- Previously part of IFS, WorkWave provides software solutions
for field service management serving small-to-medium sized
businesses with a particular stronghold in the US pest control
industry
- WorkWave announces the completion of two transformational
add-on acquisitions in the US, Real Green and Slingshot, to further
strengthen its leadership position in asset-light field service
management software
- EQT and TA Associates will leverage their strong sector
experience, global platforms and extensive advisory networks to
support WorkWave's accelerated growth agenda as a standalone
portfolio company
STOCKHOLM, June 22, 2021 /PRNewswire/ -- EQT is pleased to
announce that WorkWave (the "Company") will become a standalone
portfolio company of the EQT VIII and EQT IX funds ("EQT Private
Equity'') following its separation from IFS, a global provider of
enterprise software focused on the moment of service.
Headquartered in Holmdel, New
Jersey, WorkWave is a frontrunning software solutions
provider for the field service management (FSM) industry and serves
verticals including the green industry, cleaning & janitorial,
and route management with a particular stronghold in the US pest
control market. WorkWave was originally acquired by IFS, an EQT
Private Equity and TA Associates portfolio company, in 2017 and
since then, has completed several strategic initiatives, including
strengthening its product platform and launching a highly
appreciated payments offering.
With WorkWave and IFS performing exceptionally well (IFS growing
cash EBITDA over 70 percent in 2020) and the two businesses serving
increasingly different customer groups, it became clear over time
that WorkWave's full potential journey could be even further
accelerated under a standalone ownership. As part of the full
potential strategy, WorkWave is completing two transformational
add-on acquisitions in the US, Real Green Systems ("Real Green")
and Slingshot.
The acquisition of Real Green, a Michigan-based provider of software and
payment solutions for the FSM industry, further cements WorkWave's
strong position in asset-light FSM software. Moreover, the
acquisition of Slingshot, a provider of customer call center
software headquartered in Utah,
demonstrates WorkWave's commitment to building a company that is
the best partner in the industry for its customers.
The two acquisitions are expected to add significant strategic
value to WorkWave and its customers by further strengthening the
multi-vertical software, payments and service offering for field
service management. Moreover, the add-ons provide an exceptional
platform to accelerate growth via organic initiatives and
additional strategic M&A.
Johannes Reichel, Partner within
EQT Private Equity's Advisory Team, said, "Having followed WorkWave
closely under IFS' ownership, we are extremely impressed by the
management team's execution of transformative strategic
initiatives. This has cemented WorkWave's position as an industry
leader helping to create the best service organizations possible
and thereby generating superior growth. Further, we are very
excited about the recent transformational acquisitions and the
strategic value they will bring to the WorkWave platform and
WorkWave's customers."
David F. Giannetto, CEO at
WorkWave, further commented, "WorkWave is now entering a phase
where our products will improve and expand rapidly as we increase
what was already an industry-leading level of investment into our
technology development and support capabilities. The acquisition of
RealGreen represents two successful and fast-growing companies
coming together to create something truly special. It marks the
beginning of a new chapter where WorkWave will help our customers
go beyond service to create effective, fast-growing, highly
profitable service organizations that also deliver the best service
experience possible."
Darren Roos, CEO of IFS, who will
now serve as WorkWave's Chairman of the Board, concluded, "I am
confident that, under David
Giannetto's leadership, WorkWave will continue to transform
into something unique. WorkWave is expanding its position as a
market leader to new verticals and continuing to solidify the deep
connection with its customer base that it is known for."
Existing IFS minority shareholder TA Associates will remain
invested in WorkWave alongside EQT Private Equity and new partner
Serent Capital, the former owner of RealGreen. WorkWave's CEO,
David F. Giannetto, will continue to
lead the combined company, further supported by IFS CEO and WorkWave Chairman of the Board,
Darren Roos.
The transactions, including the separation of WorkWave from IFS
and the add-on acquisition of RealGreen, are expected to close by
the end of June 2021. The acquisition
of Slingshot was completed on 30 April
2021. The parties have agreed not to disclose the
transaction value or financial details related to the deals.
Kirkland & Ellis and PwC served as advisors to EQT Private
Equity.
Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
About EQT
EQT is a purpose-driven global investment organization with
more than EUR 67 billion in assets
under management across 26 active funds. EQT funds have portfolio
companies in Europe, Asia-Pacific and the Americas with total sales
of approximately EUR 29 billion and
more than 175,000 employees. EQT works with portfolio companies to
achieve sustainable growth, operational excellence and market
leadership.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter,
YouTube and Instagram
About WorkWave
For nearly 40 years, WorkWave has been building best
practices into its market-leading field service and last mile
software solutions to allow best-in-class companies to grow their
business, service their customers, and maximize their money. Its
solutions empower service-oriented companies to reach their full
potential through scalable, cloud-based software solutions that
support every stage of a business life cycle, including marketing,
sales, service delivery, customer interaction, and financial
transactions. WorkWave is a trusted partner for thousands of
customers across a wide variety of industries, including pest
control, lawn care, cleaning, HVAC, plumbing and electrical, and
last mile delivery. WorkWave's award-winning culture and solutions
have been recognized in the SaaS Awards, the Cloud Awards, the
American Business Awards, the NJBIZ Best Places to Work Awards, and
the Stevie Awards for Great Employers.
More info: www.workwave.com
About RealGreen
Walled Lake, MI-based Real
Green Systems has more than 35 years of experience providing
software and marketing solutions for the lawn care, landscaping,
arbor care, and pest control industries. Its flagship solution,
Service Assistant, is the premier customer relationship management
software used by thousands of companies worldwide to streamline and
grow their businesses. Along with offering a complete portfolio of
integrated solutions, including: Automated Marketing Assistant,
Customer Assistant Websites, Measurement Assistant, Mobile Live,
Routing Assistant, and Real Green Payment Processing, Real Green
Systems continues to partner with other industry innovators to
provide leading-edge business operation software with the broadest
range of features and the most advanced marketing tools.
More info: www.realgreen.com
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Press Release EQT
VIII, IX WorkWave 210622
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