HOLMDEL, N.J., March 18, 2021 /PRNewswire/ -- WorkWave®, a leading provider of cloud-based software solutions that support every stage of a service business's life cycle, today announces that EQT and TA Associates have elevated WorkWave's status in their respective portfolios to a free standing company. This change signals a new phase of growth fueled by an increased level of investment that will accelerate the expansion of its software solutions, its growth initiatives, and build upon the 47% organic revenue growth and 131% growth in profitability that WorkWave achieved in 2020, as it crosses the $100 million mark in 2021. It is a direct reflection of the confidence EQT and TA have in the success of WorkWave, its performance to date, and future growth potential as an industry leader.
"Seeing the recent success of WorkWave makes me extremely enthusiastic about what this company can do in the future," said Darren Roos, Chief Executive Officer of IFS who will now serve as WorkWave's Chairman of the Board. "I am confident that with David Giannetto's long-term future as WorkWave's CEO, WorkWave will continue to transform into something unique, expanding its position as market leader to new verticals and continuing to solidify the deep connection with its customer base that it is now known for."
This repositioning allows WorkWave to accelerate its growth and increase its strategic flexibility as the company continues to evolve and expand its portfolio. Long known as the unrivalled leader of field service software in the pest control industry, the company will now redouble its commitment to helping those customers grow and service their business, while maximizing their money. WorkWave will also accelerate its recent move into the lawn and landscape, cleaning and janitorial and other service heavy, small to mid-market business segments.
As the first financial technology provider, and full payments facilitator in the field service software industry, WorkWave will continue to accentuate its disruptive approach to combining deep technology functionality with innovative marketing, sales, and financial solutions in a way that yields an exclusive and tangible benefit to its customers - initiatives that competitors are now attempting to copy. As the clear industry leader, these programs are driving innovation across entire industries as competitors work to keep pace.
"WorkWave is now entering a phase where our products will improve and expand rapidly as we increase what was already an industry-leading level of investment into our technology development and support capabilities, driving revenue retention past the 152% mark we achieved in 2020," said David F. Giannetto, CEO of WorkWave. "This change should reinforce that both WorkWave and WorkWave's owners, EQT and TA, are completely committed to WorkWave's very bright future, its customer base, and the industries we serve."
As part of this change WorkWave will welcome a new Board of Directors. Darren Roos, Chief Executive Officer of IFS, will serve as Chairman of the Board, while other board members will include Johannes Reichel, Partner at EQT Partners, and Naveen Wadhera, Managing Director of TA Associates, with others to be added.
Please visit workwave.com for more information.
Vice President of Marketing, WorkWave
This information was brought to you by Cision http://news.cision.com
The following files are available for download: