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Validity Announces Silversmith-Led Investment, CRMfusion Acquisition and Mark Briggs as CEO

Validity announced a Silversmith-led growth equity investment, completed its CRMfusion acquisition and named Mark Briggs Chairman and CEO on May 1, 2018. The announcement disclosed no deal amounts.
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On May 1, 2018, Validity announced a growth equity investment led by Silversmith Capital Partners, said it had completed its acquisition of CRMfusion, and named Mark Briggs Chairman and CEO. The announcement did not disclose the investment amount, Validity’s valuation or the CRMfusion purchase price.

What Validity announced on May 1, 2018

The announcement brought together three distinct developments: an equity investment in Validity, a completed acquisition of CRMfusion, and a leadership appointment. Silversmith Capital Partners, described in the release as a Boston-based growth equity firm, led the investment. The release did not identify the amount invested or the terms of the transaction. Silversmith’s May 1, 2018 announcement is the primary source for these details.

Validity completed its acquisition of CRMfusion

Validity said it had completed its acquisition of CRMfusion, a provider of data-quality software for Salesforce.com customers. The announcement named three CRMfusion products—DemandTools, DupeBlocker and PeopleImport—and said they would remain available as part of the Validity platform.

The announcement did not state the acquisition price. Silversmith’s general description of its investment strategy in the same release is not a disclosure of the terms of either the Validity investment or the CRMfusion acquisition.

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Mark Briggs was appointed Chairman and CEO

Validity named Mark Briggs Chairman and CEO, based in the company’s Boston office. The release described him as having more than 20 years of experience building and leading high-growth technology companies and said he had most recently been CEO of ABILITY Network.

Briggs framed the appointment and investment around confidence in data, saying, “More than ever before, executives in organizations of all sizes are seeking confidence in their data assets, realizing that virtually every important initiative underway requires trust in the underlying data,” according to the announcement.

Validity’s current company page also lists Briggs as Chairman and CEO and says he founded Validity in partnership with Silversmith. That page provides a current role check; it does not add financial terms to the 2018 announcement.

Who joined Validity’s board

The announcement said Sri Rao, Mike Volpe and Glenn Wilson would join the board alongside Jim Quagliaroli. It identified Rao as a Silversmith Principal, Volpe as Cybereason’s CMO and a former HubSpot CMO, and Wilson as Validity’s CTO and a CRMfusion co-founder. Quagliaroli, Silversmith’s Managing Partner, said, “We are very excited to partner with Mark and his senior management team.”

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Silversmith’s investment figures are not Validity deal terms

The 2018 release described Silversmith as founded in 2015, with $1.1 billion of capital under management, and said the firm sought to invest $15 million to $75 million per company. Those are background figures about Silversmith’s stated profile and target investment range—not the amount it invested in Validity. The release does not establish Validity’s investment amount, company valuation or CRMfusion purchase price.

Validity’s press archive records the announcement among the company’s dated releases: Validity press archive.

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