Deals

Australian software firm simPRO raises $350 mln in new funding

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Nov 23 (Reuters) - Australian software company simPRO said on Tuesday it had raised more than $350 million in a funding round backed by investment firm K1 Investment Management to scale up its global operations and product offerings.

Brisbane-based simPRO did not provide any details on its valuation in a statement seen by Reuters ahead of the announcement, but a person familiar with the deal said the latest round would value the company at more than $1 billion.

The firm provides cloud-based job and project management software to the specialty contracting industry, which employs plumbers, electricians and security professionals.

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It has 200,000 users across Australia, New Zealand, the United States and the United Kingdom, and employs 400 people globally.

Alongside the fund raise, which was supported by existing investor Level Equity, simPRO said it had bought ClockShark, a U.S.-based time-sheeting and scheduling platform, as well as Australia-based job management software provider AroFlo.

ClockShark and AroFlo "have incredibly valuable product offerings that will benefit our combined customer bases," simPRO Chief Executive Sean Diljore said in a statement.

The three platforms together are used by more than 17,000 businesses and service 320,000 users, simPRO said.

It added that leadership teams of both ClockShark and AroFlo would operate independently after the acquisition.

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Reporting by Tejaswi Marthi and Shashwat Awasthi; Editing by Saumyadeb Chakrabarty

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