Detroit-based LevelEleven, which creates sales performance platforms, has announced that The Ascent Group, also based in Detroit, has made a significant investment in the company. Terms of the deal were not disclosed.
LevelEleven officials say the new investment will bring enterprise software experience into the operations of the business, while providing financial stability to continue its position in the sales activity management category.
“The investment by Ascent, which represents the largest single investment in the company to date, allows us to completely focus on helping our customers make the shift to a more metrics driven sales organization, and continue building out our software platform,” says Bob Marsh, founder and CEO of LevelEleven.
In addition to its financial backing, Ascent, which focuses its investments on fast growing software companies with $3 to $30 million in annual revenue, will become involved as owners and operators of LevelEleven. The company will join the existing management team and an investor roster that includes Detroit Venture Partners, NCT Ventures, and Salesforce Ventures.
The Ascent Group was formed this year after its founders merged their enterprise software company New World Systems with Tyler Technologies in a transaction that valued the company at $670 million.
LevelEleven got its start with two employees in downtown Detroit’s Madison Building in 2012. In May, the company moved its operations to 1520 Woodward Ave. The new space, located on the third floor, is housed in what was once known as the Lane Bryant Building, originally constructed in 1909.