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TMCNet:  Sverica Capital Management Announces Strategic Investment in Coastal Cloud

[June 04, 2020]

Sverica Capital Management Announces Strategic Investment in Coastal Cloud

Sverica Capital Management LP ("Sverica"), a private equity investment firm, announced today that Sverica and Salesforce Ventures have made a strategic investment in Coastal Cloud LLC ("Coastal Cloud" or the "Company"), one of the largest and fastest growing independent Salesforce consulting partners in the United States.

Based in Palm Coast, Florida, Coastal Cloud was started in 2012 by Co-Founders and Managing Partners Sara and Tim Hale with the goal of creating a modern consulting firm focused on client outcomes and led by expert, onshore consultants who enjoy the flexibility of the company's "live at the beach, work in the cloud" business model. Coastal Cloud is focused on diversity as one of the largest woman-owned Salesforce consulting partners, with women making up over 40 percent of the Coastal Cloud team.

Rooted in a strong culture and powered by passion for delivering value to clients through next-generation technologies, Coastal Cloud has grown rapidly and become a Salesforce Platinum Partner while driving high client satisfaction and recognition as the top-rated Salesforce consulting partner on G2. With a broad range of capabilities and expertise across a wide range of Salesforce solutions, the company serves as a partner to commercial, public sector, and non-profit organizations throughout their digital transformation journeys.

"Tim and I are delighted to have Sverica and Salesforce Ventures join the Coastal family and accelerate our next generation of growth. We will double-down on our industry-specific solutions and multi-cloud capabilities to help our clients achieve new levels of scale, agility, efficiency, and service. The current crisis demonstrates the power of our business as our Care4COVID and CARES Act solutions have been conceived, built and deployed to clients in a matter of weeks. This collaboration extends our unique culture, values, and relentless focus on exceptional client service. We are excited about the future with our team, our clients and our partners," said Sara Hale, Co-Founder and Managing Partner at Coastal Cloud.

"Cloud services has been a longtime focus for Sverica and now, more than ever, companies need to digitally transform the way they connect with their customers, employees, and partners. Coastal Cloud's solutions not only enable their clients to succeed by deploying Salesforce's leading technology stack, but they also provide core business processes and dashboard driven analytics to allow them to operate more efficiently and effectively. We are excited to partner with Tim, Sara, and the whole Coastal team to build upon their success and support their rapid growth," said Jordan Richards, Managing Partner at Sverica.

Sherrick Murdoff, Vice President of Partner Investments at Salesforce, said "Coastal Cloud has been a longstanding and fast-growing partner of Salesforce and well-aligned with Salesforce values demonstrating a commitment to diversity in the workplace. The investment from Salesforce Ventures will help further their efforts within the Salesforce ecosystem and lead innovation for customers."

Ryan Harstad, Partner at Sverica, added "Over the years we have gotten to know Sara and Tim, we have been increasingly impressed with the company that they have built. Their vision is apparent in Coastal's rich culture, the quality of its team, and the client relationships cultivated over multiple years and projects. With a solid platform for continued growth and rising demand for the innovation and efficiency that Salesforce can offer, we see blue ocean ahead of Coastal Cloud."

About Coastal Cloud

Coastal Cloud is a Salesforce Platinum consulting partner based in Palm Coast, Florida. Through its unique consulting business model, the Company provides implementations and managed services to assist clients in migrating to next-generation systems. Coastal Cloud, one of the fastest companies to achieve Platinum status with Salesforce, was named to Inc.'s Best Workplaces in 2020, including making the Editor's Top 10 List. For more information, please visit www.CoastalCloud.US.

About Sverica Capital Management

Sverica Capital Management is a leading growth-oriented private equity firm that has raised over $1.1 billion across five funds. The firm acquires, invests in and actively builds companies that are, or could become, leaders in their industries. Since inception, Sverica has followed a "business builder" approach to investing and takes an active supporting role in its portfolio companies. Sverica devotes significant internal time and resources to help its management teams develop and execute growth strategies and proactively looks for levers to pull to accelerate growth by reinvesting back into those companies. Sverica firmly believes in building businesses collaboratively that can endure for the long term by starting with a strong foundation and bringing the right people and playbook to drive reinvestment and ultimately strong returns for our investors. For more information, please visit www.sverica.com.

About Salesforce Ventures

Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world's largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 375 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio (News - Alert), Zoom and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.


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