iLobby Announces More Than USD100M Strategic Investment from Insight Partners to Scale Go-to-Market Strategy and Expand Product Capabilities
TORONTO, Jan. 5, 2021 /PRNewswire/ -- iLobby®, a provider of turnkey solutions that enable organizations to have greater control over their facilities, employees, and visitors, today announced a strategic investment from global venture capital and private equity firm Insight Partners. The funding will catalyze the company's growth and help continue to protect facilities in regulated, compliance, and security-focused verticals.
With over 6 million total entry points in the United States alone, iLobby will use the investment to scale its go-to-market and expand its product functionality to meet rising demand for enterprise visitor managment in the 45 countries it currently serves and beyond. The company serves customers ranging from enterprises such as Pepsi, Nikon, and Hershey's to small and medium-sized businesses, tailoring solutions to fit customers' needs.
"This investment will substantially accelerate the pace at which we build and deploy the iLobby product suite to power the future of safety and visitor management in the workplace," said iLobby CEO Ariel Mashiyev. "We're incredibly excited to work with Insight Partners, who will be integral in helping us build out our operations and capture the massive opportunity in visitor management."
Visitor management software is a large market (~$8.7 billion in the US) with significant greenfield opportunity -- many companies still track who flows in and out of their facilities through paper logs and spreadsheets. iLobby's versatile and customizable platform helps highly-regulated facilities like airports, government buildings, financial services firms, and multi-national enterprises quickly digitize the front desk – bringing a new level of automation, security, and control to visitor management. With the help of Insight Onsite's 70+ team of operators, iLobby plans to grow their sales and customer success teams to reach new customers, both in the U.S. and internationally. As they continue to grow the product suite, iLobby looks forward to becoming a trusted partner in managing not only visitors but everything that moves through its customers' buildings.
"Ariel and his team have built a robust platform that meets complex needs in compliance-focused industries, all while being extremely capital efficient and growing nearly 100% YoY over multiple years," said Insight Partners Managing Director Ryan Hinkle. "We're very excited to leverage our strategic operations expertise through Onsite, our ScaleUp engine, to help iLobby scale more aggressively." Hinkle, along with Insight Partners Managing Director Anika Agarwal and Principal AJ Malhotra, will join iLobby's board of directors. Mashiyev will stay on as CEO and Chairman of the Board.
In the past several months, iLobby has also seen rising demand for visitor managment driven by the COVID-19 pandemic. COVID-19 has reshaped the way we think about and inhabit our workspaces – and understanding who is in a facility at any given time is more vital than ever before. To address these new customer needs, iLobby rolled out a COVID-focused pre-screening questionnaire for visitors, along with a touchless sign-in solution and fever testing. These modules will be critical to helping customers safely and efficiently identify visitors and employees even in a post-COVID world.
"As businesses are starting to reopen, there is an increasing need to not only know who is entering your facilities, but also assess whether they are a potential risk to your workforce," said Mashiyev. "Our enterprise clients have thousands of visitors walking through their doors each week, so we have worked closely with them to develop this solution as a first line of defense to reduce risks to their business operations. This care for our customers has helped drive our retention into the high 90s, and is validated through strong satisfaction metrics and customer expansion."
COVID-19 or not, it is clear that enterprise visitor management is vital for businesses globally. With the help of Insight Partners, a recognized leader in partnering with high-growth ScaleUp software companies, iLobby hopes to build upon its existing framework to best position the company for long-term success.
RBC Capital Markets acted as the exclusive financial advisor to iLobby on the transaction and Wildeboer Dellelce acted as the legal advisor. District Capital Partners acted as the buyside advisor to Insight Partners and Willkie Farr & Gallagher LLP and Stikeman Elliott LLP acted as legal advisors.
iLobby® is a global leader in enterprise visitor management, trusted by thousands of businesses worldwide to track, manage, and monitor who is in their building. The iLobby® Visitor Management System has become an integral part of day-to-day operations in organizations such as major banks, international airports, government, and Fortune 500 companies. To learn more about iLobby®, visit ilobby.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.