PE Deals

Summit Partners backs software firm TextExpander

The funding will be used to back TextExpander's continued investment in R&D, personnel hiring and customer acquisition.

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  • Also, TextExpander named J.D. Mullin as CEO
  • Prior to joining TextExpander, Mullin was an executive-in-residence at Summit Partners
  • Founded in 1984, Summit Partners is currently managing more than $37 billion in capital

Summit Partners led a $41.4 million financing in TextExpander, a developer of productivity software. The funding will be used to back TextExpander’s continued investment in R&D, personnel hiring and customer acquisition.

In addition to the financing, TextExpander named J.D. Mullin as CEO.

TextExpander is built to help teams and individuals accelerate repetitive tasks and deliver a personal touch in business communications. The company has more than 100,000 monthly active users who have employed 560 million expansions in the last year alone.

“TextExpander has achieved best-in-class customer satisfaction and retention, with consistently strong net promoter scores. This is a testament to the founders’ focus on building a product that saves teams time and improves productivity,” said J.D. Mullin, CEO of TextExpander, in a statement. “I’m excited to build on the strong foundation laid by founders Philip Goward and Greg Scown, as we work together to lead TextExpander in this new phase of growth.”

Prior to joining TextExpander, Mullin was an executive-in-residence at Summit Partners. Previously, he spent two years leading the QuickBooks Time business unit at Intuit following its acquisition of TSheets, a leading SaaS-based time tracking and scheduling program.

Mullin and Colin Mistele have joined TextExpander Founders Philip Goward and Greg Scown on the TextExpander Board of Directors. Matt Rissell, founder and former CEO of TSheets, has also been named a board director.

TextExpander is headquartered in San Francisco.

Founded in 1984, Summit Partners is currently managing more than $37 billion in capital. Summit has invested in more than 550 companies in technology, healthcare and other growth industries.