Silverline, a Salesforce platinum cloud consulting partner, has received a private equity investment from Pamlico Capital. Although dollar figures were not disclosed, Silverline says the investment will allow the consulting firm to continue developing solutions across the Salesforce Platform -- particularly the vertically-focused Salesforce Financial Services Cloud and Salesforce Health Cloud.
“Silverline’s vision has always been to help its customers transform their business using the Salesforce platform. This partnership will allow us to continue to execute on that vision while expanding our incredible team,” said Gireesh Sonnad, CEO and co-founder, Silverline, in a prepared statement. “We are excited to have the support of the Pamlico team and the benefit of their experience with high growth cloud solutions organizations.”
Packaged Vertical Market Cloud Solutions
Silverline is more than an IT consulting company. The firm has also developed its own intellectual property -- such as Mortgage 360, a Salesforce Fullforce Solution for retail mortgage firms, mortgage divisions of banks and credit unions and other online lenders. On a similar note, the company in 2016 unveiled Banker360 -- which leverages Salesforce's e social, mobile, cloud and data science technologies to accelerate business transformation for customers in financial services.
Silverline's founders and the current executive team will continue managing the firm with support from Pamlico, a private equity firm that typically invests in mid-market companies. Recent Pamlico moves include investing an undisclosed sum in Microsoft Azure consulting firm 10th Magnitude and selling a majority stake in Wilson Fiber Optics.
Salesforce Partner M&A Deals
Meanwhile, strategic buyers, PE firms and investors have been scouring the market for potential Salesforce partner acquisitions or investments. Recent deals have included:
- Simplus raising $9.3 million and acquiring its fourth Salesforce partner in December 2017.
- BV Investment Partners acquiring Apps Associates, an Oracle, Salesforce, SAP and NetSuite partner, in December 2017.
- Capgemini acquiring Lyons Consulting Group, a 300-person Salesforce partner, in September 2017.
- Accenture acquiring Phase One, its seventh Salesforce partner acquisition, in June 2017.
Additional insights from Joe Panettieri.