SingleOps Raises $74M to Accelerate Platform Expansion for the Green Industry
When SingleOps raised series A funding just over three years ago, I shared how our increasing focus on the green industry had led to significant revenue growth, unprecedented customer satisfaction, and true inspiration from all of the hard-working arborists, landscapers, growers, climbers, operators, managers, and owners we had come to know in the process.
In the three years since we have invested aggressively in building the leading business management software for the green industry. Once again, the results speak for themselves. Our revenue has grown 423%, and SingleOps was recognized as the fastest-growing software company in the green industry by the Inc 5000. We’re also proud to have been highlighted four years in a row as one of the 100 fastest-growing private companies in our hometown of Atlanta. Rapid growth is never easy, and ours has only been possible thanks to our amazing team and the strong response from our customers.
The start of an exciting new chapter
I’m proud to announce today that SingleOps has received a $74 million investment led by FTV Capital, a growth equity investor with over two decades of experience investing in and working with companies like SingleOps. Five Elms Capital who led our last round also fully participated. We plan to use this investment to accelerate the expansion of our platform, and further grow our team to provide best-in-class support and services to our customers.
Our recent success garnered interest from a number of capital partners, and throughout the process, FTV stood out. They researched the green industry with deep curiosity, and thanks to their two decades of experience in enterprise software and payments were uniquely well-positioned to discuss, challenge, and ultimately support our strategy. We are thrilled to welcome Rob Anderson and Gurmaan Bhatia to our board and are already working with them to further realize our vision to build the leading green industry business management platform.
Here to stay, and double down
Our market has seen quite a bit of consolidation over the past 12-18 months, with other green industry software players expanding into adjacent markets, or becoming part of broader field service software strategies. I’m often asked “would you ever expand your strategy to focus on other industries outside of the green industry?”, and I’ll tell you, each and every time my answer is “hell no”.
Why is that? For three key reasons:
- We believe there is an enormous opportunity to grow within the green industry, which itself is growing every year and still lags behind many other industries in technology adoption.
- We know our customers value and benefit from our exclusive focus. We can simply create more value, faster, by staying laser-focused on the needs of a specific industry.
- Frankly, we enjoy it too much. We came from this industry, we’ve come to know it very well, and we’re extremely passionate about the hard-working, salt-of-the-earth people in it. Nothing brings us more satisfaction than truly making an impact on their businesses and even their lives.
Our exclusive focus on the green industry and the depth and breadth of our solution lead to us developing true partnerships with our customers and give us the ability to make a significant impact on their success. We view that opportunity as a privilege, and with Customer Success as one of our five core values, we prioritize that privilege every day.
Thank you, thank you, thank you
I want to extend an enormous thank you to our customers, our team, our investors, and everyone who has supported SingleOps along the way. We would not be where we are today without your support, hard work, and commitment.
You can check out the language of the official press release below.
Sean McCormick – Founder & CEO, SingleOps
OFFICIAL PRESS RELEASE
SingleOps Rakes in $74 Million Growth Equity Investment Led by FTV Capital
Investment to drive expansion of SingleOps’ market-leading business management software and integrated payments platform to meet rapidly growing demand from green industry
ATLANTA (July 12, 2022) – SingleOps, the leading all-in-one SaaS business management software for the green industry, today 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 best-in-class 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 percent revenue growth over the past three years, SingleOps is the fastest-growing software company in its industry, and 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,” said McCormick. “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.
About SingleOps
SingleOps is the leading all-in-one business management software for the green industry, including tree care, lawn care, full-service landscaping, sod farms and landscape supply. The company serves thousands of businesses who have collectively processed over $2 billion in revenue through SingleOps, and use it daily to operate their businesses and interact with clients. SingleOps is headquartered in Atlanta, GA. For more information, please visit www.singleops.com.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 130 portfolio companies, including Agiloft, Docupace, EBANX, Lean Solutions Group, LoanPro, LogicSource, Luma Health, PlateIQ, ReliaQuest and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), MedSynergies (acquired by Optum), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York and Connecticut. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.