Summit Partners leads growth investment; SaaS industry leader J.D. Mullin named CEO
SAN FRANCISCO & MENLO PARK, Calif.–(BUSINESS WIRE)–July 21, 2022–
TextExpander, a developer of productivity software, today announced a $41.4 million financing round and the addition of SaaS industry leader J.D. Mullin as the company’s new CEO. The financing is led by global growth equity investor Summit Partners and will support continued investment in R&D, hiring and customer acquisition, and will help to further accelerate TextExpander’s rapid growth.
TextExpander is built to help teams and individuals accelerate repetitive tasks and deliver a personal touch in business communications. The company’s productivity software is designed to automate content creation through highly customizable, user-defined keyboard shortcuts, or “snippets”, helping management teams to promote consistent and compliant communications. From small teams to enterprise-wide deployments, users leverage TextExpander across a variety of job functions and use cases – from customer support to recruiting to outbound sales – and counts many high-growth technology, healthcare and consumer companies among its customers. Today, the company has more than 100,000 monthly active users (MAU) who have employed 560 million expansions in the last year alone.
“TextExpander has achieved best-in-class customer satisfaction and retention, with consistently strong net promoter scores. This is a testament to the founders’ focus on building a product that saves teams time and improves productivity,” said J.D. Mullin, CEO of TextExpander. “I’m excited to build on the strong foundation laid by founders Philip Goward and Greg Scown, as we work together to lead TextExpander in this new phase of growth.”
J.D. brings substantial experience in leading and scaling fast-growing SaaS businesses, as well as in building engineering and product teams that help drive rapid innovation and support high-velocity sales models. Prior to joining TextExpander, J.D. was an Executive-in-Residence at Summit Partners. Previously, he spent two years leading the QuickBooks Time business unit at Intuit following its acquisition of TSheets, a leading SaaS-based time tracking and scheduling program.
“We’ve worked closely with J.D. for a number of years. As a leader and an operator, he offers a rare combination of product vision, technical expertise and business acumen, and we are excited to bring this perspective to the TextExpander team,” said Colin Mistele, a Managing Director with Summit Partners. “At a time when organizations are seeking ways to empower their employees by automating routine tasks and communication, we believe TextExpander stands out with a simple, yet powerful, full-featured solution designed to serve the needs of individuals, teams and enterprises.”
TextExpander’s “use it anywhere and everywhere” flexibility has become a consistent theme among customer acclaims. The solution can be used across applications, from email and calendars to popular software applications like Salesforce and Zendesk. Customers regularly highlight the value created by the ability to both standardize and personalize messaging using templates. This is especially relevant in highly regulated industries or customer-facing scenarios where consistency is paramount but personalized communication continues to matter more than ever.
“TextExpander enables me to interact with more customers and maintain my quality of support. I am able to use our repository of snippets as frameworks and then slightly reword the solution for the customer’s specific situation.” – Michael Marvosh, Product Specialist, ConvertKit
“While individuals and small teams have benefited from TextExpander’s powerful solutions for years, large enterprises, including several Fortune 500 companies, are also now utilizing our solutions and benefiting from our content creation and team workflow features,” said Mullin. “With this investment from Summit Partners, we will continue to advance our enterprise capabilities and expand our team to support a growing base of loyal customers.”
J.D. Mullin and Colin Mistele have joined TextExpander Founders Philip Goward and Greg Scown on the TextExpander Board of Directors. Matt Rissell, founder and former CEO of TSheets, has also been named a board director.
TextExpander develops productivity software for macOS®, Windows®, Chrome™, iPhone®, and iPad®. Headquartered in San Francisco, California, TextExpander is a closely-knit, geographically diverse company. We have proudly served our customers for more than 15 years. Our award-winning products redefine productivity so that our customers can get to the finish line sooner, leaving them more time for what comes next.
Sign up for a free TextExpander trial at https://textexpander.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $37 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn
View source version on businesswire.com: https://www.businesswire.com/news/home/20220720006038/en/
VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.
Source: Read Full Article