Kitchener's Igloo Software to hire 75 after $60M investment
Company says it saw an opportunity to grow in a 'hot market' but needed funding
Kitchener-based Igloo Software will be hiring 75 people this year after a $60 million investment ($47 million US) from U.S. company Frontier Capital.
Igloo said it plans to use the funding to build its sales and marketing operations, expand distribution channels, strengthen its relationship with Microsoft and further growth in the North American Market.
The company's Instagram account says they create an intranet "you'll actually like."
Mike Hicks, vice president of strategy and marketing for Igloo, said the Charlotte, N.C.-based Frontier will also partner with the digital workplace solutions company to help them network with other companies.
Over the past 10 years since the company launched, the team of software developers has worked on improving how companies can hold online town halls or make deal rooms better for sales teams.
"What we've done over the last couple of years is take what used to be a stale and outdated approach to employee engagement and communication collaboration, which you would probably known as the intranet, and what we've done is we've built the next gen version of that," Hicks said.
Company anticipates big growth
Igloo said it was at a stage where they saw a huge market opportunity, last year, but they needed to raise additional funding.
They chose Frontier because the equity firm has experience helping companies scale quickly and Frontier liked what Igloo was doing.
"We provide them with a mature, fast-growing company in a very hot market," Latendre said. "We're really excited."
Investments like this are generally in the three to five year range, Latendre said.
"Then Igloo will take its next stage of growth and probably look to do another round of funding, probably in the hundreds of millions, to take us even to that next stage," he said.
They plan to hire 75 people this year, but that could grow over the coming years as Igloo itself grows.
"As we get into our 2019-2020 planning, we're expecting somewhere between 50 and 70 per cent year-over-year growth in our revenue, which then, we'll have to look at what type of staffing needs we need at those revenue numbers," Latendre said.