Australia-based simPRO Software, a cloud technology group, has raised $31 million in growth funding. The investor was Level Equity.
BRISBANE, Australia–(BUSINESS WIRE)–Australian cloud technology group simPRO Software has secured US$31 million in growth capital as part of an aggressive product innovation and expansion strategy that has seen the company launch a major global expansion.
The funding was secured from New York-based growth equity firm Level Equity. simPRO has been self-funded since it was established in Brisbane, Australia in 2002 and is currently owned by private shareholders, including current staff.
simPRO Software provides leading-edge job management software for the trade service industry. The cloud-based system helps businesses work smarter, provide exceptional service, and maximize their profitability. The software is designed for operators in the electrical, plumbing, HVAC and security industries.
At the end of June 2016 simPRO had more than 2,500 clients and 80,000 users around the world, with clients ranging from small contracting operations through to large corporate enterprises.
simPRO Software CEO Brad Couper said the investment by Level Equity would provide the capital to support a range of initiatives including product enhancements, growing customer support, and marketing.
“We have set ambitious goals for our business over the next few years and believed a sophisticated investment partner with deep expertise in vertical market software could meaningfully enhance the velocity with which we achieve those goals,” Mr Couper said. “We have been flattered with a significant amount of interest in our business from investors around the globe and spent time with a range of partners both in Australia and the US before deciding on Level Equity.
Level Equity Founder Ben Levin said, “We speak with thousands of vertically specific SaaS businesses each year and have been impressed with what Brad and the team at simPRO have built with no external capital.
“We engaged with the business over a long period of time and have a shared vision for continuing to build world class business software that serves contractors and other tradesmen, allowing them to be more successful as they grow their businesses.”
Mr Couper recently relocated, along with a number of other corporate staff, from Australia to simPRO’s new offices in Boulder, Colorado. The company will launch in up to four states throughout the US over the next 12 months.
For more information about simPRO visit simprogroup.com/us.