New investor Thoma Bravo leads the $200M Series G financing to fuel rapid growth
LOS ANGELES—ServiceTitan, the world's leading provider of software for the trades, today announced that it has entered into a definitive agreement to acquire Aspire Software, the leading software provider for commercial landscaping businesses, based in St. Louis, Missouri. The deal would represent ServiceTitan's second acquisition announced this year, following the company's acquisition of ServicePro, the software solution for the pest, lawn, and arbor industries.
ServiceTitan also announced that it has closed $200 million in Series G financing, led by new investor Thoma Bravo, a leading software investment firm, that values the company at $9.5 billion.
"Both Aspire and ServiceTitan were born out of a desire to improve the lives of contractors who work tirelessly to serve their communities, but who have historically been underserved by technology," said Ara Mahdessian, CEO and co-founder of ServiceTitan. "Mark and his team at Aspire have more than 500 years of combined experience in the commercial landscaping industry. Just like we built ServiceTitan to solve the problems our fathers faced, it's that first-hand industry knowledge that has enabled Aspire to build the most powerful software in the industry with the highest customer satisfaction."
Founded in 2013 by Mark Tipton and Kevin Kehoe, Aspire helps landscaping contractors grow twice as fast as the industry average while increasing margin. The company powers hundreds of commercial landscapers that collectively count more than 50,000 users and perform roughly $4B in annualized transactions across landscaping, snow and ice, and construction. As a part of the acquisition, Aspire will continue to build its business in St. Louis with the support and investment of ServiceTitan.
"As the fastest-growing software solution for the trades with an unrelenting focus on customer success, ServiceTitan is poised to extend its leadership and capture increased market share as the industry exceeds $1 trillion globally," said Robert (Tre) Sayle, a partner at Thoma Bravo. "ServiceTitan's expansion into landscaping, a more than $100 billion market in the US alone, is an important step on its path to provide all home and commercial tradesmen with the tools they need to grow and manage a successful business. We are excited to partner with ServiceTitan and to leverage our software and operational expertise to accelerate the company's growth and build upon its strong momentum."
Founded on a mission to help hardworking contractors reach the level of success they deserve, ServiceTitan announced it surpassed $250 million in annual recurring revenue in March, having grown more than 50% over the previous twelve months. With more than 1,600 employees worldwide, ServiceTitan has been named one of the best places to work by Inc. and the Los Angeles Business Journal for three straight years.
With the additional capital, ServiceTitan will continue to invest in research and development, growth, and customer service, following the launch of the company's customer support center in Salt Lake City in May. ServiceTitan is hiring top talent across the board, particularly in customer support, sales, product, and engineering.
ServiceTitan® is a software company built to accelerate the home and commercial service industries. The company's end-to-end software suite includes CRM, intelligent dispatch, custom reporting, marketing automation, a mobile solution for field techs, and accounting, payments and financing integrations. By bringing a fully operational modern SaaS infrastructure to an industry traditionally underserved by technology, ServiceTitan makes a direct and positive impact on the lives of thousands of entrepreneurs and their extended teams. ServiceTitan is backed by world-class investors including Thoma Bravo, Tiger Global Management, Bessemer Venture Partners and ICONIQ Growth.
About Aspire Software
Aspire Software offers business management software for landscape, snow & ice, and construction companies. Aspire's cloud-based SaaS solution helps landscapers manage, create, and execute against their business opportunities and challenges. Aspire helps landscapers change the way they manage their business to enable them to provide better service, improve margins, and increase productivity. Backed by top growth equity investor Mainsail Partners, Aspire is based in Chesterfield, MO. For more information, please visit http://www.youraspire.com.
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $78 billion in assets under management as of March 31, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm's deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired more than 300 companies representing over $85 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit thomabravo.com.
Read the press release on the PR Newswire website here.