finalsite, an East Hartford, CT-based online learning and communications platform for the education industry, has received a “significant” investment from private equity firm Spectrum Equity.
Silicon Valley Bank provided a senior credit facility as part of the transaction, whose amount was not disclosed.
The company intends to use the proceeds from the investment to grow organically and strategic initiatives in its core and adjacent markets.
Founded by Jon Moser, who has invested alongside Spectrum and will continue to lead the company as President and CEO, finalsite offers a SaaS-based, customized web platform to independent and public schools, colleges and organizations seeking to centralize and enhance their online learning and communications offerings. Its software integrates with many existing technology providers and provides schools with a single interface to distribute all forms of digital content.
The company, which delivers its product to customers across the United States and in 41 countries around the world, has 57 employees.
As part of the deal, Steve LeSieur, Principal of Spectrum Equity, and Brion Applegate, Managing Director and Founder of Spectrum Equity, will join finalsite’s board of directors.