Insight Venture Partners has invested $45 million in SMS Assist. Chicago-based SMS Assist is a mobile and cloud-based multisite property management company. The Pritzker Group invested in SMS in 2013.
CHICAGO–(BUSINESS WIRE)–SMS Assist, the innovative mobile and cloud-based multisite property management company, today announced a $45 million investment from New York-based Insight Venture Partners.
“The backing of world-class investment firms like Insight Venture Partners and Pritzker Group continues to fuel our innovation and ensure that SMS Assist leads the industry in quality and customer satisfaction,” said Michael Rothman, SMS Assist’s chief executive officer. “This capital will allow SMS Assist to accelerate our investment in technology and people, take advantage of new opportunities and continue our rapid growth.”
SMS Assist is revolutionizing multisite property management using its proprietary, cloud-based platform to provide a fully-outsourced business solution for a growing list of national and Fortune 500 companies including Family Dollar (NYSE: FDO), CBRE (NYSE: CBG), O’Reilly Automotive, Inc. (NASDAQ: ORLY) and Colony Capital (NYSE: CLNY). SMS Assist manages a network of more than 20,000 certified affiliate subcontractors providing the highest quality maintenance services to more than 90,000 client locations. The company’s advanced technology platform is designed to continuously reduce clients’ property maintenance costs while simultaneously improving service quality and speed of delivery.
Since an infusion of capital from Pritzker Group in October 2013, SMS Assist has experienced explosive growth in revenue, profitability and operating scale. The company now employs more than 400 people from its headquarters in Chicago. The investment from Insight Venture Partners will allow the company to enter new markets and accelerate its growth.
“With its customer-centric management focus and first-in-class technology, SMS Assist is approaching 100,000 locations served and saving tens of millions of dollars for its customers” said J.B. Pritzker, Managing Partner of Pritzker Group. “Its scalable technology means there is plenty of room to grow in this $50 billion market.”
Insight’s Managing Director Ryan Hinkle will join Pritzker on the SMS Assist board of directors.
“Insight invests in technology companies that drive transformative change in their industries, and SMS Assist has proven it can do just that. We look forward to partnering with SMS management in the next stage of the Company’s growth,” said Hinkle.
About SMS Assist
SMS Assist is a Chicago-based technology company providing multisite property management to a roster of clients with more than 90,000 service locations. Using its proprietary software platform to manage its network of more than 20,000 affiliate subcontractors, SMS Assist offers a suite of property management benefits including leveraged pricing of products and services, $30M risk indemnification, real-time services validation, instant invoicing, automatic service audits and data analysis to ensure quality and cost efficiency. SMS Assist is revolutionizing multisite property management services for its growing list of national and Fortune 500 clients including Family Dollar (NYSE: FDO), CBRE (NYSE: CBG), O’Reilly Automotive, Inc. (NASDAQ: ORLY) and Colony Capital (NYSE: CLNY). To learn more, visit www.smsassist.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $10 billion and invested in more than 200 growth-stage software, eCommerce, Internet and data-services companies worldwide. The company’s mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success.www.insightpartners.com; twitter: @insightpartners
About Pritzker Group
Pritzker Group Venture Capital, led by Tony and J.B. Pritzker, has worked side-by-side with entrepreneurs at more than 100 companies, building partnerships based on trust and integrity. The firm’s proprietary capital structure allows for tremendous flexibility, and its experienced team of investment professionals and entrepreneurs offers companies a vast network of strategic relationships and guidance. Successful exits in recent years include Fleetmatics (NYSE: FLTX), SinglePlatform (acquired by Constant Contact), Zinch (acquired by Chegg (NASD: CHGG)), Playdom (acquired by Disney (NYSE: DIS)), LeftHand Networks (acquired by Hewlett-Packard (NYSE: HPQ)), and TicketsNow (acquired by Ticketmaster). For more information, visit www.pritzkergroup.com.