Fast-growing DiscoverOrg has made another play to expand, securing investment this week from a pair of East Coast private equity firms.
The Vancouver market intelligence company announced Wednesday it landed investments from The Carlyle Group, a multinational firm based in Washington D.C.; and 22C Capital, a New York-based firm specializing in tech and data.
Terms were not disclosed. TA Associates, who first invested in 2014, and DiscoverOrg’s management team will retain majority control, said Chief Growth Officer Katie Bullard.
After the three firms lauded DiscoverOrg in a press release, cofounder and CEO Henry Schuck cheered the latest milestone.
“The confidence that Carlyle, TA and 22C have shown in DiscoverOrg is a testament to the incredible value that we are creating for sales and marketing teams everywhere,” he said.
The investments will spur yet another growth period for the company.
Founded in 2007, the company has shot from three employees to 470 today. It has 35 open jobs posted on its website and Bullard said these most recent investments will help them expand their offices in Philadelphia, Bethesda, Md.; and Vancouver, where it already has three floors of offices leased in downtown.
Money also will be spent on creating new products and fine-tuning the database that has fueled the growth. Investors won’t restrict how to spend the money, Bullard said, “other than capturing our market opportunity more quickly.
“The DiscoverOrg team has built the industry-leading intelligence platform for sales and marketing teams across the globe,” Patrick McCarter of The Carlyle Group said in the announcement. “Consistent revenue generation requires accurate and actionable data, and that is what DiscoverOrg delivers.”
DiscoverOrg’s core business is to offer high-powered sales leads, supplying clients with accurate ways to contact businesses for sales calls. It has since added other, similar products.
Last August, DiscoverOrg bought Maryland-based competitor RainKing. After the acquisition, Schuck told The Columbian it cost “at least $100 million.”
DiscoverOrg is on pace to make more than $160 million in revenue this year, Bullard said. Schuck has talked with The Columbian in the past about taking the company public, but Bullard said there have been “no specific conversations” since.