- Scorpion — a leading provider of technology and services helping local businesses thrive — announced a $100 million investment from Bregal Sagemount. These are the details.
Scorpion — a leading provider of technology and services helping local businesses thrive — announced a $100 million investment from Bregal Sagemount to expand its technology and customer offerings. And this funding round is a reflection of the exceptional growth in Scorpion’s business and investor belief in its vision to empower local businesses and the communities they serve.
With Scorpion’s blend of AI technology and teams of experts, local businesses can improve business performance and marketing capabilities by better understanding their unique market dynamics, competitors, and customers. And Scorpion brings everything together making it easy to gain insights at-a-glance and in-depth, and to take action through an all-in-one dashboard. By bringing significant local data and vertical market expertise to customers, Scorpion is able to deliver the tools and services needed to set, measure and exceed goals.
This round of funding comes at a time of tremendous growth for Scorpion as the company makes plans to open a new headquarters in the Salt Lake City area. And Scorpion will be bringing a team of executives, renowned designers, developers, and service professionals to the city to allow for continued expansion of talent and innovation. The company is continuing to add to its nearly 1,000 employees, bringing increased expertise across a variety of verticals including legal, home service providers, healthcare, and franchises.
Plus Scorpion also expanded its impressive management team, appointing Daniel Street as CEO, Mikel Chertudi as Chief Revenue Officer, Raj Ramanan as Chief Operating Officer, and Azim Nagree as EVP Operations and M&A.
Street — a former SVP of Digital for Nexstar, CEO of Loku, Executive at KKR, and Management Consultant at Bain and Company — brings decades of extensive experience as a highly regarded technology executive with strategic insights in Local Media, Digital Marketing, and SaaS. And Chertudi — former Head of Digital Marketing, Growth & Inside Sales at Adobe — is a digital SaaS expert with more than 15 years of experience in marketing, product, and sales in B2B and B2C revenue models. Ramanan is bringing leadership and operational experience from his time spent at McKinsey, Disney, and KKR, and will help Scorpion grow revenue, onboard new customers, and continue to provide world-class service. Nagree — previously Principal of Nagree Consulting and VP of account management at Cision — brings 15 years of experience in growing, scaling, and exiting innovative startups. Plus Scorpion founder Rustin Kretz remains the product visionary and will transition to its Chief Product Officer and Chairman of the Board.
Recently, Scorpion acquired CanIRank, an SEO software company that pioneered AI for customers to quickly secure locally relevant, actionable, SEO insights and recommendations. And this acquisition showcases Scorpion’s commitment to accelerating the development of its technology and providing customers with innovative tools.
KEY QUOTES:
“The pandemic has cemented the need for businesses of all sizes to undergo a digital transformation in order to effectively reach and communicate with their customers. Many local providers recognize the need to adopt digital tools and services for local market insights, but simply don’t know where to begin. I am thrilled to lead Scorpion, as we continue to bring local businesses enterprise-grade technology to drive informed market decisions and enable them to focus on what they do best.”
— Scorpion CEO Daniel Street
“Scorpion experienced remarkable growth thanks to its dedication to building a better way to help local businesses thrive.” Kirk Smith, Principal added, “Its tireless determination, genuine care, cutting-edge tools and award-winning services are unmatched, and at the core of every customer experience. Bregal Sagemount is excited to be part of Scorpion’s prosperous journey as we invest in its growth and technology expansion.” Both Greenberg and Smith will be joining Scorpion’s Board of Directors.
— Blair Greenberg, Partner at Bregal Sagemount
