WorkWave, Holmdel, New Jersey, a provider of cloud-based software, announced that EQT Partners and TA Associates have elevated WorkWave’s status in their respective portfolios to a free-standing company. This change signals a new phase of growth fueled by an increased level of investment that will accelerate the expansion of its growth initiatives and build upon the 47% organic revenue growth and 131% growth in profitability that WorkWave achieved in 2020 as it crosses the $100 million mark in 2021.
“Seeing the recent success of WorkWave makes me extremely enthusiastic about what this company can do in the future,” says Darren Roos, CEO of IFS, who will now serve as WorkWave’s chairman of the board. “I am confident that with David Giannetto’s long-term future as WorkWave’s CEO, WorkWave will continue to transform into something unique, expanding its position as market leader to new verticals and continuing to solidify the deep connection with its customer base that it is now known for.”
This repositioning allows WorkWave to accelerate its growth and increase its strategic flexibility as the company continues to evolve and expand its portfolio. WorkWave will also accelerate its recent move into the lawn and landscape, cleaning and janitorial and other service heavy, small to mid-market business segments.
“WorkWave is now entering a phase where our products will improve and expand rapidly as we increase what was already an industry-leading level of investment into our technology development and support capabilities, driving revenue retention past the 152% mark we achieved in 2020,” says David F. Giannetto, CEO of WorkWave. “This change should reinforce that both WorkWave and WorkWave’s owners, EQT and TA, are completely committed to WorkWave’s very bright future, its customer base, and the industries we serve.”
As part of this change WorkWave will welcome a new board of directors. Darren Roos, CEO of IFS, will serve as chairman of the board, while other board members will include Johannes Reichel, partner at EQT Partners, and Naveen Wadhera, managing director of TA Associates, with others to be added.