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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