Posted: December 11, 2013 Downtown JAMF Software lands $30M investor
By Liam Marlaire
Taken from the Leader-Telegram
An investment announcement will provide JAMF Software with far more than just additional funding, says the company's managing partner.
Minneapolis-based JAMF, which was founded in 2002 and is building a four-story 70,000-square-foot building in downtown Eau Claire, announced the closing of a $30 million investment led by Summit Partners, a growth equity firm with offices in Boston; London; Menlo Park, Calif.; and Mumbai, India.
JAMF managing partner Chip Pearson said the investment will allow the company to scale up its operations.
|Photo by Steve Kinderman of the Leader-Telegram|
"JAMF Software will use the funding to drive product development, expand industry partnerships and deliver on the company's vision to enable organizations of all sizes to succeed with the Apple platform," according to a news release.
Greg Goldfarb, a managing director with Summit Partners, will join the JAMF board of directors.
In an interview Monday, Pearson said the insight and connections provided by Summit Partners are as important as the funding. He said there is a delicate balance between growing the business and ensuring it's a great place to work for employees.
The business has been growing around 70 percent annually, with an employee retention rate of nearly 100 percent and customer retention rate of more than 95 percent, he said. It has about 275 employees companywide.
"First, it was a good cultural fit for us, which is a pretty important piece," Pearson said of Summit Partners. "We're involved with people that have a similar outlook to what we have of the world.
"The last piece is getting us interviews with people we might not be able to meet on our own."
GSV Capital Corp., a California company with Minnesota roots, also invested in the round. Pearson said the process of securing the funding was an eye-opening experience.
"I've learned so much more about our business," he said. "It really did force us to look at our business from a different perspective."
Zach Halmstad, a UW-Eau Claire graduate who helped found JAMF, said the business will continue to develop its flagship product, Casper Suite, and also explore new areas.
"Some of the decisions we'll have to make and new areas to look into, we'll be able to investigate with our partners," he said.
"One of the fun parts of working here is the ecosystem we live and work in is always evolving. How we can be successful is to continue to learn.
"We're lucky to have surrounded ourselves with great people to move forward."
JAMF Software has more than 4,000 customers across the commercial, education and government sectors and more than 2.8 million Apple devices under management.
"Casper Suite allows administrators - many of whom came from a Windows background - to confidently manage every Mac, iPhone or iPad in their environment via an elegant and flexible management platform," Goldfarb said in the news release. "For organizations around the world that may still be testing and exploring how to embrace Apple devices, JAMF Software's pioneering approach helps align Apple's exceptional user experience with enterprise IT requirements to achieve the dual goals of end users and IT teams."
JAMF is expanding its operations in Minneapolis as well. The Eau Claire building can house about 300 employees, and is scheduled to open in the fourth quarter of next year with about 150 workers.
"We've gotten so much as a company from having such a good base in Eau Claire," Pearson said. "We're really grateful to the city of Eau Claire."
Added Halmstad: "We're very, very confident we'll continue to grow in Eau Claire and Minneapolis."