iLobby announces more than US$100M in strategic investment
Toronto-based visitor management provider iLobby announced a strategic investment from global venture capital and private equity firm Insight Partners.
According to iLobby, the funding will “catalyze the company’s growth and help continue to protect facilities in regulated, compliance and security-focused verticals.”
The company’s products are currently in use in 45 countries. Its clients include enterprises like Pepsi, Nikon and Hershey’s as well as small to medium businesses. It provides technology to markets such as airports, government buildings and financial services firms.
“This investment will substantially accelerate the pace at which we build and deploy the iLobby product suite to power the future of safety and visitor management in the workplace,” said iLobby CEO Ariel Mashiyev in a statement. “We’re incredibly excited to work with Insight Partners, who will be integral in helping us build out our operations and capture the massive opportunity in visitor management.”
“Ariel and his team have built a robust platform that meets complex needs in compliance-focused industries, all while being extremely capital efficient and growing nearly 100% YoY over multiple years,” said Insight Partners managing director Ryan Hinkle. “We’re very excited to leverage our strategic operations expertise through Onsite, our ScaleUp engine, to help iLobby scale more aggressively.”
Hinkle, along with Insight Partners managing director Anika Agarwal and principal AJ Malhotra, will join iLobby’s board of directors. Mashiyev will stay on as CEO and Chairman of the Board.
According to iLobby, the COVID-19 pandemic has driven demand for its visitor management products. iLobby has rolled out technology including a COVID-focused pre-screening questionnaire for visitors, a touchless sign-in solution and fever testing.
RBC Capital Markets acted as the exclusive financial advisor to iLobby on the transaction and Wildeboer Dellelce acted as the legal advisor. District Capital Partners acted as the buyside advisor to Insight Partners and Willkie Farr & Gallagher LLP and Stikeman Elliott LLP acted as legal advisors.