JMI Equity
Software focused growth equity firm
Baltimore, MD

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Review

Overall Rank: 8
Category: Emerging Growth
Category Rank: 1

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Profile

JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 170 businesses in its target markets, successfully completed over 110 exits, and raised more than $6 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders.


www.jmi.com


Awards

2022 Top 25 Private Equity Firms

2022 Top Women in Growth Investing, Maggie Schmitt

2022 Top 25 Healthcare Investors, Matt Emery, Sureel Sheth

2021 Top 25 Growth Equity Firms

2021 Top 40 Under 40 Growth Investors, Brian Dunlap, Ramzi Ramsey

2021 Top 25 Software Investors, David Greenberg, Suken Vakil

2021 Top 25 Healthcare Investors, Matt Emery, Sureel Sheth

2020 Top 40 Under 40 Growth Investors, Suken Vakil, David Greenberg, Larry Contrella, Sureel Sheth

2020 Top 25 Software Investors, Peter Arrowsmith

2019 Top 40 Under 40 Growth Investors, David Greenberg, Bob Nye, Matt Emery, Suken Vakil, Mark Munfa, Larry Contrella

2018 Top 40 Under 40 Growth Investors, Bob Nye, Matt Emery, Suken Vakil, Brian Hersman

2017 Top 40 Under 40 Growth Investors, Bob Nye, Matt Emery, David Greenberg, Brian Hersman

2016 Top 40 Under 40 Growth Investors, Bob Nye, David Greenberg, Matt Emery, Brian Hersman

2015 Top 40 Under 40 Growth Investors, Matt Emery, Bob Nye

2015 Top 25 Growth Equity Firms

2014 Top 40 Under 40 Growth Investors, Matt Emery, Bob Nye

2014 Top 25 Growth Equity Investors

Key People

Harry Gruner, Founder and Managing General Partner

Harry co-founded JMI in 1992 and is co-managing general partner of the firm. He has been working with software companies for more than 30 years. Harry has served on the boards of over 40 software and information businesses, including seven public companies, as well as many nonprofit organizations. He previously was a principal in the software investment banking group at Alex. Brown & Sons. Harry also worked in marketing at computer-aided-design software developer Sigma Design and in the technology investment banking group at Blyth Eastman Paine Webber.

Peter Arrowsmith, Managing General Partner

Peter has more than two decades of experience with JMI helping to build leading software companies. He is currently a director of Canto, SafetyChain, Seismic, Vena Solutions, and Yello, and a board observer at Ignition and OpenSesame. Prior to joining JMI in 1996, Peter was an associate at AEA Investors and a business analyst at McKinsey & Company.

Funds Raised

With over $6 billion of committed capital raised since inception, JMI has the collective experience to help growth software businesses become industry leaders. Since its founding in 1992, through multiple technology and economic cycles, JMI has focused on backing outstanding software companies via capital investments, strategic advice, team-building, and proven value creation strategies. The firm helps companies with solid market and product fundamentals create significant shareholder value.

Key Investments

Over the past three decades, JMI has invested in over 170 businesses in its target markets, successfully completed over 110 exits, 19 IPOs, and raised more than $6 billion of committed capital.

Notable JMI investments include, but are not limited to, Adaptive Insights, Arena, Applied Systems, automotiveMastermind, Benevity, Businessolver, Clio, Greenlight Guru, PointClickCare, Seismic & Unanet. Notable recent investments since November 2021 include Performio, Whistic, ButterflyMX, ServiceTrade, Ignition, Ontic and CompanyCam.

Capital Responsibility

JMI aspires to drive growth that benefits all stakeholders, from limited partners and colleagues to portfolio company management teams and employees, as well as local communities. JMI is data-driven and understands that growth must be achieved in an environmentally sustainable fashion. By reducing its carbon footprint, investing responsibly in companies advancing important ESG principles, and using and sharing data to track progress and continuously improve its processes, JMI is taking action to create a cleaner, healthier, and more sustainable future. 

JMI’s ESG policy has been implemented and is reviewed annually. The firm currently reviews ESG implications as part of its standard diligence process when evaluating whether to invest in a company, as well as during the period of ownership. In order to track and monitor ESG metrics at the portfolio company level, the firm conducts an annual survey which includes questions on environmental liabilities and initiatives, employee engagement and turnover, material safety or HR incidents, and diversity. Approximately 40% of JMI’s portfolio company boards have female representation.  

JMI is committed to fostering and preserving a culture of diversity, equity and inclusion. JMI believes diversity promotes the inclusion of different perspectives and ideas, mitigates against group think and ensures that JMI has the opportunity to benefit from all available talent. JMI has focused on implementing policies and training to support DEI initiatives, such as documenting its Diversity & Inclusion policy and requiring all employees to complete annual unconscious bias and harassment prevention training.  The Firm is focused on attracting and retaining a diverse workforce. JMI defines diversity beyond race and gender, and believes that a diverse team can be comprised of individuals with a range of characteristics, such as sexual orientation, veteran status, age, first-generation, etc. JMI has established a DEI Council that will assist with these efforts. The DEI Council is led by a committee of internal team members and is overseen by the Head of Talent and two General Partners. The DEI Council has established near-term goals of hiring more women and minorities at both JMI and its portfolio companies.

JMI team members embody the firm’s core values of respect, integrity and discipline. JMI operates with a hustle mentality, works collaboratively and embraces a growth mindset. The firm also firmly believes that diverse perspectives and backgrounds are fundamental to its success. The firm is committed to fostering a culture of diversity and inclusion and elevating individuals to share their experiences and expertise for the benefit of all stakeholders. JMI believes its work to create and sustain a representative, inclusive and equitable environment is never finished, and it’s always on the lookout for talented professionals who share its values and growth-focused mentality.

CEO Reviews

Kevin Boyce, CEO, Higher Logic

“JMI provided us valuable expertise across functional best practices and their application into our business operations. Their partnership approach and peer groups helps us assess the current market leading best practices and their advisors and portfolio companies provide a sounding board on implementation and critical success factors.”

Luke Hejl, Co-Founder and CEO, TimelyMD

“The value of our partnership with JMI is far greater than the capital investment. I was looking for the right growth partner. The first year of our partnership resulted in close to 100% growth in ARR, higher quality scores, surpassing our retention goals and strong margin.”

Mike Wessinger, CO-Founder & CEO, PointClickCare

“We think of JMI as a “force multiplier” to our management team. They don’t try to be management or push a specific formula.  Rather, they work to understand our strengths and weaknesses and use their extensive industry knowledge and powerful network to guide the company to the next level.”

Aron Ain, Chairman, UKG

The relationship with the JMI team, at all levels, has been exceptional. They add value, share best practices across portfolio companies and help us drive our business forward. There are many contributors to our success, but JMI earns a starring role.”

Reid French, Former CEO, Applied Systems

We have a very tight and productive relationship with JMI focused on driving value for our shareholders, customers, and employees. As a growth equity firm with a specific focus on software, JMI clearly understands the opportunities and issues facing software companies experiencing rapid growth.”

Paroon Chada, CEO, OnBoard

JMI’s approach in understanding, valuing and providing an opinion on our business and market was as unique as it was impressive. They made it clear from the get-go that their focus was on engaging with our leadership team to help build long-term, non-linear value partnering with us. They committed to an approach that would unshackle our leadership team through both capital and expertise.  Their overall goal was to enable innovation and execution. Many firms simply wanted to be the financial underwriter, rather than a partner in the next arc of innovation in our space.”