HOUSTON and SAN FRANCISCO, Jan. 10, 2019 /PRNewswire/ -- LiquidFrameworks, Inc. ("LiquidFrameworks"), the leading provider of quote-to-cash and field ticketing software across Oilfield Services, Industrial Services, and Environmental Services industries, today announced it has received a strategic growth investment from Luminate Capital Partners ("Luminate"), an enterprise software-focused private equity firm, purchasing majority control from Houston Ventures and other early investors.
LiquidFrameworks' product, FieldFX®, automates the "quote-to-cash" process representing the lifecycle of a job from origination to billing. By ensuring the customer price book or contract drives an accurate quote, which produces an accurate ticket and generates an accurate invoice, FieldFX enhances cash flow and reduces revenue leakage. The core module, FX E-ticketing, streamlines the workflow for the entire field ticketing process, allowing field service workers to process work orders even when servicing remote areas, without an Internet connection. The Company serves some of the largest field services organizations across the world across the energy supply chain, industrial services and environmental services.
Trent Derr, CEO of LiquidFrameworks, says, "We are excited to begin the next chapter of LiquidFrameworks. We chose Luminate as our partner given their operational expertise and focus on scaling enterprise software companies. Today, we are the industry standard for quote-to-cash functionality in the end markets we serve and intend to build upon that foundation for years to come."
"We are thrilled to partner with the LiquidFrameworks management team to support their continued growth and success as the leading quote-to-cash and field ticketing software. By focusing on customer needs, LiquidFrameworks has created a mission critical software application used daily by field services professionals across multiple verticals, and we look forward to finding ways to provide further value to the industry," says Hollie Haynes, Founder and Managing Partner at Luminate.
"For over a decade, we have served field services companies by reducing revenue leakage, shortening cash collection cycles, and increasing overall operational efficiencies. We have streamlined the day-to-day operations for field services professionals and increased transparency across organizations by transforming previously paper- or excel-based workflows," says Travis Parigi, Founder and COO of LiquidFrameworks. "With a partner like Luminate Capital, we will continue to invest and develop product capabilities to better serve field services industries that have previously been overlooked by software innovation."
Mark Pierce, Chairman of LiquidFrameworks and Operating Partner at Luminate, says, "We are fortunate to have the opportunity to partner with such a great team here at LiquidFrameworks. Over the past 10 years, they have built a highly functioning product solving a complex problem for large enterprise customers. We look forward to working closely with the team to support the ongoing development of the product and to find ways to expand our current capabilities." Sanjay Palakshappa, Partner at Luminate, added "The Company has built an impressive market position in the field services industries they serve. We're excited about the partnership with the Company and plan to aggressively grow the business both organically and through acquisitions."
In connection with the investment, Hollie Haynes, Mark Pierce, and Sanjay Palakshappa from Luminate will join the LiquidFrameworks Board of Directors. Luminate is investing from its recently closed $425 million Fund II.
Financial terms of the transaction were not disclosed. Kirkland & Ellis, LLP served as legal advisor to Luminate Capital.
About LiquidFrameworks LiquidFrameworks is a leading provider of cloud-based, mobile field operations management solutions serving the oilfield, industrial and environmental services industries. LiquidFrameworks' FieldFX solution provides companies with numerous benefits, including increased and accelerated revenue capture, increased cash flow, improved contract compliance, increased invoice accuracy and improved customer responsiveness. To join the conversation, follow @LquidFrameworks on Twitter and visit www.liquidframeworks.com.
About Luminate Capital Partners Luminate Capital Partners is a private equity firm focused on making investments in enterprise software companies. Luminate partners with management teams to provide flexible capital to drive strategy, growth, and operational improvements. For more information, visit www.luminatecapital.com.
Media Contacts: For Luminate: Chris Tofalli Chris Tofalli Public Relations, LLC 914-834-4334