Toronto-based maintenance software provider Maintenance Assistant Inc has raised $5 million in a Series A financing led by BuildGroup, a U.S. venture capital firm. Launched in 2012, Maintenance Assistant has developed a cloud-based software platform that helps businesses to handle corrective, preventative and condition-based maintenance for equipment and assets. It plans to use the proceeds of the Series A round to fuel growth in the mid-market and enterprise segments. It will do this by adding to its team, bringing more resources to sales and marketing, and advancing product development. Maintenance Assistant is also backed by MaRS Investment Accelerator Fund.
Maintenance Assistant Secures $5 Million Series A To Accelerate Record Growth
BuildGroup Leads Round, Cites Massive Market Opportunity in Enterprise Asset Management
AUSTIN, TEXAS AND TORONTO (PRWEB) MARCH 10, 2016
Maintenance Assistant Inc, the industry leading provider of cloud-based maintenance and asset management software, today secured $5 million in a Series A round led by BuildGroup. The funds will be used to fuel the company’s growth in mid-market and enterprise segments where customers have for years been forced to choose from a handful of complex, legacy solutions.
Upon its commercial launch in 2012, Maintenance Assistant’s modern cloud platform quickly won over the SMB market and more recently gained significant traction within the enterprise market. With an emphasis on simplifying maintenance and asset management for even the most complex operations, the Maintenance Assistant team achieved record growth in 2015, doubling revenue and closing the strongest Q4 in company history. The outlook for 2016 remains strong; the company will use the investment from BuildGroup to double headcount and add new roles in sales and marketing, product development and customer success.
“We’re very proud of the milestones our team has hit in the last year,” said Marc Castel, CEO of Maintenance Assistant. “But there’s more to do for our customers. For too long they’ve been locked into technologies that were frozen in time more than a decade ago. With this investment from BuildGroup, we can more aggressively challenge the status quo and deliver new value to the market. It’s time for enterprise customers to have a better choice.”
With the investment, Peter Freeland, co-founder at BuildGroup, will join the Maintenance Assistant board of directors. BuildGroup, a private investment firm led by former Rackspace CEO Lanham Napier, is committed to supporting portfolio companies in core functions ranging from go-to-market guidance to product strategy and business development.
“Maintenance Assistant is well positioned in a multibillion-dollar market that lacks a clear cloud-based leader,” said Peter Freeland, co-founder and managing partner at BuildGroup. “This team has built a rare business that is as fast growing as it is efficient. With a focus on customer success and solving real business challenges, Maintenance Assistant is in a great position to disrupt and win the market. We’re thrilled to partner with them for this phase of growth.”
The enterprise asset management market is expected to reach $4.23 billion by 2019, with a CAGR of nearly 10 percent. While the market has been developed in most regions across the globe, many buyers have remained on the sidelines because traditional solutions were too costly and complex to adopt.
As cloud-based solutions have displaced on-premise software, the market has experienced tremendous growth. Maintenance Assistant is the leading enterprise-class solution fully developed on a modern cloud platform, positioning it as the best option for today’s enterprise. Not only does the platform reduce implementation and integration complexity, it is delivered with a SaaS model that ensures legacy costs aren’t passed on to the customer.
For more information, please visit: https://www.maintenanceassistant.com/
About Maintenance Assistant
Maintenance Assistant provides cloud-based maintenance and asset management software to thousands of customers around the world. Incorporated in 2008 and headquartered in Toronto, Canada, Maintenance Assistant’s products are used by organizations of all sizes to properly handle corrective, preventative and condition-based maintenance for equipment and assets. Learn more at http://www.maintenanceassistant.com.
BuildGroup is a private investment firm that makes early-stage and growth equity investments in technology companies at the expansion stage. BuildGroup’s model is based on a long-term investment approach that helps companies scale their current business while building the foundation for significant future growth. BuildGroup was founded in Austin, TX in 2015 by an experienced team of operators and investors who seek like-minded entrepreneurs with a passion to collaborate and build. For more information please visit http://www.buildgroup.com.
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