Milwaukee-based 7Summits LLC plans to double its revenues in the next year, which will require it to increase its staff from 60 to about 120 in 2014.
The company today announced it has received an undisclosed growth equity investment from San Francisco private equity firm Sverica International Management LLC to assist with its growth.
“We’re going to start expanding our national footprint,” said Paul Stillmank, chief executive officer. “Markets are both geographic but also industry based.”
The company, which also has an office in Chicago, is evaluating a geographic expansion into the Ohio valley and market expansion into New York, Boston, Dallas, Atlanta and San Francisco. Milwaukee will remain the headquarters, Stillmank said.
7Summits, founded in 2009, offers social business consulting and agency services, building online internal communication networks for companies. It has successfully assisted several major corporations with social business solutions, and earned the Jive Software MVP-Partner of the Year award in 2012.
“Companies are looking to leverage social networking to transform their business across every functional area as we help them to engage their employees, partners and customers to help build their business,” Stillmank said. “We look forward to working with Sverica and leveraging their deep experience as we continue to aggressively grow our business and expand into new markets.”
Sverica International, founded in 1993, targets for investment companies that excel or could become top players in their fields. The company actively manages its portfolio companies’ operations.
“We are impressed by the talented team of social business experts, the strong client relationships, and the track record of quality work product that 7Summits has built in its short history,” said Jordan Richards, managing director of Sverica. “7Summits has demonstrated an impressive level of sustained growth while driving profitability, making the company a great addition to our portfolio. We are excited to partner with Paul and his management team to expand 7Summits’ leadership position in this nascent market and capitalize on growing demand for social business solutions.”