Private equity firm TA Associates has completed a growth equity investment in Maintenance Connection, a provider of computerised maintenance management system (CMMS) software. Financial terms of the transaction have not been disclosed.
Maintenance Connection’s web-based CMMS platform is designed to manage all aspects of an organisation’s asset maintenance operation, with the goal of optimizing asset life and lowering the overall cost of maintenance. Primary features of the software suite include work order tracking, asset management, preventative maintenance, service requests, inventory control and reporting. The software can be deployed on-premises, via a software as a service (SaaS) model, or in a hybrid configuration. Maintenance Connection’s mobile application, MC Express, offers remote access and is compatible with a broad range of smart phones and tablets. Maintenance Connection serves thousands of organisations around the world in a variety of sectors, including education, energy, healthcare, manufacturing, metals and mining, municipal government, recreation and transportation. The company was founded in 1999.
“Maintenance Connection is precisely the type of high quality business with sustainable growth opportunities in which TA seeks to invest, and we are very pleased to complete this investment in a founder-led business,” says Jason P Werlin, a Managing Director at TA Associates who will join the Maintenance Connection Board of Directors. “Maintenance Connection is a recognised leader in the mid-enterprise asset management software market. We believe the company is well positioned for continued organic and inorganic growth, and we look forward to working with the management team on additional value creation initiatives.”
“We are confident that we have found the right partner in TA Associates and believe they will add significant value and resources to our business,” says Chris Bucher, President, Maintenance Connection. “Following another successful year in which we expanded our customer base and staffing, we believe the time is right to partner with a financial and strategic firm that shares our priorities, core values and vision for the company."
According to Research and Markets, the global enterprise asset management software market is expected to grow from USD3 billion in 2015 to USD4.7 billion in 2020, a compound annual growth rate of 10%. According to Gartner, managing the facilities lifecycle is often an enterprise’s second largest expense, after human capital.
“A number of trends are driving organizations to turn to asset management solutions as a financial lever,” says Ashutosh Agrawal, a Managing Director at TA Associates who will also join the Maintenance Connection Board of Directors. “These include a renewed focus on enterprise asset maintenance and expenditures, increasingly mobile workforces that necessitate the need for increased asset utilization and efficiency, and a demand for less-costly SaaS-based software solutions. Given these dynamics, we expect significant continued growth for Maintenance Connection.”
