N3 Announces Investment by RedBird Capital Partners
ATLANTA, Nov. 2, 2015 – N3, a leader in B2B sales execution and demand generation for cloud and software providers, announced today that it has received a $35 million investment from RedBird Capital Partners LLC (“RedBird”). N3’s co-founder and CEO Jeff Laue, along with the existing management team, will continue to lead the business. The investment will support the continued development of N3’s best-in-class sales and marketing offerings during a time of rapid global growth. Terms of the transaction were not disclosed.
“Partnering with N3 is proving to be a competitive advantage in this next wave of cloud computing as customers need to rapidly execute on sales programs with high rates of success,” said Laue. “The principals at RedBird have a great track record of supporting growth-oriented companies over the long term as they build scale and profitability. This investment strengthens N3’s ability to be a differentiated partner to our trusted customer base through the continued build out of our technical and sales infrastructure to support our global partners like Microsoft, Epicor, SAP, HP, Rackspace, and OpenText.”
“We’re excited to partner with Jeff and his team to continue building upon N3’s successes. N3 is unique in its ability to solve critical issues for its customers in a sector where the traditional sales models are being disrupted,” said Robert Covington, Co-Managing Partner, RedBird Capital Partners. “Our investment is consistent with RedBird’s model of backing proven entrepreneurs with flexible capital to help scale their respective businesses.”
N3 has over 700 sales team members and has positioned itself as a leading partner to preeminent global players within the rapidly growing cloud industry. The company specializes in the $16 billion global Infrastructure-as-a-Service (“IaaS”) market, which is growing 33% annually, as well as the $49 billion global Software-as-a-Service (“SaaS”) market.
N3 leverages a combination of sophisticated tools, sales teams, and processes to accelerate the generation and close of sales opportunities for software and technology companies. On average, opportunities generated by N3 exhibit a 60% uplift in value and take 33% less time to close than those within a client’s own internal organization. N3 has generated over $2 billion in pipeline revenue over the last ten years, and over the last 24 months has closed over $300 million in cloud sales on behalf of its customers.
Croft & Bender LLC served as financial advisor to N3. Morris Manning & Martin LLP served as legal counsel to the Company. Goglia pllc served as legal counsel to RedBird.
ABOUT REDBIRD CAPITAL PARTNERS, LLC
RedBird Capital Partners LLC is a New York and Dallas based principal investment firm focused on providing flexible, long-term capital in growth equity, build-up, and structured equity investments to help entrepreneurs grow their businesses. RedBird seeks investment opportunities in growth-oriented private companies in which its capital, investor network, and strategic relationships can help prospective business owners outperform operationally, financially and strategically by virtue of RedBird’s involvement. For more information, go to www.RedBirdCap.com.
N3 Media Contact:
Write2Market for N3
RedBird Capital Partners Media Contact:
Sard Verbinnen & Co