SingleOps has announced a $74 million growth equity investment from FTV Capital, a sector-focused growth equity investor with more than two decades of experience in vertical software and payments. The funding will enable SingleOps to expand its platform and grow its team to further provide support and services to its customers.
As supply chain woes continue to mount and inflation surges to record levels, companies across the green industry are facing a new set of challenges in providing their customers with often critical services like landscaping, tree care, lawn care, irrigation, snow removal and landscape supply. As a result, operational efficiency has never been more paramount for these companies to sustain success and profitability. By automating leads and estimates, scheduling and routing, billing and invoicing, labor and material tracking, job costing and business analytics, customers rely on SingleOps’ mobile and cloud-based platform to manage sales, back office, and their field service workforce, removing the need for any paperwork.
“Since day one, our mission at SingleOps has been to build and implement software solutions purpose built for green industry businesses that ultimately help them win customers for life,” said Sean McCormick, CEO at SingleOps. “We’ve seen tremendous growth the last few years and have truly begun to make a lasting positive impact in the green industry, which has only been possible through the hard work of our amazing team and the strong response from our customers.”
With 423% revenue growth over the past three years, SingleOps is one of the top 10 fastest-growing software companies in Atlanta, according to the Inc. 5000 Fastest-Growing Private Companies in America list for 2021. The company’s growth is fueled by green industry businesses offering landscaping, tree care, lawn care and landscape supply services seeking to improve productivity by automating key processes. Customers have collectively used SingleOps’ platform to process over $2 billion in revenue.
“FTV is excited to partner with SingleOps’ passionate leadership team, who consistently listen to the needs of their customers and have become an industry leader as a result,” said Robert Anderson, partner at FTV Capital. “Given the breadth and depth of the platform’s capabilities alongside the company’s industry-leading service, SingleOps empowers customers to operate and grow more successfully, at a time when all businesses are feeling increased pressure on their margins. As adoption of business management software accelerates, we look forward to leveraging our extensive experience in B2B software and payments to help SingleOps seize a tremendous market opportunity and continue its exciting growth trajectory as it brings new innovative solutions to the green industry.”
Anderson and Gurmaan Bhatia, vice president at FTV Capital, will join SingleOps’ board of directors as part of the investment. Existing investor Five Elms Capital also fully participated in the round. Houlihan Lokey acted as a financial advisor to SingleOps, and Fisher Broyles served as SingleOps’ legal counsel.
“We’ve been privileged to work with many leading minds in both the green industry and technology that have helped fuel our success,” McCormick said. “We couldn’t be more excited to begin this next chapter with FTV to further realize our vision to build the leading green industry business management platform. FTV brings decades of experience in vertical software, digital payments and scaling high-growth technology businesses, making them the ideal partner for us. Together, we can further build upon our success and meet the needs of our customers, both through cutting-edge technology and best-in-class service and support.”
SingleOps is hiring across many key areas, including sales, product development and customer-facing operations. The company recently appointed Heather Dirksen, former president of Arbor Masters, one of the largest green industry businesses in the country, as its new Vice President of Operations.
