TOPS Software Announces Strategic Growth Investment from American Discovery Capital

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Investment will build upon TOPS’s leadership position in the community management software space to fuel continued growth and product expansion.

TOPS Software and American Discovery Capital logos

TOPS Software and American Discovery Capital

We believe our strategic perspective and resources will help build upon this tradition and accelerate the delivery of best-in-class products to TOPS’ customers

TOPS Software (“TOPS” or the “Company”), a leading provider of innovative community management software solutions for the property management and homeowners association (HOA) industries, today announced that it has received a strategic growth investment from American Discovery Capital (“ADC”), a private equity firm focused on investments in leading family-owned and middle market companies in high-growth sectors.

Founded in 1985 and headquartered in Clearwater, FL, TOPS is the industry leader in providing accounting and community management software solutions to the property management and HOA industries. TOPS products are used to manage more than 5 million homes in over 45,000 communities nationwide.

The partnership with ADC will build upon TOPS’s over 30-year heritage of providing property management and HOA customers with the most sophisticated and cutting-edge software solutions in the industry, and will support ongoing investments in new product functionality, sales and marketing, and potential add-on acquisitions. In particular, the new investment from ADC will accelerate the roll-out and continued development of the Company’s recently released TOPS ONE product—a game changing product that represents the industry’s first truly web-based, software-as-a-service (SaaS) platform. TOPS ONE was engineered with a modern, mobile-responsive user interface and a robust architecture that unifies the financial accounting, banking integration, payment processing, and resident services/communication needs of a community into one convenient software platform that is accessible from any computer or mobile device.

“I'm delighted to partner with ADC in the next phase of TOPS’s growth,” said Mike Hardy, CEO of TOPS. “Over the last several years, my team has worked tirelessly on expanding our product suite to include a more modern, SaaS product offering, in order to meet the demands of our customers in today’s increasingly web and mobile-connected world. This investment by ADC validates the market leadership we’ve built to date, our passion for serving our customers, and especially the direction we’re moving our business with pushing technology forward through TOPS ONE,” he added.

“We are thrilled to be partnering with TOPS and its talented management and employees,” said Mike Denbeau, Partner at ADC. “We’ve had a great relationship with the Hardy family for several years, and our personal and professional respect for them and TOPS made this investment a natural for both of us. We believe our strategic perspective and resources will help build upon this tradition and accelerate the delivery of best-in-class products to TOPS’ customers.”

“Thirty years ago, Jeff Hardy had a vision for a client-focused software system to comprehensively support the property management and HOA industries, and TOPS has successfully maintained that core focus ever since,” said Jeff Gelles, Partner at ADC. “The TOPS-ADC partnership has been established to ensure those principals are maintained while the efforts to better serve customers are accelerated.”

ABOUT TOPS SOFTWARE
Founded in 1985 and based in Clearwater, FL, TOPS is the industry leader in providing accounting and community management software solutions to the property management and HOA industries. The Company is passionate about providing modern technological solutions to the community association management industry. TOPS products are used by thousands of organizations to manage millions of homes across the United States. Learn more about TOPS at http://www.topssoft.com.

ABOUT AMERICAN DISCOVERY CAPITAL
Based in Los Angeles, CA, American Discovery Capital (ADC) is a private equity firm investing in leading family-owned and middle market companies operating in high-growth industry sectors, including: Enterprise Software, Business & Technology Services, Healthcare Services and FinTech. ADC targets long-term relationships with entrepreneurs and senior management of companies in search of capital and industry expertise to support organic growth, fund acquisitions or provide partial liquidity to founders or families in the midst of generational ownership transfers. Please visit our website at http://www.americandiscoverycapital.com.

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Andrea Drennen
TOPS Software
+1 (800) 760-9966 Ext: 9713
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Laurent Degryse, Partner
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