DevOps star Gearset strikes gold with $55m Boston-backed investment
Gearset, the Cambridge-based DevOps solutions provider for Salesforce, has closed a $55 million growth investment led by Silversmith Capital Partners, a Boston US-based growth equity firm.
Based at the Bradfield Centre, on Cambridge Science Park Gearset reveals that this investment marks the first time it has raised outside capital since its founding six years ago.
The funding will allow the company to accelerate the adoption of DevOps by low-code teams in the world’s biggest organisations by expanding its product offering, growing sales and marketing, and scaling the team across the US and UK.
The benefits of DevOps are well understood – high performing teams use DevOps practises to increase release velocity and decrease the likelihood and impact of defects.
In spite of this, at a time when enterprises are under more pressure than ever to deliver digital transformations, DevOps adoption across low-code teams remains modest.
Gearset’s founders, Kevin Boyle and Matt Dickens, started the company to allow admins and developers alike to release Salesforce changes quickly, regularly, and reliably.
Since then, they’ve built Gearset into a rapidly growing business and a trusted DevOps platform for Salesforce teams, running 250,000 deployments a month across more than 1,700 companies from SMB to enterprise organisations including McKesson, Zillow, Traction on Demand, Intercom, Accenture, IBM and Johnson & Johnson.
Boyle said: “When we started Gearset, DevOps was largely the province of highly technical software teams and we wanted to change that.
“Over the last six years we’ve focused unrelentingly on making our users successful and built a product that solves the hard problems in Salesforce DevOps, while being easy to use for teams of all technical backgrounds.
“In doing that, we’ve grown way faster than we could’ve imagined and today some of the biggest and most impactful companies on the planet rely on Gearset.
“Many enterprises are still early in their digital transformation and we’ve got a huge opportunity to help them realise the benefits of DevOps as they increasingly rely on low-code solutions.
“As a founder-led company, finding the right partner who shared our philosophy of building a fast-growing but long-term-sustainable company was the most important thing we were looking for when we decided to raise capital. We’ve found the perfect partner in Silversmith and look forward to having their experience and insights as we enter this next phase of growth.”
Over the last year, Gearset has:-
- Run almost 10 million deployments on behalf of more than 1,700 companies
- Nearly doubled ARR while maintaining positive cashflow
- Been awarded a G2 momentum leader award, and high performer awards across SMB, mid-market and enterprise for Spring 2022
- More than doubled headcount.
It was placed as third best tech employer in the UK in Best Companies 2021 and has expanded globally with new offices in Chicago and Belfast.
Silversmith General Partner, Sri Rao said: “We are passionate about partnering with entrepreneurs like Kevin and Matt who have lived their customer’s pain points and are compelled to solve them through technology-driven solutions.
“Gearset’s relentless focus on building exceptional products, investing in customer success and fostering company culture has established a strong foundation to build upon.”
As part of the investment Rao has joined Gearset’s board. Shea & Company acted as advisers to Gearset, Kirkland & Ellis served as legal counsel to Silversmith Capital Partners and Mills & Reeve, which is lead sponsor in the Business Weekly Awards from its Cambridge flagship, served as legal counsel to Gearset.