Algo raises $15 million from Integrity Growth Partners to accelerate growth
The fast-growing supply chain software company will use funds to accelerate sales and marketing, further develop its sophisticated AI, ML, and NLP product capabilities, and expand its team.
TROY, Mich., Feb. 18, 2020 /PRNewswire/ — Algo, a leading innovator in supply chain technology based in Troy, MI, announced today that it received a $15 million investment from Integrity Growth Partners (IGP).
Algo is a high-growth, end-to-end SaaS software platform used by Fortune 500 enterprises to analyze, drive, predict, and prescribe critical business data and functions, including demand and inventory planning, sales forecasting, product lifecycle management, and category optimization. Algo’s customers communicate with Algo’s virtual supply chain bot through natural language to increase sell-through, optimize inventory, minimize returns, and drive various other forms of measurable ROI across the enterprise.
“We are very impressed with Algo’s rapid growth and success within the supply chain industry,” said Scottie Wardell, Managing Partner at Integrity Growth Partners. “Its innovative and robust suite of tools and highly skilled engineering team are driving significant, measurable ROI for its clients by solving major pain points throughout their supply chains. We could not be more excited to partner with Amjad and his team on this next phase of growth.”
As part of the transaction, Scottie Wardell will join Algo’s board of directors.
“Partnering with IGP has the entire Algo team excited for the future,” said Amjad Hussain, CEO, Chairman and founder of Algo. “The capital infusion will further our efforts to provide best-in-class products that drive cost-saving insights and revenue growth for our customers.”
Hussain continued, “When the time was right to raise our first institutional capital round, I knew Integrity was the right partner for Algo; they bring more than just capital to the table. We’re anticipating an accelerated rate of innovation and product enhancement in the months and years ahead. We’ve built an incredible team over the last several years, and we’re grateful to our customers and partners for their ongoing support as we innovate and empower enterprise supply chains globally.”
Gary Post, Partner at The K Fund said, “Algo’s software provides extraordinary value to leading companies. We are very pleased to work with Amjad and our colleagues at Integrity Growth Partners in the next chapter of Algo’s growth.”
Integrity Growth Partners led the investment in Algo, alongside partners including The K Fund.
Algo is a Troy, Michigan based supply chain SaaS platform that enables automated, data-driven workflows and business insights to enterprises. Its sophisticated bot, powered by AI, AR, and NLP, provides value creation to various verticals, including retailers, distributors, and manufacturers. The company’s deep domain knowledge of both technology and supply chain allows the team to rapidly train Algo on analytically rich workflows and business functions. With an easy-to-use conversational interface, Algo is bringing “plain” language understanding, machine learning and robust optimization to life within organizations, while creating an agile way to increase revenue and profitability. For more information, visit www.algo.com.
About Integrity Growth Partners
Based in Los Angeles, Integrity Growth Partners is a growth private equity firm focused on investing in lower middle market software and tech-enabled services businesses led by exceptional management teams. IGP targets up to $30 million investments in high-growth companies with established products and business models, bringing to bear a differentiated combination of investing and operating experience. For more information, visit www.integritygp.com.