Investment in leading software platform for commercial service contractors to fuel strategic growth, product expansion, and top talent acquisition
ServiceTrade, the leading provider of software as a service (“SaaS”) applications for commercial service contractors, announced that it has received an $85 million growth investment led by JMI Equity (“JMI”), a growth equity firm focused on investing in leading software companies. Existing investors Frontier Growth and Bull City Venture Partners also participated in the funding. With the additional capital, ServiceTrade will increase the pace of new product innovations to continue to meet the heightened demand from commercial service contractors.
ServiceTrade was founded in 2012 by Billy Marshall and Brian Smithwick to meet the unique and unmet technology needs of commercial service contractors. Previously, the lack of contractor-focused solutions had forced many, like Smithwick, to develop custom service management software to optimize their contracting and service management workflows. Today, ServiceTrade has more than 800 customers that manage more than 12,000 skilled technicians and generate almost $3 billion in annual service contracting revenue. The company’s applications are used widely by service contractors that provide inspection, maintenance, repair, and project services for the critical fire safety, mechanical, and electrical systems in commercial and industrial facilities.
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“Before we started ServiceTrade, commercial and industrial service contractors were forced to rely on software that wasn’t designed for their businesses,” said ServiceTrade CEO and co-founder Billy Marshall. “JMI’s investment will accelerate our development of unique applications that our customers are increasingly asking us to provide. With a business model based on long-term customer contracts that require a data model and workflows that most software providers don’t understand, we are best equipped to deliver to contractors more tailored solutions for their businesses.”
“When we formed ServiceTrade, there were practically no SaaS providers in the space, and a common preference was to have the server in the office where they could see it,” commented ServiceTrade CTO and co-founder Brian Smithwick. “We’re grateful the market has evolved over the past nine years and that we work with progressive business leaders who continually bring new ideas and challenges we can help them solve. Now, with JMI’s partnership, we’ll bring even more of those solutions to market. We are excited to add to our already talented staff to innovate even faster.”
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The COVID-19 pandemic added urgency to the need for modern SaaS applications for contractors. Over the past several months, ServiceTrade’s cloud-based software enabled essential service providers to work in a safe, distanced manner to keep their customers’ critical facility infrastructure up and running.
“Throughout the pandemic, it has become even more difficult for service contractors to hire skilled technicians, and the technicians on staff are stretched thin. Adopting technology like ServiceTrade that increases technician productivity will balance the tension between supply and demand while increasing contractors’ capacity to help their customers and generate more revenue,” added Marshall.
David Greenberg, General Partner at JMI, said, “Billy and Brian have built a team that demonstrates a deep understanding of and commitment to the commercial trades. ServiceTrade is already a proven market leader with customers eager for the company to address more of their needs. We are excited to partner with the ServiceTrade team to help accelerate the company’s rapid growth.”
As part of the transaction, Greenberg and Stephen Jones of JMI will join Richard Maclean and Matt Williams of Frontier Growth and Marshall on the ServiceTrade board of directors.
“JMI will be a great partner to support ServiceTrade’s product and customer growth,” added Richard Maclean, Partner and co-founder at Frontier Growth. “Their significant investment highlights the need for SaaS applications for commercial service contractors that ServiceTrade is uniquely positioned to deliver.”