Denver, CO, March 13, 2025 – Mountaingate Capital (“Mountaingate”) announced that it has completed an investment in Rep Data, the industry’s leading provider of high-quality research data and fraud prevention solutions. The investment in Rep Data marks the seventeenth platform investment for Mountaingate.

Founded in 2020, Rep Data is leading the industry’s defense with its Research Defender platform, a sophisticated fraud detection technology designed to safeguard research integrity. The platform analyzes billions of data points annually, identifying and blocking fraudulent responses from bots, professional survey takers, and click farms before they impact research studies. Research Defender processed 2.9 billion security scans in 2024, playing a pivotal role in shaping the industry’s fraud prevention standards and protecting research at an unprecedented scale. The Company has seen tremendous growth since inception, fueled by this innovative approach to data collection and its commitment to providing high-quality, reliable data solutions to market researchers.

“We are extremely excited to partner with the Rep Data team. Rep Data is at the forefront of protecting research integrity with its cutting-edge Research Defender platform, setting a new standard for fraud prevention in the industry,” said Sue Cho, Managing Director of Mountaingate. “The Company’s ability to analyze billions of data points and proactively eliminate fraudulent responses ensures that market researchers can rely on high-quality, trustworthy data. Rep Data’s rapid growth, innovative technology, commitment to data integrity, and impressive management team position it as a clear industry leader, with significant opportunities to further expand its impact and drive accelerated growth both organically and through strategic acquisitions.”

“This investment is a testament to the strength of our vision, our team, and the impact we are making in defining data quality for the market research industry,” said Patrick Stokes, CEO and founder of Rep Data. “From day one, we set out to raise the standard for research data integrity, and this growth investment enables us to push even further—advancing our fraud prevention technology, expanding our tech-enabled services, and ensuring that researchers worldwide can trust the data they collect. This marks an inflection point for Rep Data and the insights industry as a whole.”

Morrison & Foerster LLP served as legal counsel to Mountaingate. Canaccord Genuity acted as exclusive financial advisor and Jones Walker LLP served as legal counsel to Rep Data.

About Mountaingate Capital
Mountaingate Capital is a Colorado-based private equity firm that specializes in partnering with founders and entrepreneurial companies to accelerate growth and build industry leaders. Mountaingate’s focus on organic growth, coupled with its customer-centric buy-and-build approach for add-on acquisitions, and shared equity ownership with management, creates more value for the end customer, while forging stronger, more collaborative, and more successful investment partnerships with management teams. With over $1.4 billion of assets under management, Mountaingate targets investments in marketing services, business services, specialty manufacturing and distribution. For more information on Mountaingate, please visit www.mountaingate.com.

About Rep Data
Rep Data is a technology-driven data and insights partner, helping insights professionals streamline insights initiatives with a focus on data quality and consistent execution. Partnering with market research agencies, consultancies, Fortune 500 corporations, advertising and brand strategy firms, universities, and public relations agencies, Rep Data delivers real, reliable, and fraud-free research data at scale. Its solutions include: Research Desk, a centralized research platform that enhances efficiency and data quality; and Research Defender, an advanced fraud prevention system that conducts 2.9 billion security scans annually to protect data integrity. Through tech-enabled services, Rep Data provides expert support to help organizations scale with confidence. Committed to high-quality data and innovative tech-enabled solutions, Rep Data is redefining market research to drive faster, more reliable insights. For more information, visit www.repdata.com.

For more information please contact:
Sue Cho, Managing Director
Phone: 303.390.5038