November 21, 2016
Nashville Business Journal
by Eleanor Kennedy
Brian Fox‘s company hadn’t raised outside capital since 2006.
But with demand growing for its products and services, Fox and his team at Capital Confirmation (which does business as Confirmation.com) decided to seize the moment and secure a $60 million investment from Boston-based private equity firm Great Hill Partners.
“We saw so much opportunity,” Fox said in an interview Monday, highlighting calls the online auditing confirmation company had received from potential international clients for its services.
That demand, plus a market favorable for raising capital, helped the Confirmation team decide it was “the right time to expand both our reach and our product offering.”
With the new capital behind it, Fox said the company is projecting 60 percent growth in headcount next year. The company currently employs close to 90 people spread across 10 offices, two of which are in the United States. Fox said the company will pursue “aggressive growth” within each of its offices, but is also targeting new offices in Central and South America, as well as potentially Asia and the Middle East.
The company also just rolled out a new product in partnership with the American Institute of CPAs, Fox said, and will be investing in additional products as well as offices.
Confirmation currently employs about 35 people at its Brentwood headquarters, Fox said. Although the company’s financial technology focus is outside the health care core of Nashville’s business community, Fox said he’s never viewed growing the company in the Nashville area as a “disadvantage.”
“For the most part a technology company can be just about anywhere,” Fox said, and pointed to groups like the Nashville Capital Network and the Nashville Entrepreneur Center as strong resources for technology companies of all kinds. “Nashville’s just a great place to start a business.”