TA Associates Announces Growth Equity Investment in Maintenance Connection
BOSTON – TA Associates, a leading global growth private equity firm, today announced it has completed a growth equity investment in Maintenance Connection, Inc., a leading provider of computerized maintenance management system (CMMS) software. Financial terms of the transaction were not disclosed.
Maintenance Connection’s web-based CMMS platform is designed to manage all aspects of an organization’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 organizations 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,” said Jason P. Werlin, a Managing Director at TA Associates who will join the Maintenance Connection Board of Directors. “Maintenance Connection is a recognized 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,” said 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 $3 billion in 2015 to $4.7 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,” said 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.”
Lane Powell PC served as legal counsel to Maintenance Connection. Goodwin Procter LLP served as legal counsel to TA Associates.
About Maintenance Connection
Maintenance Connection is a rapidly-growing company that is leading the way in maintenance management. Delivering a full-featured, web-based maintenance management (or CMMS) solution, Maintenance Connection includes Work Order Tracking, Preventive Maintenance (PM) Software, Asset Management, Inventory Tracking, Procedure Libraries, Labor Scheduling and Service Requests, all available through a web browser or through an organization’s local network. Maintenance Connection offers a unique and intuitive user interface built on a robust database infrastructure, and it comes at a highly competitive price point. For more information about the company and its products, visit www.maintenanceconnection.com.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 460 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the business services, consumer, financial services, healthcare and technology industries. More information about TA Associates can be found at www.ta.com.