Sitehands Secures $25 Million Growth Equity Commitment from FTV Capital
On-demand enterprise IT field services innovator to scale national operations and broaden unique two-sided platform
New York, June 27, 2017 – Sitehands, an innovative provider of enterprise IT field services through a unique two-sided market approach, today announced it has secured a $25 million growth equity commitment from FTV Capital, a leading growth equity investor. Sitehands connects customer specific needs with vetted technicians through a two-sided marketplace and then extends that value to the customer by assuming full accountability for end-to-end service outcomes. The management team’s significant domain expertise combined with data and analytics captured via the Sitehands technology platform bring measurable improvement to delivery efficiency and the underlying economics for the customers. The funding is the first institutional capital raised and will be used to expand the team, build out product enhancements, and further deepen the Sitehands network. As part of the transaction, FTV Capital managing partner Brad Bernstein and Sandhill East CEO, Andy Brown, will join the company’s board of directors.
Sitehands offers multi-location enterprises an enhanced delivery model that standardizes processes and reduces costs unlike traditional solutions that are inefficient and reliant on long-term onerous contracts and fees. The company’s on-demand technology platform can easily scale to offer all types of hands-on IT field work at virtually any location, seamlessly connecting customers and technicians via simplified interactions.
“Sitehands changes the paradigm of technical field service work by providing better service, faster start to finish outcomes, and reduced costs. Enterprise customers benefit by being able to take advantage of consumption economics and on-demand models, giving them the flexibility and agility required in today’s competitive and dynamic business markets. Providers benefit through greater efficiency and standardized work requests, both of which translate directly to their bottom line,” explains Sitehands CEO J.P. Rosato. “Furthermore, the platform enables provider business partners, who have the right skills and technical expertise, access to greater opportunities to grow their businesses,” concludes Rosato.
“The Sitehands platform addresses a large and highly inefficient market that is ripe for disruption, solving a massive pain point for multi-location companies,” said Brad Bernstein, FTV Capital managing partner and new board member. “The many financial services enterprises in FTV’s Global Partner Network® have validated that the current IT services vendor market is highly fragmented and costly. The Sitehands management team’s extensive industry experience has enabled them to build a compelling solution that resonates with large multi-location customers.”
In a short timeframe, Sitehands has successfully won contracts from some of the largest and most demanding enterprise companies in the Fortune 100. The company also continues to rapidly add to its large community of service providers and partners globally. Current large enterprise customers who partner with Sitehands realize significant savings in the form of greater FTE resource efficiency and reductions in truck rolls. These initial customer gains are further amplified as the simplicity and results of using the Sitehands solution attracts more and more use cases inside of those enterprises.
Sitehands delivers IT field services through a unique two-sided platform which provides orchestration and simplification with end-to-end accountability and continuous optimization. The Sitehands service catalogue spans a range of on-demand and planned IT field services including break-fix, site surveys for compliance and asset management, network technology refresh projects, and new site installations and decommissions across a broad geographic footprint in North America and a growing footprint throughout Europe and Asia. For more information, please visit www.sitehands.com.
About FTV Capital
FTV Capital is a growth equity investment firm that has raised over $2.7 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology & services, financial services and payments & transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for nearly two decades. Founded in 1998, FTV Capital has invested in 98 portfolio companies including enterprise technology companies such as Actimize (acquired by NICE), Aveksa (acquired by EMC), Cloudmark, e-Security (acquired by Novell), KVS (acquired by Veritas), ReliaQuest, and Trustwave (acquired by SingTel). FTV has offices in San Francisco and New York. For more information, please visit www.ftvcapital.com.
TENOR FOR FTV CAPITAL AND SITEHANDS
Vórtx Secures $35 Million (USD) Growth Equity Investment from FTV Capital