BigTime Software, a provider of cloud-based software for professional services firms, has today announced it has received a $100m strategic growth investment from Vista Equity Partners, the global investment firm focused exclusively on enterprise software, data and technology-enabled businesses.
Chicago-based BigTime provides practice management tools to small and medium-sized professional services firms to help them track, manage, and invoice their time.
The new investment from Vista will be used to enhance product development and innovation, drive recruitment 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 prioritise the delivery of user-friendly software that enables firms to manage their operations, KPI reporting and financial health in real time.
Brian Saunders, founder and CEO of BigTime, said: “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. 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.”
Rachel Arnold, senior managing director at Vista Equity Partners and co-head of Vista’s endeavor fund, added: “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. 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 BigTime’s founder, Brian Saunders, and a small number of additional stakeholders.
Additional financial details of the investment were not disclosed.