The Triangle Tweeners list, a group of about 150 companies in the “goldilocks” zone compiled by serial entrepreneur and investor Scot Wingo, has graduated 10 startups from the 2019 list, saw 17 acquired, dropped 12, and celebrates six significant fundings.

Tweeners held its first awards event at the North Carolina Museum of Natural History in January, presenting awards to companies in five categories.

Tweeners held its first awards event at the NC Museum of Natural History in January.

Once a startup reaches over $80 million a year in revenue or 500 employees they ‘graduate’ off the list. Companies that have graduated from the list are:

  • Bandwidth
  • ChannelAdvisor
  • Dude Solutions
  • insightsoftware
  • Jaggaer (previously known as SciQuest)
  • Lulu Publishing
  • Red Hat (now IBM)
  • Relias
  • SAS Software
  • Softpro

On the web site Medium, introducing the 2019 list, Wingo writes: “We need more ‘Triangle Tweener List Graduate’ scale companies in the Triangle. In 2018 Red Hat (born in the Triangle), was acquired for $34 billion by IBM. We need a story like that every year.”

2019 Triangle Tweeners: Investor Scot Wingo adds 31 firms to emerging stars list

Mergers and acquisitions

In 2018, 17 Tweener list companies were acquired. Wingo said that “based on whisper numbers and some confidential details folks have mentioned, this represents a whopping $200–400m in total spent on Triangle Tweeners.”

The acquired companies were:

  • BlogAds — Sold by PressFlex LLC
  • Gather Digital — Acquired by Certain Touchpoint
  • GoldenKey/SoloPro — Acquired by Landis, based out of NYC
  • iScribes — Acquired by Nuance (Boston-based natural language co that created Dragon).
  • InMotionNow — Acquired by PE firm, Level Equity
  • InspectionXpert — Acquired by Ideagen
  • Junxure — Acquired by WisdomTree for $24m
  • KEEPs Corporation — merged with a Charlotte company
  • Plotwatt — Acquired by American Efficient
  • Racarie Software — Acquired by SwipeClock
  • SageWorks — Acquired by PE firm Accel-KKR
  • Savii Care/Akili Software — Acquired by H.A.S. Technology Group out of Florida.
  • Shoeboxed — Acquired by Earth Class Mail
  • Transloc — Acquired by Ford in Jan 2018
  • Youth Digital — Acquired by Apex Learning.
  • Windsor Circle — Was acquired in early 2018 by OSG
  • XS Inc — Merged into Technekes of Charlotte

Racarie Software- acquired by Swipeclock won the top Tweener exit award at Tweener’s first event.. Racarie’s CEO, Nathan Shackles was there to accept the award presented by Scot Wingo (left).

Dropped from the list

On Medium, Wingo writes: “Here are the Tweeners off the list because they either folded, fell below our requirements, moved, etc. Doing what we do is HARD and failing to get to an exit or Graduate status is nothing to be embarrassed about and should be applauded. At least these folks gave it a shot and hopefully they will take another run and knock it out of the park on their second ‘at-bat’.”

Reasons stated are Wingo’s.

  • Axial Exchange — Has been sold or wound down.
  • Boss Key Productions — Wound down.
  • CloudPay — Headquarters now Andover, Hampshire, UK.
  • Cultures for Health — folded into a
  • CrossComm — consulting house
  • Dognition — appears to be under 10 folks now.
  • Intervolve–no reason stated.
  • perable — under 10, wound down?
  • Prsonas — wind down
  • Quantifize -under 10
  • SnapSolv — under 10
  • TouchCare — HQ now NYC?

Significant fundings

2018 was a very active year for fundraising with some eye-popping investments, although Wingo notes, “This list is not comprehensive.

  • PrecisionHawk — $75 million round
  • Pendo — $50 million round
  • Teamworks — $15 million round
  • K4 Connect — $12 million round
  • FilterEasy — $7 million
  • Silbo — $1.3 million round

The list also includes 31 new members for 2019 detailed in our earlier story.