Nov 23, Reuters - Australian software company simPRO raised more than $350 million in a funding round backed by investment firm K 1 Investment Management to scale up its global operations and product offerings.
The latest round would value the company at more than $1 billion, a person familiar with the deal told Reuters it did not provide any details on its valuation.
The firm provides cloud-based job and project management software to the specialty contracting industry, which employs plumbers, electricians and security professionals.
It employs 400 people globally, including Australia, New Zealand, the United Kingdom, and the United Kingdom.
Alongside the fund raise, which was supported by existing investor Level Equity, simPRO said it had bought ClockShark, a U.S.-based time-sheeting and scheduling platform, as well as Australia-based job management software provider AroFlo.
The simPRO Chief Executive Sean Diljore said that ClockShark and AroFlo have incredibly valuable product offerings that will benefit our combined customer bases.
The three platforms are used by more than 17,000 businesses and serve 320,000 users, according to simPRO.
After the acquisition, the leadership teams of ClockShark and AroFlo would operate independently.