Cleo Communications (“Cleo” or the “Company”), a global provider of ecosystem integration software solutions, has received a significant investment from an affiliate of H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $44 billion of equity capital under management. Terms were not disclosed.

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“We are extremely excited to welcome H.I.G. Capital as an investment partner in Cleo as we continue executing on our mission to redefine B2B integration in the cloud, solidifying Cleo’s position as the pioneer and global leader of the ecosystem integration software category”

Headquartered in Rockford, Illinois, Cleo is an ecosystem integration SaaS platform company that modernizes the movement and integration of B2B enterprise data. The Cleo Integration Cloud platform provides more than 4,000 customers worldwide with strategic supply chain visibility into revenue-critical end-to-end business processes across the ecosystems of partners and customers, marketplaces, and customers’ internal applications. Cleo’s solutions drive business agility, accelerate partner onboarding, automate key business processes, and capture new revenue streams through application, B2B, and data integration technologies.

“We are extremely excited to welcome H.I.G. Capital as an investment partner in Cleo as we continue executing on our mission to redefine B2B integration in the cloud, solidifying Cleo’s position as the pioneer and global leader of the ecosystem integration software category,” said Mahesh Rajasekharan, President and CEO of Cleo. “Given their deep domain knowledge and our shared vision for creating customer value, H.I.G.’s investment clearly validates the momentum and acceleration of ecosystem integration adoption. It also underscores our mutual conviction that Cleo’s strategy of helping businesses manage rapid growth by improving supply chain visibility and control through cloud integration technology, will continue creating expansive value for our customers and their ecosystem trading partners, while rapidly accelerating Cleo’s market leadership.”

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According to Gartner, the Integration Platform as a Service (iPaaS), Managed File Transfer Suites (MFT), and B2B Gateway Software (Stand-alone) subsegments in the Application Infrastructure and Middleware market, worldwide represent $5.5 billion in annual revenues in 2021 and are expected to grow to $7.1 billion by 2024.¹ Cleo is disrupting these markets with its ecosystem integration platform as adoption proliferates in light of eCommerce-driven digital transformation.

“To compete successfully, companies across industries need to master increasingly complex B2B information flows and integrate the applications running the enterprise. Cleo has the platform that helps its clients meet these challenges. The Company is positioned for further growth as eCommerce and the exponential market growth of digital information flows continue to expand the need for user-friendly, rapidly deployed and feature-rich platforms like Cleo’s,” said Timur Akazhanov, Managing Director of H.I.G. “We believe Cleo offers best-in-class cloud integration platform technology following years of heavy investment in product development, which is now earning high praise from customers, and is being adopted at a robust rate. We are thrilled to partner with Mahesh and the Cleo team to continue to accelerate the Company’s growth trajectory.”

Previously, Cleo was backed by an investor group led by Alpine Investors and Peterson Partners.

UBS Investment Bank served as exclusive financial advisor to Cleo. Guggenheim Securities LLC and Harris Williams served as financial advisors to H.I.G.

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