Austin, TX – March 19, 2019 – Magnitude Software, Inc., the leader in unified application data management solutions, today announced significant investment from 3i Group plc ($340m ev, $179m equity). 3i is a leading international private equity and infrastructure investment management firm. The firm is investing behind Chris Ney, Chairman and CEO of Magnitude, who will maintain a significant stake in the business.
Magnitude, through solid organic growth and strategic acquisitions, more than tripled revenue, tripled profits and tripled global footprint in 3+ years. Magnitude is primed for its next significant growth phase.
Chris Ney, Founder, Chairman & CEO, Magnitude, stated:
“Magnitude is a dominant player in the data revolution. We enable enterprises to realize the vast operational efficiencies promised by modern business applications. Our executive team sought a strong international financial partner with a heritage of backing world-class companies, and a systematic approach to global expansion. We found all that in 3i. This relationship aligns with our number one goal: customer success. It reflects our vision to significantly leverage our global acquisition strategy, technology innovation and scalable operational platform to profitably deliver even greater value to our growing blue-chip customer base.”
Andrew Olinick, Co-Head 3i North America, added:
“Magnitude provides a highly attractive market and business growth opportunity backed by a strong executive team, led by Chris Ney. Management has a track record of building great teams, delivering broad customer success and rapid growth. The data opportunity, and challenge, is only getting larger with the increasing amount of data that companies generate and need to analyze.”
The partnership will enable Magnitude to continue executing on strategic expansion plans fueled by: market opportunity; its growing base of over 1,400 customers, including 50% of the Fortune 100; the expertise of the Magnitude team across North America, Europe and India; and a portfolio of award-winning software solutions that empower enterprises to unify fragmented data and deliver actionable insights for critical business decisions. Magnitude continues to focus on global growth across the ERP ecosystem, where SAP and Oracle represent major market share.
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Media contact: Meredith Wilshire, Scratch Marketing + Media, Meredith@scratchmm.com
About Magnitude – Magnitude’s transformative approach to unified application data management delivers vast operational efficiencies for today’s complex business application landscape. By way of its broad portfolio of business application data access, management and reporting products the company helps thousands of business users simplify management of their data and deliver on the substantial productivity gains modern applications originally promised. For further information please visit: www.magnitude.com.
About 3i Group – 3i is a leading international investment manager focused on mid-market private equity and infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.