simPRO secures capital to fund aggressive growth strategy

Local cloud technology group simPRO Software has secured $40 million in capital from New York-based equity firm Level Equity, in order to support an aggressive expansion strategy.

The company has been self-funded since it was established in 2002 and CEO Brad Couper said that the cash injection will provide the capital to support a range of initiatives including product enhancements, growing customer support and marketing.

simPRO entered the UK and US markets in recent years and currently has more than 2500 clients and 80,000 users globally. Its job-management software is used by clients ranging from small contracting operations through to large corporate enterprises. The software is designed for operators in the electrical, plumbing, HVAC and security industries.

“We have set ambitious goals for our business over the next few years and believed a sophisticated investment partner with deep expertise in vertical market software could meaningfully enhance the velocity with which we achieve those goals,” Couper said.

“We have been flattered with a significant amount of interest in our business from investors around the globe and spent time with a range of partners both in Australia and the US before deciding on Level Equity.

“Level has a nuanced understanding of our business model and the end markets in which we operate. Their knowledge and capital will be an important asset for simPRO moving forward,” he said.

Couper recently relocated, along with a number of other corporate staff, from Australia to simPRO’s new offices in Boulder, Colorado, as part of a major push into the US market.

simPRO has been slowly introducing its software platform to the US market since mid-2015, but plans to embark on a rapid growth strategy, launching in up to four states throughout the US over the next 12 months, starting with Colorado.

The business already attracts integrations with a range of global leading third-party software providers, such as Intuit, Xero, MYOB and many industry wholesalers.

Couper said product development and enhancement remained a core focus for the company and would underpin its future success.

“Our goal is to be the dominant contractor software platform around the world. To do that we need to continue to lead the way in innovation for our clients, and be adaptable to their changing needs.

“We want to be more than a software solution. We want to help our clients pursue what they are passionate about, whether it’s business growth, personal wealth or the freedom to pursue life outside of work: we call it the simPRO journey,” he said.