A few days ago, two prominent investors i.e. Sverica Capital Management, (a private equity firm) and Salesforce Ventures ( a venture capital firm) made a strategic investment in Coastal Cloud. Financial terms of the deal were not disclosed.
Sverica Capital Management is a leading growth-oriented private equity firm that has raised over $1.1 billion across five funds. The firm acquires, invests in and actively builds companies that are, or could become, leaders in their industries. Since inception, Sverica has followed a “business builder” approach to investing and takes an active supporting role in its portfolio companies.
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures has invested in more than 375 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio, Zoom and others across 22 countries since 2009.
Coastal Cloud is an independent Salesforce platinum consulting partners in the U.S., offering a wide range of salesforce solutions. Through its unique consulting business model, the Company provides implementations and managed services to assist clients in migrating to next-generation systems. Coastal Cloud, one of the fastest companies to achieve Platinum status with Salesforce, was named to Inc.’s Best Workplaces in 2020, including making the Editor’s Top 10 List. Coastal clouds focused on diversity and is one of the largest women owned Salesforce consulting partners, where in women make over 40% of the Coastal cloud team.
Rooted in a strong culture and powered by passion for delivering value to clients through next-generation technologies, Coastal Cloud has grown rapidly and become a Salesforce Platinum Partner while driving high client satisfaction and recognition as the top-rated Salesforce consulting partner on G2. With a broad range of capabilities and expertise across a wide range of Salesforce solutions, the company serves as a partner to commercial, public sector, and non-profit organizations throughout their digital transformation journeys.
Sara Hale, Co-Founder and Managing Partner at Coastal Cloud, said “ Tim and I are delighted to have Sverica and Salesforce Ventures join the Coastal family and accelerate our next generation of growth. We will double-down on our industry-specific solutions and multi-cloud capabilities to help our clients achieve new levels of scale, agility, efficiency, and service. The current crisis demonstrates the power of our business as our Care4COVID and CARES Act solutions have been conceived, built and deployed to clients in a matter of weeks. This collaboration extends our unique culture, values, and relentless focus on exceptional client service. We are excited about the future with our team, our clients and our partners”
Jordan Richards, Managing Partner at Sverica said, “ Cloud services has been a longtime focus for Sverica and now, more than ever, companies need to digitally transform the way they connect with their customers, employees, and partners. Coastal Cloud’s solutions not only enable their clients to succeed by deploying Salesforce’s leading technology stack, but they also provide core business processes and dashboard driven analytics to allow them to operate more efficiently and effectively.”
Sherrick Murdoff, Vice President of Partner Investments at Salesforce, said “Coastal Cloud has been a longstanding and fast-growing partner of Salesforce and well-aligned with Salesforce values demonstrating a commitment to diversity in the workplace. The investment from Salesforce Ventures will help further their efforts within the Salesforce ecosystem and lead innovation for customers.”