Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors, has agreed to provide a “substantial investment” in MaintenanceNet. No financial terms were disclosed. Headquartered in Carlsbad, Calif., MaintenanceNet is a provider of service annuity solutions.
CARLSBAD, CA–(Marketwired – Feb 19, 2014) – MaintenanceNet, Inc., the leading provider of service annuity solutions, today announced a partnership with Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors, L.P., a $25 billion alternative investment management firm. Through the alliance, MaintenanceNet will receive a substantial investment from Kayne Partners to strengthen its lead in the service revenue-automation market and further fuel worldwide operations and ongoing technology development initiatives.
Launched in 2004, MaintenanceNet pioneered the service revenue-automation market with a goal of helping sales teams in complex tiered distribution channels sell the right service offerings while also assisting buyers to make the right service choices. Using business intelligence as the foundation for a new breed of data-driven sales and marketing automation technology, MaintenanceNet increases revenues for organizations around the globe, including the world’s largest technology manufacturers and distributors and their reseller partners.
“With a diverse fund portfolio across multiple industries, Kayne Partners offers MaintenanceNet the opportunity to build upon its success as a market innovator and technology leader,” said Scott Herron, the company’s CEO.
Herron continued, “Ten years ago we had the foresight to create a new category of data-driven service revenue-automation technology and a value proposition that has propelled MaintenanceNet to become a profitable worldwide company with global customers who are leaders in their fields. The partnership with Kayne will not only enable us to scale further and faster globally, but to also ensure that we continue to provide our existing customers with best-in-class technology and services.”
“We have partnered with Kayne because they align well with our team and demonstrated excellent synergy with the direction MaintenanceNet is heading. We’re looking forward to this next phase in our growth with their support behind us,” Herron added.
Product Development Ramp Up in the Works
MaintenanceNet is already ramping up product development, with new additions to its cloud-based technology platform planned for the first half of 2014. This comes on the heels of a doubling in size of business and operations in Europe and continued customer expansion across North America and the Asia-Pacific regions in 2013. At the same time, last month MaintenanceNet reported it delivered more than 2.5 billion service quotes — to more than 20,000 resellers in 63 countries using 21 languages — on behalf of its manufacturing customers, global distributors and their channel partners worldwide in 2013. The result was hundreds of millions of dollars in new revenue streams for these customers.
“Kayne Partners has a strong track record of partnering with innovative, high-growth companies and we are excited about our partnership with the MaintenanceNet team,” said David Walsh, Managing Partner of Kayne Partners. “The company is solving a revenue generation pain-point across an entire supply chain and uncovering profits that were previously unobtainable. When we met this team and realized the amount of value that they are delivering to very happy customers, we knew that we wanted to be a part of this story. We are impressed with the ingenuity of MaintenanceNet and we greatly look forward to working together with them in the coming years.”
For more information on MaintenanceNet and its complete line of product and service annuity solutions, visit www.maintenancenet.com, or follow MaintenanceNet on Facebook, Google+, LinkedIn and Twitter.
About Kayne Partners
Kayne Partners is the growth private equity group of Kayne Anderson Capital Advisors, L.P. and is a leading provider of capital and connections to rapidly growing companies in North America. Since its inception more than a decade ago, it has invested over $500 million in platform investments and add-on acquisitions. Kayne Partners looks to partner with driven entrepreneurs as a non-control minority investor. For more information about Kayne Partners, visit www.kaynepartners.com.
MaintenanceNet empowers the world’s leading manufacturers and their channel partners to expand the scope and success of their service sales initiatives. The company has delivered billions of dollars in service revenues, while also improving overall customer satisfaction and retention for the businesses it serves. The key to MaintenanceNet’s success is its proficiency in turning incomplete or inaccurate customer data into actionable business intelligence that drives revenue and profits for manufacturers. MaintenanceNet’s Service360 cloud-based platform and Campaign Management solution expedite and automate sales processes, and provide a channel-friendly approach to service quoting, ordering and renewing. For more information, visit www.maintenancenet.com.