RainKing Solutions announced that they received a $67 million equity investment from Boston based Spectrum Equity. RainKing is one of the top sales intelligence solutions for the technology space and provides deep company and contact profiles including org charts, InsideScoops (1,200 daily sales opportunities), and technology profiles spanning 50,000 companies and 500,000 contacts. While the majority of these profiles are for US firms, they have been building out coverage internationally and provide 12,000 European company profiles and a smaller set for AsiaPac, Latin America, and Africa.
The firm differentiates itself through direct research and customer service (they are Ritz Carlton certified and provide round the clock support). Within reason, users can pose research questions to the team or request additional data at no additional charge. As part of the data license, clients are assigned a Client Success Rep who provides consultation and proactively monitors the account, drives usage, and recommends best practices. The Success Rep also assists with data cleansing initiatives and integration with CRM and Marketing Automation Platforms.
Data is collected through direct interviews which gathers contact information (99% fill rate for emails and 93% for direct dial phones), executive responsibilities, org chart position, current projects, and deep platform intelligence. While they focus on the IT function, they also gather decision makers in the Marketing and Finance Departments. Their editorial team consists of 300 editors that update profiles on a sixty day basis.
According to the firm, they have over 1,000 clients and 15,000 users.
The company did not indicate where the money will be spent, but they are in a head-to-head competition with DiscoverOrg to internationalize their dataset, extend into marketing services, and expand data collection to additional departments.
Along with the investment, Spectrum Equity placed John Stanfill in the CEO position and placed three members on RainKing’s Board: Principal Mike Farrell, Principal Jeff Haywood, and Managing Director Chris Mitchell.
Stanfill is immediately assuming the CEO position. He most recently served as the SVP of Sales & Customer Support at CoStar Group which grew from $2 million in revenue in 1995 to nearly $600 million in revenue in 2014 when he departed. John managed a global sales and support team of 425.
“RainKing has been on the leading edge of providing outstanding sales intelligence information since 2008 and with the investment and support of Spectrum Equity, we will accelerate the development and delivery of our robust product and data pipeline,” said Stanfill. “We look forward to supporting our clients, which include the tech industry’s largest and fastest growing companies, by providing them with the most accurate, comprehensive and verified information on IT, marketing and finance professionals available in the market today.”
RainKing made last year’s Inc. 5000 list based on a three year growth rate of 150%.
“We’ve had the opportunity to get to know both John and the rest of the RainKing team over a multiyear period and are thrilled to be partnering with a world class management team as we help to support their continued growth,” said Farrell. “Sales and marketing professionals are overwhelmed with data today. RainKing’s proprietary, highly accurate data accumulated over a nearly 10-year period allows customers to find the best prospects, target the most likely buyer within an organization and know what to say when they reach them. This ability to cut through the noise is incredibly valuable to any vendor selling into the IT market today.”
RainKing is one of the vendors I profile in my 2015 Field Guide to Sales Intelligence Vendors which is publishing next week.