Reston, Va.-based software company GoCanvas, which offers a platform for mobile forms, apps and work processes, has been acquired by California-based K1 Investment Management, a private equity firm that will take over majority ownership of the software company, the Washington Business Journal reported.
GoCanvas CEO and founder James Quigley told WBJ that the deal closed at the end of 2018 and is valued at more than $100 million. Quigley will continue to lead the software company, with plans for major growth. He said this deal is intended to grow GoCanvas more quickly by doubling the size of the company in the next two years.
Headquarted in Reston Town Center, where it will stay, GoCanvas currently has 165 employees on payroll who will all keep their jobs. Quigley told WBJ that the company plans to expand its sales and marketing teams, which makes sense given that the software company currently has 22 open positions in those areas. The company is looking to build a team inclusive of recent graduates and minority populations who are underrepresented in the tech industry, Quigley told WBJ.
The company is working toward $100 million in revenue. “This partnership probably makes this possible a year and a half faster,” Quigley told WBJ, referring to K1 Investment Management. “The intent is that these guys like building unicorns with no one left behind.”
GoCanvas was founded in 2008, previously as Canvas, before changing its name in 2017. The company has raised $21.1 million over the past 11 years, according to Crunchbase.
Quigley also cofounded coworking space and innovation hub Refraction in 2014, but since the nonprofit became its own company last year, it won’t be affected by this acquisition deal. Refraction recently landed a $1 million investment deal from Fairfax County in December, which will go toward expanding the coworking space and launching an apprenticeship program.
Below, check out a YouTube video where Quigley talks about GoCanvas’s plans for the future.
— GoCanvas (@GoCanvas) February 1, 2019