Startups
Hiring / Investing / Software

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. (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.

Companies: Evolve IP

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

Our services Preferred partners The journalism fund
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Philly-area gold exchange startup reaches $1M in revenue just 10 months after launch

He started at Neya as an intern. 10 years later, he’s director of robotics — and loving life

Philly-area social media startup LifeBrand lays off entire staff, as CEO says it's still 'fully operational'

What Philadelphians need to know about the city’s 7,000-camera surveillance system

Technically Media