ServiceTrade Business Services Entrepreneur Platform Raises $ 85 Million

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  • ServiceTrade, a leading provider of software as a service applications for trading service providers, announced it has received a growth investment of $ 85 million. These are the details.

ServiceTrade, a leading provider of software as a service applications for trading service providers, announced that it has received an $ 85 million growth investment led by JMI Equity, a private equity firm focused on investing in major software companies. Existing investors Frontier Growth and Bull City Venture Partners also participated in the financing. With the additional capital, ServiceTrade will accelerate the pace of new product innovations to continue to meet the increased demand from commercial service contractors.

Launched in 2012 by Billy Marshall and Brian Smithwick, ServiceTrade addresses the unique and unmet technology needs of commercial service contractors. Previously, the lack of contractor-centric solutions forced many people, like Smithwick, to develop custom service management software to optimize their contract and service management workflows. Today, ServiceTrade has more than 800 clients who manage more than 12,000 skilled technicians and generate nearly $ 3 billion in annual service contract revenue. And the company’s applications are widely used by contractors who provide inspection, maintenance, repair and project services for critical fire safety, mechanical and electrical systems in commercial and industrial facilities.

The COVID-19 pandemic has also increased the urgency of the need for modern SaaS applications for entrepreneurs. Over the past few months, ServiceTrade’s cloud-based software has enabled critical service providers to work securely and remotely to keep their customers’ critical facility infrastructure operational.

KEY QUOTES:

“Before launching ServiceTrade, commercial and industrial service providers were forced to rely on software that was not designed for their business. JMI’s investment will accelerate our development of unique applications that our customers increasingly ask us to provide. With a business model based on long-term customer contracts that require a data model and workflows that most software vendors do not understand, we are best equipped to provide contractors with solutions that are best suited to their needs. their activities.

– CEO and Co-Founder of ServiceTrade, Billy Marshall

“Throughout the pandemic, it has become even more difficult for service providers to hire qualified technicians, and staff technicians are overworked. Adopting technology like ServiceTrade that increases technician productivity will balance the tension between supply and demand while increasing the ability of entrepreneurs to help their customers and generate more income.

“When we created ServiceTrade, there was hardly any SaaS provider in the space, and a common preference was to have the server in the office where they could see it. We are grateful that the market has changed over the past nine years and that we work with progressive business leaders who continually bring new ideas and new challenges that we can help them solve. Now, thanks to JMI’s partnership, we will market even more of these solutions. We are delighted to strengthen our already talented staff to innovate even faster. “

– ServiceTrade CTO and co-founder Brian Smithwick

“Billy and Brian have built a team that demonstrates a deep understanding and commitment to the commercial trades. ServiceTrade is already a recognized market leader with customers eager to have the business better meet their needs. We are excited to partner with the ServiceTrade team to help accelerate the rapid growth of the business.

– David Greenberg, general partner at JMIAs part of the transaction, Greenberg and Stephen Jones of JMI will join Richard Maclean and Matt Williams of Frontier Growth and Marshall on the Board of Directors of ServiceTrade.

“JMI will be an excellent partner to support the growth of ServiceTrade’s products and customers. Their large investment highlights the need for SaaS applications for commercial service providers that ServiceTrade is uniquely positioned to provide. “

– Richard Maclean, partner and co-founder of Frontier Growth

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