Today, Madrona is incredibly excited to participate in one of the largest investments ever in an Oregon-based software company, the $200M growth equity investment in Jama Software led by Insight Venture Partners.
Madrona first invested in Jama in 2013 based on our belief that product managers needed better, more modern tools, or even a system of record. Further, we believed in founder and CEO Eric Winquist, the team, and in the product they had developed since 2008, starting with a better approach for requirements management and extending to purposeful collaboration that helped teams build great products.
The company made a successful transition to a subscription business model and cloud-hosted SaaS. Eric then recruited Scott Roth as CEO, who added to the great Jama team by recruiting additional experienced and high-performing executives. Scott has done an amazing job scaling the company.
Today, Jama has grown into a leading product development platform provider for companies building complex products and integrated systems. The Jama Product Development Platform helps companies establish a process to mitigate risk, improve quality, identify opportunities and decrease time to market via an integrated solution for guiding the product lifecycle from idea to launch. More than 600 innovative companies use Jama Software to modernize their product development process.
This significant investment from leading growth equity firm, Insight Venture Partners, is validation of the value Jama provides to customers, its market leading position, as well as its rapid ARR growth. Even more importantly, this new investment round validates the opportunity that lies ahead. This is what is most exciting to Madrona. We see considerably more growth in Jama’s core market, winning new customers and converting others from older systems like IBM DOORS. The company is just starting to scratch the surface with its business outside of North America, as well as working more closely with key partners. The launch of Predictive Product Development and Jama Analyze in April were examples of a number of new product and service enhancements in which the company will continue to invest.
Madrona loves to partner with founders from Day One. In many ways, it’s Day One again at Jama. We are delighted to continue to partner with Scott Roth and the Jama team, and now Richard Wells and Insight. We will continue to roll up our sleeves and work hard to help grow Jama into an indelible Pacific Northwest success story.