Finalsite, an online learning and communications platform for the education industry, today announced it has received a significant investment from Spectrum Equity. Finalsite’s founder Jon Moser has invested alongside Spectrum as part of this transaction, and will continue to lead the company as President and Chief Executive Officer.
The selling shareholders of Finalsite were advised by Raymond James & Associates. Silicon Valley Bank provided a senior credit facility as part of the transaction.
“As educational content and communications channels transition online, and students, faculty, parents, administrators and alumni increasingly depend on instant access to information to influence their educational decisions, we are confident that market demand for web-based platforms which facilitate dialogue across these audiences will continue to grow. We are extremely pleased to partner with Jon Moser and the Finalsite team who have demonstrated a long track record of profitable growth. We look forward to creating value in this compelling sector,” said Brion Applegate, Managing Director and Founder of Spectrum Equity.
Finalsite provides a SaaS-based, customized web platform that is used by over 1,000 schools and educational organizations and as many as one million unique users per day around the world. The platform facilitates the distribution of digital content across school communities and in classrooms via a proprietary, SaaS-based software suite accessed through desktops and mobile devices. In addition, Finalsite’s software enables customers to engage with a wide range of third party data providers including student information systems, learning management systems and social media applications. Finalsite is based in East Hartford, CT and has 57 employees (www.finalsite.com).
“Our core thesis continues to be that the internet and technology are impacting education at an extraordinary rate. Broader themes such as collaborative online learning, social networking and mobile are driving change across campuses and in classrooms around the world. Finalsite has a deeply entrenched global customer base comprised of some of the most prestigious and influential schools in the world. We view these relationships as highly strategic as customers increasingly utilize Finalsite’s software to distribute information, content and technology over the web and through mobile devices. Finalsite is well positioned to continue to benefit from these compelling trends,” said Steve LeSieur, Principal of Spectrum Equity.
Spectrum Equity invests in growth companies in the information industry with particular interest in internet and digital media; communications, media and entertainment; and software and information. Spectrum Equity has raised $4.7 billion in capital across six funds. The firm was founded in 1994 and has offices in Boston and Menlo Park (www.spectrumequity.com).
