MSI Data, a Bayside-based field service management software company, announced it has received a significant undisclosed investment from San Francisco-based private equity firm Luminate Capital Partners.
MSI Data said the investment will allow the company to accelerate its hiring efforts, with plans to grow its employment in Milwaukee by up to 25% by the end of 2019, and doubling it within the next three years.
The company was founded in 2010. It serves mid-market and enterprise commercial, industrial, and residential field service organizations, primarily in the equipment distribution and service contractor industries. MSI’s platform allows customers to schedule and dispatch technicians, manage maintenance contracts, track warranty information, manage inventory and complete work orders in the field.
"We founded MSI in 2010 to provide end-to-end functionality to help customers efficiently run their field services operations,” said Harvey Shovers, chief executive officer of MSI Data. “We believe that our partnership with Luminate will allow us to accelerate product innovation, scale our team, and ultimately serve our customers better,"
MSI, which currently serves customers primarily based in North America, said the investment will allow the company to scale “at a rapid pace to achieve global presence and significant top line growth.”
GCI, the private equity firm of Lands' End founder Gary Comer's family, made an undisclosed investment in the company in 2014 to fund its expansion. The firm has since exited the investment in MSI Data.
Three Luminate representatives will join the MSI board of directors as part of the company's investment. They include Hollie Haynes, founder and managing partner; Mark Pierce, operating partner; and Sanjay Palakshappa, partner.
"Over the last decade, Harvey and the MSI team have built a market-leading product that is highly mission-critical to customers. We are thrilled to partner with them as they continue to build their business and enter their next phase of growth," Haynes said.