SMS Assist, a Chicago-based maker of property management software, announced Tuesday it has raised a $45 million Series C round of funding.
The investment comes from New York-based Insight Venture Partners and will allow SMS Assist to enter new markets and accelerate growth, the company said. SMS Assist has now raised over $100 million since it launched in 1999 after receiving more than $60 million in two rounds from the Pritzker Group in 2011 and 2013.
SMS Assist’s cloud-based platform helps property managers maintain multiple buildings by tracking maintenance orders. The company says it has experienced “explosive growth in revenue” since 2013 and is profitable. It has more than 90,000 client service locations and counts Fortune 500 companies such as Family Dollar and O’Reilly Automotive as clients.
SMS Assist employs more than 400 people at its Chicago headquarters, and CEO Michael Rothman said the company will use the funding to further invest in people and its technology.
“The backing of world-class investment firms like Insight Venture Partners and Pritzker Group continues to fuel our innovation and ensure that SMS Assist leads the industry in quality and customer satisfaction,” he said in a statement. “This capital will allow SMS Assist to accelerate our investment in technology and people, take advantage of new opportunities and continue our rapid growth.”
JB Pritzker, managing partner of the Pritzker Group, said SMS assist is operating in a $50 billion market and the company’s scalable technology “means there is plenty of room to grow.”
“With its customer-centric management focus and first-in-class technology, SMS Assist is approaching 100,000 locations served and saving tens of millions of dollars for its customers,” Pritzker said in the statement.
Insight Venture Partners’ Managing Director Ryan Hinkle will join Pritzker on the SMS Assist board.