SAN FRANCISCO, Jan. 5, 2022 /PRNewswire-PRWeb/ -- FieldRoutes, a leading cloud-based and mobile SaaS provider for the pest control and lawn care industry, announced this week that it has entered into a definitive agreement to be acquired by ServiceTitan, a leading software provider for the trades. The acquisition would be the second Mainsail Partners-backed software company that has been acquired by ServiceTitan in the past year. The transaction is subject to the completion of closing conditions set forth in the definitive agreement, including obtaining regulatory approvals.
"This is a fantastic outcome for the customers of FieldRoutes and ServiceTitan," said C. Jason Payne, co-founder of Mainsail Partners and FieldRoutes board member. "Both companies strive to be customer-first organizations and share a laser focus on delivering innovative software solutions to the trade industries they serve. We are proud to have been the original investors in FieldRoutes and supporting the team in building a leading software provider for pest control and lawn care business owners."
Mainsail was the first investor in FieldRoutes (named PestRoutes at the time) in early 2018. Co-founders Jared Green and Rubens Basso had bootstrapped the company up to that point and partnered with Mainsail to help them build their team and scale the business. Since Mainsail's initial investment, FieldRoutes has grown its employee base nearly seven-fold to support the company's growing customer base and expanded product offerings.
"We believe this is an ideal combination of two industry leaders united in a shared vision of empowering contractors everywhere with the tools and service that can help them grow their business and achieve the levels of success they deserve," said Connor Theilmann, VP of Business Operations at ServiceTitan. "This is the second company we have acquired from Mainsail in the last year. Their ability to help bootstrapped vertical SaaS companies build out management teams and infrastructure has helped scale the vertical SaaS industry. We're thrilled to work with Mainsail again as ServiceTitan and FieldRoutes strive to deliver innovative software to the trades industry."
During Mainsail's four-year investment period, the firm partnered with the management team at FieldRoutes on a number of company-building initiatives, including the acquisition of Lobster Marketing Group (a websites and marketing services company for the pest control industry); recruitment of key leadership positions; optimization of the company's payments solutions; and the launch of several new products including entry into the lawn market. In January of 2020 Gryphon Investors recapitalized FieldRoutes with Mainsail remaining a meaningful shareholder in the company.
This is the second SaaS company that ServiceTitan has acquired from Mainsail in the past year. In January 2021, Mainsail announced that ServiceTitan had acquired a majority stake in its portfolio company Aspire Software, a software provider for commercial landscaping businesses.
About Mainsail Partners
Mainsail Partners is a growth equity firm with offices in Austin and San Francisco that invests exclusively in fast-growing, bootstrapped software companies. The firm has raised over $1.3 billion and invested in more than 50 growing companies since 2003. Mainsail prioritizes investments in B2B software companies with compelling business models in growing markets. The firm's approach to driving value creation is anchored in a dedicated Operations Team that is purpose-built to help founders scale their businesses and accelerate growth. These women and men include former software company operators who leverage real-world experience, well-established best practices, and a true partnership ethos to support management teams. For more information, visit mainsailpartners.com or follow the firm on LinkedIn.
Media Contact
Sarita Ray, Mainsail Partners, +1 (415) 820-4361, [email protected]
SOURCE Mainsail Partners
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