CHICAGO, Aug. 3, 2023 /PRNewswire/ -- BigTime Software, an industry-leading provider of time tracking, project management, invoicing, and payment solutions that help professional services businesses as they grow, is excited to announce its acquisition of Primetric, a provider of resource management and financial planning software. This strategic move marks a significant step forward in BigTime's commitment to meeting the growing list of mission-critical needs for businesses within the professional services sector.
By combining Primetric's comprehensive and intuitive resource planning and management capabilities with BigTime's existing platform, professional services businesses gain access to a single source of truth for project data. From project planning and resource allocation to project oversight, invoicing, and payments, this integrated solution empowers companies to achieve a higher level of transparency, operational efficiency, and profitable growth.
"With 20 years of experience and nearly 3,000 customers using our platform, BigTime has learned a lot about what professional services organizations need to run and grow their businesses," said Brian Saunders, Founder and CEO of BigTime Software. "Our customers are increasingly looking for stronger and better-detailed resource planning as they take on new work and expand their teams, particularly in a business environment that remains unpredictable. The robust operating data our platform provides is a natural foundation for a solution like Primetric. Their scalable architecture and focus on delivering an easy-to-use, rapid time-to-value solution is an ideal match for what our customers need. Most importantly, we are impressed by the innovative team and culture they have built. I am incredibly excited to see what we can do for our customers together as one company."
Resource management has emerged as an increasingly critical function for professional services businesses. According to Forrester, nearly 60% of professional services businesses surveyed find predicting project resource needs in advance as "very challenging" and "extremely challenging." This acquisition addresses the challenges of siloed data and manual ineffective processes head-on to drive long-term sustainable growth and profitability for customers.
Key benefits of the combined solution include:
- Optimizing time and skills of resources: Effective resource planning ensures the right resources are allocated to the right projects at the right time, resulting in successful project execution, higher employee engagement, and reduced risk of burnout.
- Minimizing project and financial risk: Finance Managers with access to real-time project data can create accurate financial forecasts, and Operations Managers can ensure project completion is on time and within budget.
- Improving profitability: Efficient resource management leads to more streamlined project execution, preventing cost overruns and delays, ultimately maximizing profitability.
- Building a culture of transparency: Clear visibility into key resources and their skills, allocation, and utilization equips teams to operate efficiently and deliver exceptional value to clients.
BigTime's commitment to providing innovative technology aligned with the needs of mid-market professional services businesses remains steadfast. This acquisition comes on the heels of a $100M growth investment in January of 2022 and the acquisition of ProjectorPSA in July of 2022, demonstrating BigTime's dedication to accelerating time to value for professional services businesses across multiple industries.
The details of the acquisition, including the price, terms, structure, and financing, will not be publicly disclosed. However, the founders of Primetric will continue with the company in strategic roles.
About BigTime Software:
BigTime takes the guesswork out of utilization, capacity planning, and project profitability while driving operational efficiency for professional services organizations. Our award-winning Professional Services Automation software provides project planning, budgeting, time and expense tracking, and invoicing, all backed by powerful reporting and analytics. We help accountants, architects, engineers, IT services firms, and management consultants budget, track, and bill their most important asset: time. To see why thousands of growing professional services organizations rely on BigTime's cloud-based software to more easily manage their businesses and effectively plan for tomorrow, visit bigtime.net.
Primetric is a software solution for tracking and forecasting people's availability, margin, and project portfolio progress. Since 2019, it has been helping managers make better business decisions, increasing project profitability and billable utilization. To date, Primetric is used by managers of professional service companies from more than 15 countries, including the fastest-growing companies in Europe according to Financial Times, Deloitte, and Forbes.
Vice President, Marketing
SOURCE BigTime Software, Inc.