JMI Equity
Software focused growth equity firm
Baltimore, MD

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Overall Rank: 11
Category: Emerging Growth
Category Rank: 2

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Profile

JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs.


www.jmi.com


Awards

2023 Top Private Equity Firms

2023 Top Women Leaders in Growth Investing, Maggie Schmitt

2023 Top 25 Healthcare Investors, Matt Emery, Sureel Sheth

2022 The Top 25 Growth Equity Firms

2022 Top 40 Under 40 Growth Investors, Suken Vakil, Larry Contrella

2022 Top 25 Software Investors of 2022, Suken Vakil, Brian Hersman

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, Larry Contrella, Sureel Sheth

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

Company Quotes

“JMI Equity is committed to accelerating growth and helping software companies build lasting value. We are honored to be recognized by GrowthCap as a top growth equity firm.” – Peter Arrowsmith, Managing General Partner

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, having had the privilege of participating in the growth of the software industry from its infancy to where it is today. 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, Coursedog, 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 $8 billion of committed capital raised since inception, JMI has the collective experience to help growth businesses become industry leaders. Since our founding in 1992, through multiple technology and economic cycles, we have focused on backing outstanding software companies via capital investments, strategic advice, team-building, and proven value creation strategies. We help companies with solid market and product fundamentals create significant shareholder value.

Fund Name Size Date
JMI XI $2.4B March 2023
JMI X $1.7B February 2021
JMI IX $1.2B December 2018
JMI VIII $1B April 2014

Key Investments

Businessolver: Exited, August 2022, recapitalized by Stone Point Capital & HarbourVest

Businessolver is a provider of cloud employee benefits administration solutions.

CampusLogic: Exited January 2022, acquired by Ellucian

CampusLogic is a provider of cloud financial aid solutions and workflow automation software for higher education institutions.

Level Access: Exited, August 2022, acquired by KKR

Level Access is a provider of cloud digital accessibility software and services.

PointClickCare: Exited, January 2021, acquired by Hellman & Friedman

PointClickCare is a cloud electronic health records (EHR) platform for the post-acute care industry.

Coursedog: Invested, March 2023
Company description: Coursedog is a cloud-based academic operations platform for higher education institutions to manage their curriculum, course catalogue, academic scheduling, and event scheduling.

Raptor Technologies: Invested, November 2018

Raptor is a provider of cloud school safety software.

SOCi: Invested, December 2020

SOCi is a cloud-based provider of marketing software to multi-location brands, property managers, and agencies to help them manage their digital presence across hundreds or thousands of individual locations.

TimelyCare Invested, January 2021

TimelyCare is a cloud-based provider of telehealth and online therapy solutions to higher education institutions.

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

Mike Wessinger, Co-Founder & Chair, 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.”

Tim Springer, Founder & CEO, Level Access

“My job is to chart a path through a complicated maze – markets, capital, people and technology. The JMI team is helping me figure out the path. They can do that because they’re outside of the maze. They’ve got a different vantage point. They can see my maze and twenty like it.”

Gray Hall, CEO, Raptor Technologies

“JMI has provided on-demand access to executives in Marketing, Sales Operations, Product Management, Technology and HR. They have provided executive coverage during a search for a permanent executive hire and give us a fresh perspectives in the context of key strategic decisions.”

Luke Hejl, Co-fonder & CEO, TimelyCare

“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.”