Frontier Growth, the Charlotte-based growth equity firm, today announced that it has added commercial field service management software leader ServiceTrade to its portfolio of growth-stage software companies for an undisclosed sum. The partnership also includes Durham-based Bull City Venture Partners, an existing ServiceTrade investor.
Founded in 2012, Durham, NC-based ServiceTrade has over 500 loyal customers across the fire protection, mechanical, and electrical industries. With ServiceTrade, commercial service contractors can streamline their operations and provide amazing online customer service, increasing both their revenue and the value of their company.
Now, with backing from Frontier Growth, ServiceTrade will be positioned to further grow its presence in the commercial service sector and accelerate technology innovations for the commercial service contracting market.
"ServiceTrade is already growing at an impressive pace, delivering real value to commercial services customers across North America," commented ServiceTrade CEO & Co-Founder Billy Marshall. "Now, with the support, expertise, and funding Frontier Growth offers, we will deliver more innovations to commercial contractors, enabling them to strengthen their position as the leading providers in their market, and solidify our position as the leading software provider to those businesses."
CTO & Co-Founder Brian Smithwick added, "There simply weren't good software options available that served the unique needs of a commercial service contracting business. For ServiceTrade, this led to a market opportunity for our platform to solve operational problems that get in the way of greater revenue and profitability for each of our clients. We look forward to partnering with the Frontier team at this dynamic inflection point for our company."
"Industry-specific, scalable, integrated field service management software has become a prerequisite for commercial services companies looking to find a competitive edge in their markets. Billy and Brian have created the platform to deliver the value their customers need," stated Richard Maclean, Managing Partner at Frontier. "We are excited to partner with Billy, Brian, and the ServiceTrade team as they work to grow the company's presence as a leader in the field services software space."
In addition to Maclean, Chris Fountain, an Operating Partner at Frontier, and Vice President Tyler Krueger will join the Board of Directors.
Canaccord Genuity LLC served as exclusive financial advisor to ServiceTrade in connection with the transaction.
About Frontier Growth
Frontier Growth supports the growth of software companies that have $8m to $25m in revenue by deploying both investment capital and operational expertise. The firm was founded with a culture that puts People Before Numbers, because it's people that lead to real growth. With over 20 years' experience, Frontier respects that each of their companies represents someone's life's work. It's why the firm's explicit focus is to help them grow without stifling the innovation that's made them successful. For more information, visit frontiergrowth.com.
ServiceTrade streamlines service operations so commercial service providers can grow revenue while delivering more convenient and transparent customer experiences. Its mobile and web applications enable online engagement throughout the service cycle to build loyal and valuable customer relationships. More than 500 commercial service contractors trust ServiceTrade to run their service operations. Learn more at www.servicetrade.com and read ServiceTrade's blog post on the new partnership at servicetrade.com/frontier-growth-partnership.
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