Posted on 06/20/2017 9:23:13 PM PDT by 2ndDivisionVet
Tempe-based software services company Tiempo Development LLC has received a significant investment to help the company hire up to 300 people by next year, open additional offices and make future acquisitions.
Tiempo founder, president and CEO Cliff Schertz said the undisclosed investment helps position the company for its next phase of growth, and allows for an opportunity for additional investment with future acquisitions.
“We’ve been experiencing significant growth over the past five years, and we really needed to bring in a financial partner to help us in our next phase of growth,” Schertz said. “This allows us to expand that organic growth and gives us options to hire key companies.”
Scottsdale-based Alerion Capital Group LLC, an equity and management advisory firm that invests in tech product and service providers, made the investment in the six-month deal that closed May 16.
Alerion also is taking a partial ownership of the company, although Schertz added he maintains a significant ownership portion.
Alerion’s founding principal, James Unruh, joins Tiempo’s board of directors, along with partners Rick DeAvila and Jeff Unruh.
“Technology is quickly evolving and so are the demands on businesses; this drives our passion for companies that are bringing new approaches to streamlining innovation. At Tiempo, we see exactly that,” said Unruh, formerly chairman and CEO of Unisys Corp. “We are excited to partner with Tiempo as they continue to provide powerful outcomes for their clients across North America and look forward to contributing to their success.”
Tiempo Development is the architect and developer of software for tech, finance, health care, education, security and transportation companies.
The majority of its employees in Mexico, taking advantage of nearshore software development talent.
The company plans to add up to 100 employees this year, and up to 200 people next year, in marketing, sales and engineering, Schertz said.
The hiring will be across the company, including at the Tempe headquarters and the three offices in Guadalajara, Monterey and Hermosillo, Mexico.
Tiempo also is planning to open sales and business development offices in key cities across the U.S., with expansions starting in the third quarter and rolling out through 2018.
Another five to six offices are planned, including in Dallas and Denver, cities on the East Coast such as Boston, New York or Atlanta, and on the West Coast in cities such as Portland, San Francisco or Seattle, Schertz said.
“We need a local presence in the key markets the company works in,” Schertz said.
Tiempo plans to enhance the services it brings to its customers, he said.
“There’s not enough software engineers the world is demanding, and that’s only increasing with mobile, internet of things and the cloud,” Schertz said. “We’re right in the mix of that. Our value proposition has really matured.”
Tiempo’s software customers include Phoenix-based WebPT, Microsoft Corp. (Nasdaq: MSFT), Tempe-based Insight Enterprises (Nasdaq: INSIT) and Chandler-based Microchip Technology (Nasdaq: MCHP).
Tiempo acquired Jaguar Labs, a Jalisco, Mexico-based mobile software development firm, in April.
Tiempo retained GLC Advisors as its investment bank to help with the new investment process.
Cool news for a hot day in the city becoming known as “the Silicon Desert”.
Nice news...another win...
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