Having raised its previous round of funding in 2012, Mersive took a bootstrap approach to growing the business over the last several years. Rob Balgley, CEO, and Chris Jaynes, CTO and Co-Founder, understood the importance of bringing in a partner that would not only provide liquidity to early-stage investors but also critical expertise and a methodology for scaling the business to its next phase of growth.
After several months of due diligence, Rob and Chris selected OpenGate Capital as the preferred investor capable of significantly contributing to the company’s growth objectives. Conversely, OpenGate Capital saw an opportunity to back a highly competent team with promising plans to increase market share globally.
At the beginning of 2018, OpenGate Capital acquired Mersive Technologies.
Through a collaborative approach with OpenGate’s in-house operations team, the first year of Mersive’s acquisition involved:
- Increasing headcount by 76%
- Implementing key IT systems, including ERP, improving business workflows, and auditing processes
- Adding Mersive’s first employees in the Eurasia region, where the company saw an opportunity to take market share away from incumbents
- Establishing retention and inside sales best practices, including hiring its first employee focused entirely on existing accounts
- Investing significantly in R&D in order to release a high-priority meeting room analytics product, which has provided a strong go-forward competitive advantage in the market
In 2018, Mersive increased revenue by 75% and recurring revenue by 200%. With investments such as Mersive, OpenGate demonstrates a flexible, collaborative, and creative approach to transforming businesses with significant opportunities for value creation.