Diversis Capital is preparing to sell ServicePower, a field service management software provider, sources familiar with the situation told PE Hub.
The Los-Angeles investment firm has selected Jefferies to advise ServicePower on its sale process, which is expected to launch in the next few weeks, the source said.
ServicePower, based in McLean, Virginia, provides field service management software for a variety of organizations, including GE Appliances, LG, AIG, Allstate, and Siemens. The company’s SaaS platform aims to help companies efficiently manage both employed and contracted workforces. It also offers a fully managed network of contracted service providers to enable on-demand field service delivery in urban and hard-to-reach locations across North America and Europe.
The company generates above $30 million in revenue, some of the sources said. A sale could produce a deal valued at more than $200 million, they said.
ServicePower is set to attract the interest of sponsors, VC firms, and, potentially, a few strategics, like Silver Lake-backed ServiceMax and VC-backed consumer support software provider Freshdesk, the people familiar said.
The sale of ServicePower is also likely to fetch an attractive return for Diversis Capital, which invested in the company in 2017. The firm took the company private for for £13.6 million ($18.8 million USD), following which it was delisted from the London Stock Exchange.
Diversis Capital, a newer private equity firm in the market, is investing out of its debut fund, which closed at its hard cap of $255 million in June 2019. Before raising a fund, Diversis was investing on the deal-by-deal basis for several years, PE Hub’s sister publication Buyouts reported at that time.
Diversis was founded in 2013 by Ron Nayot and Kevin Ma, who both worked at asset management firm Gores Group. Unlike Gores, which targets mature businesses, Diversis focuses on the smaller end of mid-market investing. It specializes in backing technology companies with at least $10 million in revenue and up to $25 million in EBITDA.
Diversis Capital and Jefferies declined to comment. ServicePower did not return PE Hub‘s request for comment.