Plymouth Ventures Opens 2017 with Two Successful Exits
lymouth Sells Stake in Michigan-based Lynx Network Group and IDV Solutions
Ann Arbor, MI (Feb. 7th, 2017) — Plymouth Ventures announced today that two of their Michigan‐based investments from Fund II, Lynx Network Group and IDV Solutions, exited to strategic buyers within days of each other at the end of January. Lynx was acquired by Everstream, a superregional network service provider with operations throughout the Midwest. IDV Solutions was acquired by Everbridge (NASDAQ: EVBG), a global provider of SaaS‐based critical communications and enterprise safety solutions.
Plymouth’s Managing Partner Mark Horne commented, “It’s always nice to start the year with good news, and these two strong Michigan exits will hopefully stimulate even more investment in the region. It’s a great time to invest in growth stage companies in the Great Lakes, and market conditions are favorable to monetize those investments once they demonstrate sustainable growth. The founding teams of both of these exits deserve tremendous credit for their hard work in building strong businesses and creating shareholder value. We were pleased to partner with these talented entrepreneurs.”
Lynx Network Group Acquired by Everstream:
Based in Kalamazoo, Michigan, Lynx Network Group was founded by successful telecom executives Gerald Phillip, Gregg Rutgers and Chris Barber. With two separate investments from Plymouth, the team was able to construct over 1,800 miles of fiber across the state, commercialize the network by providing the fiber backbone for cell towers, and connect businesses in various industries such as retail, banking and healthcare.
Everstream, based in Cleveland, provides fiber‐based Ethernet, internet, and data center solutions to businesses throughout the Midwest. The Lynx acquisition furthers Everstream’s commitment to expand in Michigan, increases the overall density of their existing fiber routes, and adds a host of new customers to Everstream’s five state network. The acquisition was signed in December and received FCC approval at the end of January.
“Plymouth’s professional experience, overall responsiveness, and ability to meet future funding requirements along the growth path has made them an outstanding partner in taking our business to the next level,” said Lynx Co‐Founder, Chris Barber. “We enjoyed working with the entire Plymouth team and found them always accessible whenever the management team wanted to discuss tactics and strategy. It has truly been a tremendous relationship.”
IDV Solutions Acquired by Everbridge:
IDV Solutions is based in Lansing, Michigan, and was founded by CEO Mark Morrison and CTO Ian Clemens. Originally a company with multipurpose geospatial visualization software technology, it transitioned in 2012 to become the leader in visualization software related to physical security and risk assessment with the introduction of its now flagship product, Visual Command Center.
Everbridge (NASDAQ: EVBG) is a global provider of SaaS‐based critical communications and enterprise safety solutions which closed in initial public offering this past September. In combination with Everbridge’s critical communication, incident management, and employee safety capabilities, IDV’s VCC application will form a key component of the industry’s first Critical Event Management™ (CEM) platform for dynamically assessing, responding to, and managing the resolution of the wide range of threats and disruptions which impact organizations’ daily operations.
IDV’s CEO and Co‐Founder Mark Morrison stated, “Plymouth’s investment enabled us to produce and launch our flagship software product, Visual Command Center. As a result, we quickly became the industry leader and had tremendous guidance from the entire Plymouth team and our Board of Directors. Plymouth helped us organize the company for growth and provided the capital needed to gain market share.”
About Plymouth Ventures
Plymouth Ventures, a leading growth stage venture capital firm in Ann Arbor, Michigan, is the manager for Plymouth Venture Partners I, II, and III. The company invests in Great Lakes based B2B product and services companies that have scalable technology, high growth and strong teams. Plymouth is led by partners Mark Horne, Jeff Barry, Kevin Terrasi and Evan Ufer. The company was founded by Ian Bund who remains active as a Senior Advisor. For more