This Wayne-based cloud company just got a bunch of hiring money - Technical.ly Philly

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Jun. 16, 2016 11:10 am

This Wayne-based cloud company just got a bunch of hiring money

A Boston venture firm (reportedly) pumped $100+ million into Evolve IP.
Evolve IP’s offices in Wayne.

Evolve IP's offices in Wayne.

(Courtesy photo)

Great Hill Partners, a Boston-based investment firm, made a major investment in Evolve IP last week. The Wayne, Pa.-based cloud services company was founded in 2006.

The 200-employee organization will use the undisclosed proceeds from the round to grow both its product offering and to staff up. The goal is to have 60-80 additions to the team over the next two years, according to company officials.

Although the figure of the investment is undisclosed, the Boston-based investment firm says its minimum investment is $25 million. Philly.com reports the figure is north of $100 million.

Excluding this recent investment, Evolve IP has received over $55 million in funding rounds since 2008.

“With this investment, we will have the opportunity to accelerate our growth, organically and via acquisitions, much more quickly than we could have as a closely held company,” CEO and cofounder Thomas Gravina said in a press release.

Evolve IP’s cloud-based services (like virtual desktops, virtual servers, etc.) are deployed in 1,300 commercial business accounts, racking up around 100,000 combined users.

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