March 1, 2012 Emeryville, CA. Innovative Interfaces, Inc. ("Innovative"), a global leader in library technology and services, announced today that it has received a strategic investment from Huntsman Gay Global Capital, a leading middle market private equity firm, and JMI Equity, a leading growth equity firm focused on investing in growing software, internet, business services and healthcare IT companies. Innovative Founder and Chairman Gerald M. (Jerry) Kline will continue to be directly involved in the Company's overall operation as Chairman of the Board and shareholder of the Company. SkyRiver Technology Solutions, a provider of library metadata, also owned by Kline, received investment on the same terms. Financial terms of the investment were not disclosed.
Innovative Interfaces, founded in 1978, is a provider of integrated library systems which are software products and services integral to the ongoing operation of a library's technology infrastructure. Innovative maintains offices around the world to service its diverse customer base of over 4,500 libraries in more than 50 countries. Innovative's market-leading integrated library system, Millennium, is one of the most comprehensive offerings available in the marketplace.
Both strategic partners saw an opportunity to invest in a financially-strong and entrepreneurial-focused company: One that was poised for continued growth with new product offerings.
"Innovative is a fine company with a well-deserved reputation for building great products and services that solve real-world needs of libraries," said Rich Lawson, Co-Founder and Managing Partner of Huntsman Gay, and new Vice Chairman of Innovative. "We are excited about the prospects of working with Jerry Kline and the Innovative management team to help the Company achieve new success."
"We are confident that our experience partnering with software businesses will help Innovative build on its successful track record by continuing to invest in new and refined solutions for libraries," said Paul Barber, Managing General Partner of JMI Equity and member of the Innovative Board of Directors.
"Huntsman Gay and JMI take a long-term view on investments and bring great vision from outside the library marketplace," said Kline. "I am pleased that we were able to find people that understand the importance of our established and new library partnerships and appreciate the strong team we have in place here at Innovative. This new investment will provide the resources that will offer greater opportunities for the Company's future growth."
About Innovative Interfaces
Innovative Interfaces (www.iii.com) creates cutting-edge products that allow libraries to succeed in a modern technology environment and the freedom to implement solutions that best meet their specific needs. The company's versatile and market-leading solutions include: the Sierra Services Platform, the Millennium ILS, the Encore Synergy discovery application, Electronic Resource Management, and INN-Reach resource sharing. An established company with a vision for the future, Innovative connects with thousands of libraries of all types in over 50 countries. Innovative's commitment to service is reflected by its 24/7/365 Help Desk, Innovative University, and the CSDirect Web support center. The company is located in Emeryville, California with offices around the world.
SkyRiver Technology Solutions (www.theskyriver.com) is a full service library metadata provider dedicated to the development and deployment of user-friendly, economical cataloging services for libraries. SkyRiver's growing customer base reflects the company's success in filling the need for a choice of cataloging services with an open data use policy and a focus on reducing library cataloging costs.
About Huntsman Gay Global Capital
Huntsman Gay Global Capital is a private equity firm that brings unrivaled experience to the middle market—offering all the advantages of both a strategic and a financial buyer in one firm. Co-founded by Jon M. Huntsman, one of the world's leading industrialists, and Robert C. Gay, a former managing director of Bain Capital, the firm focuses on middle market leveraged buyouts and growth equity investments. For more information on Huntsman Gay Global Capital, please visit www.hgequity.com.
About JMI Equity
JMI Equity is a leading growth equity firm focused on investing in growing software, internet, business services and healthcare IT companies. Founded in 1992, JMI Equity has invested in more than 100 businesses in its target markets and has over $2.1 billion of committed capital under management. JMI Equity provides capital for growth, recapitalizations, acquisitions and buyouts. Representative investments include Blackbaud, DoubleClick, Eloqua, Navicure, Nimsoft and ServiceNow. For more information on JMI Equity, visit www.jmiequity.com.