WorkWave Acquires TaskEasy – NJBIZ
WorkWave expands with the addition of a service marketplace for rental property owners.
On November 1, the Holmdel-based SaaS software solutions provider that supports businesses at all stages of the lifecycle announced the acquisition of TaskEasy of Salt Lake City, Utah.
The deal will allow WorkWave’s service-focused customers to access more jobs in their local areas – without having to incur sales, marketing and advertising expenses – while leveraging this national customer base to expand TaskEasy service offerings. Financial terms were not disclosed.
“This acquisition is part of our strategy of buying leading companies that, when integrated into the WorkWave family, contribute directly to giving our customers a competitive advantage over non-WorkWave customers in their region,” said the WorkWave CEO David Giannetto in a statement. .
TaskEasy connects single-family rental and commercial homeowners with contractors through its mobile marketplace. In the past, these services focused on lawn and yard maintenance, snow removal, interior cleaning and pool maintenance for single family rental properties. According to the buyer, as part of WorkWave – and with access to its vast network of customers – TaskEasy will have the ability to expand its service offerings.
Highlights of WorkWave’s third quarter financial results include:
- 47% improvement in annual recurring revenue since the beginning of the year
- 111% total booking growth in Q3 2022 compared to the prior year period
- 122% net retention since the beginning of the year
- 15% employee growth since the beginning of the year
- 100% total year-to-date recurring revenue growth
“As economic uncertainty persists and the job market continues to put pressure on our customers, software will play an increasingly crucial role in helping field service business owners solve the challenges they may face,” Giannetto said. “With the consolidations of our acquisitions of Last year behind us, we now see how the power of this new, larger WorkWave is pushing our solutions forward in ways competitors are clearly struggling to keep up with – and we will continue to apply that pressure to them. Read more here.
These currently include lawn and yard maintenance, snow removal, interior cleaning of vacant properties and pool cleaning. The purchase will expand that list to include pest control and “any other service work” required by properties, WorkWave said.
“TaskEasy is cutting-edge technology that directly helps our customers grow by giving them access to a steady stream of new customers that are only available to WorkWave customers,” continued Gianneto. “This will further strengthen our relationship with our customers, because as they succeed and grow, WorkWave succeeds and grows.”
Target works with single-family rental brands and property managers nationwide to facilitate services at millions of properties in more than 12,000 cities, according to WorkWave. Owners of larger residential or commercial real estate portfolios can also use TaskEasy’s APIs and digital tools for management, and owners also have the ability to order and manage services.
“TaskEasy is the first company to automate and consolidate the maintenance work required to service thousands of rental properties across North America, maintaining their value and keeping them safe for residents,” said the Founder and CEO of this company, Ken Davis. “We are excited to partner with WorkWave so that we can utilize WorkWave’s dense national customer base to perform any type of service work required, while accelerating the growth of all of WorkWave’s small to medium sized customer base.”
WorkWave serves thousands of service-oriented businesses in every industry, including pest control, lawn care, cleaning and janitorial, security, HVAC, plumbing and electrical, and truck delivery. last mile.
The announcement follows the release of the company’s third quarter financial highlights, strong evidence that it said was boosted by customer retention and software growth. WorkWave last week reported a 112% increase in total revenue year-to-date and a 141% increase in total software revenue growth for the same period.
The company said it expects to surpass $300 million in revenue for 2022.