SevOne revenues, $30 million a year, and employment, now 141, have doubled annually for the last four years and are on track to do so again, ceo Michael Phelan, a Daylesford native, told me.
"The company is profitable and growing, so we had the option of picking [our lead investor], and we picked Bain," which has experience backing "hyper growth companies and building them to scale," he added. Phelan expects Bain will help SevOne expand its client list beyond giant companies to add middle-market firms. "The goal is to have this as a public company in the next two to three years."
Phelan says much of the new cash will pay back 2007 investments totalling $3.5 million by Osage Ventures of Philadelphia, past Sungard Data Systems chairman John Ryan, and other early backers. Bain invested "well over $100 million," while an affiliate of Osage and other minority investors accounted for the rest. Outside investors now own about half the firm. Osage and other early investors had earlier owned about one-third.
SevOne has attracted "the world's largest, most sophisticated customers" to its "fast time-to-value and unique peer-to-peer architecture that scales" as their Big Data networks grow, added Bain m.d. Ben Nye.