Capital and partnership will drive continued momentum and customer acquisition for fast-growing SaaS provider to professional services
CHICAGO, January 20, 2022--(BUSINESS WIRE)--BigTime Software, Inc. ("BigTime" or "the Company"), a premier provider of cloud-based software for professional services firms, today announced it has received a $100 million strategic growth investment from Vista Equity Partners ("Vista"), the leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses.
For small and medium-sized professional services firms, time tracking, invoices and projects are typically managed with spreadsheets and disparate software systems, which creates information silos within organizations and hampers their efficiency and growth. To solve that, BigTime provides practice management tools that make those processes simple and seamless, delivering real-time insights that provide clarity across organizations and make success repeatable. Its award-winning solutions are designed to align with the specific needs of consultants across a variety of industries, including accounting, engineering, architecture and IT services, and are used by more than 2,300 professional services firms to track over four billion dollars of billable time each year.
The investment from Vista will be used to enhance product development and innovation, drive recruiting efforts for BigTime’s Chicago and Phoenix offices and bolster customer sales and support. As BigTime continues to gain market share with SMBs in professional services, the Company will continue to prioritize the delivery of user-friendly software that enables firms to manage their operations, KPI reporting and financial health in real time.
"We are proud to have built a world-class technology company, thanks in large part to our loyal customers and a highly committed and talented team," said Brian Saunders, Founder and CEO of BigTime. "With this investment from Vista, we will be able to enhance our solution set for customers, expand career development opportunities for employees and supercharge growth. Vista is a global leader in enterprise software, and we’re elated to leverage their talented team to build the fastest-growing and highest-value brand in the professional services automation space."
"There is a large and attractive opportunity in this SMB space for professional services automation. It’s a multibillion-dollar market, and BigTime is a clear leader with the right combination of technology, talent and brand trust to capture that opportunity, especially as these firms rapidly shift toward virtual and hybrid workplace models," said Rachel Arnold, Senior Managing Director at Vista Equity Partners and Co-Head of Vista’s Endeavor Fund. "We are thrilled to work with Brian and his management team to further advance their vision to develop best-in-class SMB solutions and to accelerate growth in the years to come."
Existing BigTime investor Wavecrest Growth Partners will retain a stake in the Company, alongside the Company’s founder, Brian Saunders, and a small number of additional stakeholders. The investment in BigTime was led by Vista’s Endeavor Fund, which provides growth capital and strategic support to market-leading, high-growth enterprise software, data, and technology-enabled companies that have achieved at least $10 million in recurring revenue. Endeavor partnerships focus on growth, market strategy, talent, and customer success – building enduring businesses designed to scale. Founders and management teams benefit from the expertise and support of Vista and its global ecosystem to deliver unparalleled value to their customers, unlock the potential of their employees and accelerate market leadership.
"BigTime has been a fantastic investment for Wavecrest Growth Partners, and we are delighted to welcome Vista Equity Partners, who is exactly the partner that BigTime needs for its next stage of growth," said Vaibhav Nalwaya, Co-Founder and Managing Partner of Wavecrest Growth Partners. "We remain investors in, and huge advocates of, the Company, and we look forward to continuing to support BigTime’s vision alongside Vista."
Additional financial details of the investment were not disclosed. Raymond James served as financial advisor to BigTime and Morris, Manning & Martin LLP served as legal advisor. Spurrier Capital Partners served as financial advisor to Vista and Kirkland & Ellis LLP was legal advisor.
To learn more about open positions at BigTime, please visit bigtime.net/careers.
About BigTime Software, Inc.
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BigTime Software is dedicated to developing practice management tools that help growing professional services firms track, manage and invoice their time. Its award-winning industry-specific solutions are designed to speak the language of consultants of all stripes, from accounting, engineering, and architecture to IT services. To see why thousands of customers rely on BigTime’s cloud-based tools to more easily manage their businesses and effectively plan for tomorrow, visit BigTime.net and follow @BigTimeSoftware on Twitter and @BigTime Software, Inc., on LinkedIn.
About Vista Equity Partners
Vista is a leading global investment firm with more than $86 billion in assets under management as of September 30, 2021. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit, and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.
About Wavecrest Growth Partners
Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest’s team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit wavecrestgrowth.com.
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Contacts
Media Contacts:
Big Time SoftwareDelilah Bennett3Points CommunicationsDelilah@3ptscomm.com 312-725-7950 ex. 701
Vista Equity PartnersBrian W. Steelmedia@vistaequitypartners.com +1-512-730-2400
