growing market with multiple opportunities for continued expansion. Organizations realize a strong return on investment through the reduction of organization-wide risk and time spent monitoring EHS initiatives and regulatory requirements. Intelex’s solutions replace both legacy solutions and manual processes, and its application builder functionality enables customers to build their own modules.
“Intelex’s solutions continue to grow in importance for companies seeking to ensure compliance, reduce risk and improve their performance,” said Rob Wadsworth, Managing Director of HarbourVest. “We look forward to working with the Company and are excited to contribute to the next phase of its success.”
David Greenberg, JMI General Partner, led the investment for JMI, and as part of the transaction, will join Intelex’s Board of Directors along with colleagues Harry Gruner and Bert Winemiller. Rob Wadsworth from HarbourVest will also join the Board of Directors, which includes tech veterans Howard Gwin and David Wilson.
With more than 1,000 clients and one million users, Intelex Technologies Inc. is a global leader in Environmental, Health, Safety (EHS) and Quality management software. Since 1992 its scalable, web-based platform and applications have helped clients across all industries improve business performance, mitigate organization-wide risk, and ensure sustained compliance with internationally accepted standards (e.g. ISO 9001, ISO 14001 and OHSAS 18001) and regulatory requirements. Intelex is one of Canada’s most highly awarded and fastest-growing tech companies and has been named one of Canada’s Most Admired Corporate Culture, Best Managed Companies in Canada, one of the fastest growing companies in PROFIT Magazine, as well as one of the country’s top employers by Aon Hewitt and Best Small and Medium Employers. More information is available at www.intelex.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software and services companies. Founded in 1992, JMI has invested in over 120 businesses in its target markets and has raised more than $3 billion of committed capital. Combining domain expertise and active partnership, JMI works with management teams to build market-leading businesses and create long-term shareholder value. Realized investments from JMI funds include Autotask, Axeda, BigMachines, Eloqua, Gemcom, PowerPlan and ServiceNow. For more information on JMI, visit www.jmi.com.
HarbourVest Partners, LLC is an independent private markets specialist, providing investment programs and customized solutions focused on venture capital, buyout, mezzanine debt, credit, and real assets through primary fund investments, secondary purchases, and direct co-investments. HarbourVest has more than 300 employees, including 80 investment professionals, deployed in Asia, Europe, Latin America, and the United States. In more than 30 years of investing in private equity, the team has committed more than $30 billion to newly-formed funds, completed over $13 billion in secondary purchases, and invested $5 billion directly in operating companies. The firm’s clients include pension funds, endowments, foundations, and financial institutions around the globe. More information is available at www.harbourvest.com.
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Photo courtesy of Intelex Technologies Inc