Validity, the most trusted name in customer data quality, announced a new investment led by Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. Silversmith Capital Partners, founding investor in Validity, also participated in the investment. Financial terms of the transaction were not disclosed. The new funding will accelerate Validity’s go-to-market expansion, support the development of new solutions, and fuel both organic and inorganic growth.
“We’re pleased to welcome Providence as a new investment partner to Validity. This deal is a key milestone for Validity and a clear validation of our strategy and business model,” said Mark Briggs, CEO of Validity. “Since we started Validity a little over a year ago, we’ve charted an ambitious course to bring together leading companies that have solved some of the most complex challenges around customer data. Providence’s investment and deep commitment to our mission will help us drive more innovation, expand our commercial footprint, and welcome even more innovative companies into the Validity family.”
Since Validity was formed in early 2018, the company has made three significant acquisitions:
— CRMfusion, the leading application for enterprise CRM data quality — BriteVerify, the most trusted platform for email verification, and — Return Path, the global leader in email deliverability and optimization
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Validity has also made significant investments in the in-house development of new products to drive growth and enter new markets. In the fourth quarter of 2018, the company released DemandTools for Microsoft Dynamics 365 and recently launched an all-new Trust Assessments platform that demonstrates how businesses can quantify the state of Salesforce data quality on the business functions that drive growth.
“This announcement is just the latest milestone for Validity, capped by growth in sales and profit, the successful integration of CRMfusion and BriteVerify, and now the closing of the acquisition of Return Path,” said Jim Quagliaroli, Managing Partner of Silversmith Capital Partners. “We’re excited to increase our existing investment and help drive the next phase of Validity’s growth.”
Tom Reardon and Mark Hastings, Chief Executive Officer of PSG, will join the Validity Board of Directors, which includes Mark Briggs from Validity, Jim Quagliaroli and Sri Rao from Silversmith Capital Partners, and Mike Volpe, CEO of Lola.com and former Chief Marketing Officer of HubSpot.
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