2019 Triangle Tweener List

Thanks to our Sponsors!

Earlier this year we had our first inaugural Tweener Celebration and Award event and we have several more Triangle Tweener List expansion announcements coming soon. To take the Triangle Tweener List to the next level, we are proud to be sponsored by two awesome companies in the Triangle startup ecosystem:

http://www.hpg.com
http://www.RobinsonBradshaw.com

What is a Triangle Tweener?

Triangle Tweeners have the following criteria:

  • They need to be a technology company — software, hardware, tech-enabled services, digitally native brands, e-commerce, etc. No agencies, or consultancies. No life science (drugs, CRO, medical devices) companies (I wouldn’t know how to help you understand those).
  • Have at least $1,000,000/yr in sales OR 10 people.
  • Once a company is over $80m/yr in revenue or 500 employees they ‘graduate’ off the list.

About the Author

I’m Scot Wingo, Triangle-area serial entrepreneur (Stingray Software, AuctionRover, ChannelAdvisor and Spiffy). I started the Triangle Tweener List in 2016 for several reasons:

  • The Triangle has a lot of great investors coming in from all over the globe looking at companies in the Triangle — this list helps them focus their efforts on companies with a bit of scale.
  • We need more ‘Triangle Tweener List Graduate’ scale companies in the Triangle. In 2018 Red Hat (born in the Triangle), was acquired for $34b by IBM. We need a story like that every year.
  • We have a great ecosystem of angel investors and serial entrepreneurs and the Tweener List serves as a focusing device — let’s all focus on graduating these Tweeners by helping them scale. Let’s roll up our sleeves and make more Red Hat scale success stories!

How Can I Help?

First, you can help me spread the list. Second, if you have any Triangle Tweener candidates I missed, let me know (comments, DM, etc.). Finally, we’re always looking for sponsors to help fund some ideas we have on taking things to the next level and if you are a coder, I could use some help on making the list more db-driven, it has officially outgrown Excel at this point with what we want to do with it.

2019 Update: A New Tweener Graduate!

Lulu Publishing was founded by Bob Young and it looks like he’s done it again — we are graduating Lulu from the Tweener list because they crossed over our 500 people limit in 2018. Congrats to Lulu, Bob, Kathy Hensgen (current President and COO) and the entire Lulu Team! Fingers crossed for more big things from Lulu (IPO, etc.) as they enjoy their post-Tweener ‘scaled up’ life.

2019 Update: Acquisitions

2018 was certainly an active acquisition and merger environment! There were 17 tweeners acquired. While most of these transactions were not disclosed, based on whisper numbers and some confidential details folks have mentioned, this represents a whopping $200–400m in total spent on Triangle Tweeners. Congrats to all the founders and teams here, we look forward to hearing about your next Triangle startups ;-)

  • Gather Digital — Acquired by Certain Touchpoint headquartered out of SFO.
  • GoldenKey/SoloPro — Acquired by Landis, based out of NYC
  • iScribes — Acquired by Nuance (Boston-based natural language co that created Dragon).
  • InMotionNow — Acquired by PE firm, Level Equity
  • InspectionXpert — Acquired by Ideagen
  • Junxure — Acquired by WisdomTree for $24m
  • KEEPs Corporation — merged with co out of CLT
  • Plotwatt — Acquired by American Efficient
  • Racarie Software — Acquired by SwipeClock
  • SageWorks — Acquired by PE firm Accel-KKR
  • Savii Care/Akili Software — Acquired by H.A.S. Technology Group out of FL.
  • Shoeboxed — Acquired by Earth Class Mail
  • Transloc — Acquired by Ford in Jan 2018
  • Youth Digital — Acquired by Apex Learning.
  • Windsor Circle — Was acquired in early 2018 by OSG
  • XS Inc — Merged into Technekes out of CLT

2019 Update: Wind-downs, too small, etc.

Here are the Tweeners off the list because they either folded, fell below our requirements, moved, etc. Doing what we do is HARD and failing to get to an exit or Graduate status is nothing to be embarrassed about and should be applauded. At least these folks gave it a shot and hopefully they will take another run and knock it out of the park on their second ‘at-bat’.

  • Boss Key Productions — wound down.
  • CloudPay — Headquarters now Andover, Hampshire, UK (I may have had this one wrong — Their Raleigh office is a us-sales office).
  • Cultures for Health — folded into a
  • CrossComm — consulting house
  • Dognition — appears to be under 10 folks now.
  • Intervolve
  • Operable — under 10, wound down?
  • Prsonas — wind down
  • Quantifize -under 10
  • SnapSolv — under 10
  • TouchCare — HQ now NYC?

2019 Update: Tweener Financings of Note

In addition to the ~20 acquisitions 2018 was a very active year for fundraising with some eye-popping investments, including (note this list is not comprehensive and is ordered from highest to lowest)->

  • Pendo — $50m round
  • Teamworks — $15m round
  • K4 Connect — $12m round
  • FilterEasy — $7m
  • Silbo — $1.3m round

2019 Update: New to the Tweener list:

We’ve also discovered 31 new Tweeners that we’re adding to the list this year. Note: you can search for the new additions by searching for “New for 2019!”

  • Boostopia
  • Carpe Lotion
  • DataClarity
  • Device Magic
  • Diveplane
  • Element451
  • FeedTrail
  • Freedom
  • Hip Ecommerce
  • Imangi Studios
  • Improved Nature, LLC
  • Infinia ML
  • MemberHub
  • Mindsumo
  • Pawboost
  • ProAxion
  • ProcessMaker
  • Proficient Auto
  • Pryon
  • Pureport
  • Real Magic/Levitate
  • Restaurant Furniture Plus
  • Rewardstock
  • Roobrik
  • Shark Dreams
  • Silbo
  • StrongKey
  • ThinQ
  • Wiser Systems

2019 Intra-Year Tweener Updates Going For

This post was last updated on January 23, 2019— I will keep a change log at the end of the document so you can see what has been changed. Hit the ‘Get Updates’ button at the bottom of the post on Medium to get updates.

Finally: The 2019 Triangle Tweener List

Now without further adieu here is the 2019 Tweener List. The list is in alphabetical order and includes a ‘pitch’ for the company (my take on how I would describe them in 2–4 sentences). The size (data sourced from LinkedIn), the investors (data sourced from Crunchbase, WRAL, etc.), the CEO’s name and a link to the LinkedIn page for the company if you’d like to learn more.

Triangle Tweener Update Log

January 23, 2019 — Published the 2019 Edition.

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CEO of Spiffy (www.getspiffy.com) and Co-Founder/Executive Chairman of ChannelAdvisor

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