Scorpion Raises $100 Million From Bregal Sagemount To Expand Its Technology And Services; Bring Enterprise-Grade Technology and Opportunities To Local Businesses
Also Announces Key Executive Hires, New Utah Headquarters, and Strategic Acquisition of CanIRank
SALT LAKE CITY, Apr. 14, 2021 -- Today, Scorpion, a leading provider of technology and services helping local businesses thrive, announced a $100 million investment from Bregal Sagemount to expand its technology and customer offerings. This funding is a reflection of the exceptional growth in Scorpion's business and investor belief in its vision to empower local businesses and the communities they serve.
Through Scorpion's blend of AI technology and teams of experts, local businesses can improve business performance and marketing capabilities by better understanding their unique market dynamics, competitors, and customers. Scorpion brings everything together making it easy to gain insights at-a-glance and in-depth, and to take action through an all-in-one dashboard. Bringing significant local data and vertical market expertise to customers, Scorpion delivers the tools and services needed to set, measure and exceed goals.
This funding comes at a time of tremendous growth for Scorpion, as the company makes plans to open a new headquarters in the Salt Lake City area. Scorpion will be bringing a team of executives, award-winning designers, developers and service professionals to the city to allow for continued expansion of talent and innovation. The company continues to add to its nearly 1,000 employees, bringing increased expertise across a variety of verticals including legal, home service providers, healthcare and franchises.
Scorpion also expanded its impressive management team, appointing Daniel Street as CEO, Mikel Chertudi as Chief Revenue Officer, Raj Ramanan as Chief Operating Officer, and Azim Nagree as EVP Operations and M&A. Street, a former SVP of Digital for Nexstar, CEO of Loku, Executive at KKR and Management Consultant at Bain and Company, brings decades of extensive experience as a highly regarded technology executive with strategic insights in Local Media, Digital Marketing, and SaaS. Chertudi, former Head of Digital Marketing, Growth & Inside Sales at Adobe, is a digital SaaS expert with more than fifteen years of experience in marketing, product, and sales in B2B and B2C revenue models. Ramanan brings leadership and operational experience from his time spent at McKinsey, Disney, and KKR, and will help Scorpion grow revenue, onboard new customers, and continue to provide world-class service. Nagree, previously Principal of Nagree Consulting and VP of account management at Cision, brings 15 years of experience in growing, scaling and exiting innovative startups. Scorpion Founder Rustin Kretz remains the product visionary and will transition to its Chief Product Officer and Chairman of the Board.
Additionally, Scorpion recently acquired CanIRank, an SEO software company that pioneered AI for customers to quickly secure locally-relevant, actionable, SEO insights and recommendations. This acquisition showcases Scorpion's commitment to accelerating the development of its technology, and providing customers with innovative tools.
"The pandemic has cemented the need for businesses of all sizes to undergo a digital transformation in order to effectively reach and communicate with their customers. Many local providers recognize the need to adopt digital tools and services for local market insights, but simply don't know where to begin," said Scorpion CEO Daniel Street. "I am thrilled to lead Scorpion, as we continue to bring local businesses enterprise-grade technology to drive informed market decisions and enable them to focus on what they do best."
Blair Greenberg, Partner at Bregal Sagemount stated, "Scorpion experienced remarkable growth thanks to its dedication to building a better way to help local businesses thrive." Kirk Smith, Principal added, "Its tireless determination, genuine care, cutting-edge tools and award-winning services are unmatched, and at the core of every customer experience. Bregal Sagemount is excited to be part of Scorpion's prosperous journey as we invest in its growth and technology expansion." Both Greenberg and Smith will be joining Scorpion's Board of Directors.
Scorpion is the leading provider of technology and services helping local businesses thrive. It helps local service providers understand their unique market dynamics, maximize their marketing efforts, and delight their customers. Scorpion offers SEO, Reviews, Advertising, Email Marketing, Chat and Messaging, Social Media, Websites, Lead Management, Appointment Scheduling, and more. The company brings everything together in a way that's easy to understand and manage, blending AI and teams of real people with vertical expertise to support customers in setting, measuring, and reaching their goals.
Scorpion is Headquartered in the Salt Lake City area, with offices in California, Texas, and New York. For more information, please visit https://www.scorpion.co/about-us/.
About Bregal Sagemount
Bregal Sagemount is a growth-focused private capital firm with $4.0 billion of committed capital. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $40 million to $200 million per transaction into targeted sectors including software, digital infrastructure, healthcare IT / services, business and consumer services, and financial technology / specialty finance. For more information, please visit www.sagemount.com.