A “Slice of Silicon Valley” in Ohio: Private Equity Investment Spurs Innovation, Jobs and Growth at Cleveland-based Hyland Software
Judge: “With the help of private equity investment, a cutting edge software company in Cleveland, Ohio, is creating jobs, developing new products and contributing to a growing economy in America’s heartland.”
Washington, D.C., August 1, 2012 – Often mischaracterized in the current political debate, private equity investment strengthens and grows companies in all fifty states. Today, The Private Equity Growth Capital Council (PEGCC)released its latest video installment of Private Equity at Work highlighting how private equity helps grow the American economy by investing in innovative companies.
The latest success story highlights leading private equity firm Thoma Bravo’s strategic partnership with Hyland Software, an industry leading software company based in Cleveland, Ohio that affectionately refers to itself as, “a slice of Silicon Valley in the Rust Belt.” Hyland develops an enterprise content management (ECM) software, called OnBase, used to help businesses streamline their processes and share information more easily.
“With the help of private equity investment, a cutting edge software company in Cleveland is creating jobs, developing new products and contributing to a growing economy in America’s heartland,” said Steve Judge, president and CEO of the PEGCC.
In 2007, Hyland Software realized the ECM marketplace was consolidating and needed help to stay ahead of competitors. Hyland and Thoma Bravo formed a strategic partnership to grow the company, make acquisitions and integrate technologies. Since Thoma Bravo’s initial investment, Hyland has experienced significant growth and has doubled its number of employees to more than 1,300.
“It is unlikely that Hyland Software would be where we are today without private equity,” said A.J. Hyland, president and CEO of Hyland Software. “Our private equity partners worked with us to grow the business, expand our customer base and sharpen our management skills, while allowing us to preserve the dynamic culture of the company.”
“Private equity is out there to improve corporate performance,” said Orlando Bravo, managing partner of Thoma Bravo. “Improving corporate performance involves evaluating and strategically enhancing all aspects of the corporation, including the customer base and employees, and doing so consistently over time.”
Investment Highlights:
Hyland has more than 1300 employees, double the amount it had less than five years ago. The company expects to hire 150 more by the end of 2012.
Since its initial investment in 2007, Thoma Bravo has helped Hyland purchase five companies and grow revenue by $144 million.
Hyland has increased its customer count by 4,000 customers to more than 10,800 lifetime customers since the investment.
