Boston, MA – March, 2017 – We are proud to celebrate Progress Partners’ 15th year of business this year. Founded in 2002 by Nick MacShane in Wellesley, MA, the firm has provided strategic and transactional advisory to hundreds of clients, added three partners to senior management, closed over 40 transactions, and launched a successful venture fund as well as an events brand and annual Summit. While we are proud to share this landmark in our growth, we also recognize that our network is a core component of our strength, so thank you to all for your support.
Over the last 15 years, the firm has refined it’s focus on Internet and Digital Media technologies clients, securing increasingly impressive clientele and closing larger and more impactful deals along the way. Progress Partners has experienced its greatest growth over the last two years. In 2015, the firm closed a total of six deals, including the firm’s largest deal to date, the sale of PureCars to Raycom. This last year, the firm closed the most deals in Progress Partners’ history, demonstrating that the firm’s reputation as a trusted advisor within the space has continued to grow.
Through client engagements across the firm’s history, Progress Partners has developed an expansive and cohesive network of working relationships with leading technology and media companies and their executives. Looking back at prior engagements, the partners are grateful to those who have provided them commendation of their quality results:
After Progress Partners successfully advised on the sale of PureCars to Raycom in 2015, Raycom Media President and CEO Paul McTear said, "Progress Partners' talent, transactional experience and value added perspective was instrumental in shepherding this strategic opportunity with PureCars. They have a keen understanding of the advertising technology market and knew that PureCars was a strategic fit for us and the future of our company."
Jeremy Anspach, Founder and CEO of PureCars also said, "The Progress Partners team helped immeasurably in our understanding of how the Raycom opportunity could not only be good for our shareholders in the near-term, but also good for the PureCars team long-term. We see a real opportunity here to bridge the television-digital divide and believe this deal will be a model for success for others to follow."
After working with Progress Partners acquire MailStore in 2015, Carbonite’s CFO Anthony Folger praised how “Progress Partners stepped in to provide support when we needed it; the opportunity to make a strategic acquisition of European‐based Mailstore presented itself, and we had to act quickly. Sam and his team delivered key diligence and modeling support and delivered a concise report to justify a successful bid for the business.”
Following its engagement with the firm on its sale to AOL Inc. in 2014, PrecisionDemand’s CFO Jane Rode added, "Progress applied careful attention to the details of our entire sale process, making themselves available anytime day or night to get it done right." Doug McCormick, director and lead investor representing Rho Ventures, who also played a key role in the transaction noted that "Nick and his team did an awesome job in keeping the deal on track and in getting us the best possible price available."
Following their engagement with Progress Partners in its sale to Autodesk, Ilsefay Technology Group President and CEO Chris McLennan commented that "Nick, Chris, and their internal staff did a great job bringing us a relevant, targeted list of buyers that gave our company and board the confidence we needed to make a truly informed decision." He went on to say that "once we selected the right acquirer to move forward with, the organization and professionalism of the entire Progress team kept our process on pace and free of surprises."
As we prepare for 2017 and beyond, Progress Partners will continue to strive to maintain the momentum built over the last 15 years. We are in the midst of planning our second annual Progress Connect event – a product for which we have received high remarks from a multitude of industry leaders. With our network so deeply connected, we continue to drive personal and professional relationships to take our work to the next level across our areas of focus. Our events brand has provided a tangible platform for the firm to take its connections and bring together strategics, advisors, and growth-stage entrepreneurs to find further synergies to disrupt the digital marketing and media sectors.
We also look forward to growth of our venture fund, rounding out our portfolio with incremental investments. Eight years ago, we started investing in adtech and digital marketing companies and have grown our portfolio to almost 20 investments across three separate funds. Some of our oldest investments are now valued at over $1B, proving that our early-stage instincts in advertising and marketing technologies are aligning well with later-stage capital.
Looking ahead, while the Internet and Digital Media technologies sectors continue to evolve and grow, we are increasingly excited about the people, companies, technologies and ideas we interact with every day. With a nod to the network of friends and colleagues who have made it possible, Progress Partners is proud of the milestone it has achieved this year, and looks forward to continued successes in the future.
About Progress Partners, Inc.
Progress Partners is a Boston and New York-based M&A advisory firm working with emerging technology companies within media, marketing, advertising sectors, serving SMB through Enterprise. Progress Partners works with buyers and sellers of high growth companies to complete M&A transactions, raise debt or equity capital, as well as, develop and implement strategic growth plans. The firm's high standards of excellence, deep industry experience, extensive network, and entrepreneurial background give Progress Partners the ability to build and realize superior value for its clients. For more information, visit: www.progresspartners.com.