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We are pleased to announce our exit from the investment in Zephyr, whose test management applications empower software development teams to build higher quality software more efficiently and collaboratively. Zephyr has been acquired by SmartBear Software, creating the industry’s most comprehensive set of test management tools.

During our partnership with Zephyr, which began in 2016, we helped transform the company from an emerging high-growth software business to a recognized market leader in test management software. Through collaboration and consultation with Frontier, Zephyr’s management team made key strategic investments and executed on growth initiatives, including a strategic tuck-in acquisition, that expanded the company’s product capabilities and took it into new end markets.

Scott Hoch

Scott Hoch


We are proud of the transformative growth that Zephyr has achieved during our partnership. It has been our privilege to work with Zephyr CEO Scott Johnson and Founder Samir Shah, along with the entire team at Zephyr, to help build a durable platform company with strategic value that is exceptionally well-positioned to continue its growth trajectory as part of SmartBear.

“Frontier has been a true growth partner throughout our relationship,” said Scott Johnson. “With its deep experience in growth-stage software investing, Frontier was invaluable in helping us refine our go-to-market strategy, launch new products, and enhance our value proposition for our customers. Their guidance and leadership enabled a great outcome.”

Click here to read the full press release.

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