As part of an aggressive product innovation and major global expansion strategy, Brisbane-based cloud technology company simPRO Software has secured AU$40 million in growth capital.
The funding was obtained from New York-based growth equity firm Level Equity, which is a venture capital and equity firm specializing in growth equity. The firm prefers to invest in small and mid-sized technology, software, internet, media, consumer and service companies which are product and technology innovators, serving large markets and delivering rapid growth.
simPRO Software creates leading-edge job management software for the trade service industry, such as service providers in the electrical, plumbing, HVAC (heating, ventilation and air conditioning), and security industries. The company also integrates with a range of third-party software providers such as Intuit, Xero and MYOB. The cloud-based system helps businesses work smarter, provide exceptional service, and maximize their profitability.
simPRO Software was established in 2002, and has been self-funded since then. It is currently owned by private shareholders, including current staff. The company has more than 2,500 clients and 80,000 users around the world, with clients ranging from small and medium-sized contracting operations to large corporate enterprises.
Co-founder Stephen Bradshaw, who is an electrical contractor by trade said he founded the company to solve his own problem of managing a growing team of contractors. Along with co-founder and software engineer Vaughan McKillop, he developed a solution to start with job lists and scheduling tools for allocating time and technicians.
I realized that electrical and other trade businesses really needed systematization and automation. We needed software to help us keep visibility and manageability, and many, many other trade businesses were in the same position.
After several years of self-funding, the growth capital will support a range of initiatives that will help the company make product enhancements, growing customer support and marketing. simPRO CEO Brad Couper said the company received offers from investors around the globe, but settled with Level Equity due to their “deep expertise in the vertical market software.” In an official statement he said,
Level has a nuanced understanding of our business model and the end markets in which we operate. Their knowledge and capital will be an important asset for simPRO moving forward.
simPRO will launch in up to four states throughout the US over the next 12 months and is seeking to hire 100 employees more over the next three years.