BPV Adds Two Portfolio Companies
Investments in Iconixx and KeyView Labs (a.k.a. Brain Research Labs) reflect Ballast Point Ventures’ strategy of providing expansion capital to rapidly growing, well-managed companies in the Southeast and Texas.
ST. PETERSBURG, FL, January 10, 2013 – Ballast Point Ventures is pleased to announce two new growth equity investments.
Ballast Point Ventures has invested $4.5 million in Iconixx Software, an Austin, TX based firm providing cloud-based, on-demand sales performance management and incentive compensation management solutions to small business, mid-market, and enterprise customers. Iconixx Total Compensation Software leverages SaaS technologies on a single, organically developed solution with a native workflow engine, native territory management, and pre-configured business rules and formulas library accessible on any mobile device anytime, anywhere.
The Company is led by CEO and Chairman Derrik Deyhimi, who has been in the compensation industry since 1997 and has over 20 years’ experience growing profitable software and service companies. “We’re very pleased to partner with BPV,” said Deyhimi. “Their team’s experience and extensive network will enable accelerated growth of the company and fuel our position as a market leader.”
Matt Rice, Principal at Ballast Point Ventures added, “We made this investment in Iconixx because of our confidence in the capabilities of Derrik and his team, but we were also impressed with the Company’s unique product offering and rapid adoption rate by customers. Iconixx is positioned to leverage the changing industry landscape and capture significant market share.”
Iconnix will use the proceeds from this financing to expand its sales and marketing efforts. Incentive compensation is one of the fastest growing market segments in the $150 billion SaaS performance management market, and is increasingly being used to manage performance goals for every employee in an organization. Iconixx Software’s product offering enjoys a unique advantage – it is the only offering to provide Total Compensation, in the Cloud, for companies of every size – and performs very well in competitive, side-by-side comparisons.
Ballast Point Ventures has also recently invested $7 million in newly-formed KeyView Labs, Inc. to support the acquisition of Brain Research Labs and provide growth capital for the new company. KeyView Labs is a Sarasota, FL-based category leader in consumer health products targeting the emerging field of brain health, longevity, and cognitive performance. Its flagship supplement product, ProceraAVH, has a patent-protected formulation which has been clinically shown to help enhance memory, focus and concentration, mental quickness, clarity and energy, and mood. The company’s management team brings decades of successful consumer and retail experience with companies including Garden of Life, Johnson & Johnson, and Procter & Gamble. KeyView Labs will use the growth capital portion of this financing to capitalize on its early success in direct-response marketing and continue to build its presence at the retail level.
KeyView’s CEO Tom Gardner stated, “This is a rare opportunity to acquire a fast- growing consumer health brand at a critical inflection point in its development. Brain Research Labs has had impressive early successes in direct-response and specialty retail, largely attributable to the efforts of its founder Richard Cote. The recent additions to the management team bring a meaningful track record of domestic and international success in consumer and retail that will complement the company’s history of innovation. BPV’s growth equity investment will allow us to accelerate our growth and build market share in a rapidly growing industry segment.”
Robert Faber, Vice President at BPV, added, “We were very impressed by the growth at Brain Research Labs over the last few years under the leadership of Richard Cote. By adding seasoned operating executives like Tom Gardner and Scott Eibel to the team, we believe KeyView is well positioned to capitalize on the growing focus on brain health, memory improvement, and cognitive health within the baby boomer population.”