IRVINE, Calif., Nov. 15, 2016 /PRNewswire/ -- Mavenlink, the leading software platform for the modern services organization and a Gartner Cool Vendor *, announced today a $39 million Series D financing led by Goldman Sachs Growth Equity.
Mavenlink's award-winning technology solution unifies all essential functions of services organizations, allowing them to plan and deliver work, manage project financials and resources, and collaborate with distributed teams and clients. By centralizing all critical business data on a single platform, Mavenlink offers these organizations unrivaled control and the ability to significantly up-level performance. "This is an exciting time for our company, and the services industry," said Ray Grainger, Mavenlink CEO and co-founder. "There is tremendous disruption and transformation happening across the $3 trillion global services market. Practices and approaches that used to work just fine have become inadequate, and that's where we come in. Mavenlink is a digital infrastructure that enables firms competing in today's Service Level Economy to operate, scale, and thrive like never before. This funding will accelerate plans to help our clients navigate this change all around the world." Following consecutive years of triple digit growth, Mavenlink recently announced a major expansion plan that includes the addition of two new U.S. locations, while growing its current San Francisco engineering and product headquarters, and rapidly adding jobs at its Irvine, CA corporate headquarters. In the coming months, the company has plans for additional expansion in Europe and other global locations. "We aim to invest in companies that are market leaders and rethink the traditional approach," said Mark Midle of Goldman Sachs Growth Equity, who has joined Mavenlink's board of directors. "With over 4,000 clients, Mavenlink has transformed the way service providers manage and operate their businesses by leveraging deep expertise and sophisticated technology. We are excited to help Mavenlink capitalize on this global opportunity." The company's growing client base includes progressive companies like Genpact, Salesforce.com, Cornerstone OnDemand, and Buzzfeed, as well as thousands of other consulting firms, IT services organizations, creative agencies, and professional services teams around the globe. "There are many reasons we decided to collaborate with Mavenlink to power our global services organization," stated Nick Anderson, VP Global Business Operations at Cornerstone OnDemand, a Mavenlink client since 2014. "The Mavenlink team understands the complexities of our business and are focused on supporting our continued growth. They help us take advantage of opportunities, and address tough challenges. Mavenlink's solution has improved our ability to execute and has had a positive impact on our business." This investment brings the total capital Mavenlink has raised to date to $84 million. Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., acted as the exclusive financial advisor to Mavenlink in connection with this transaction.