Warburg Pincus has made a minority investment in Dude Solutions, a cloud-based software-as-a-service provider of facility management services. Warburg will make additional funds available up to a maximum of $100 million as the company pursues strategic acquisitions.
“Dude Solutions has an impressive history of helping its clients save money, increase efficiency and improve services with their facility management solutions across a number of industries,” said Alex Berzofsky, Managing Director, Warburg Pincus. “We are excited to work with the team as they continue to expand the SchoolDude and FacilityDude brands through organic growth and strategic acquisitions.”
Dude Solutions provides facilities management services to school districts, community colleges, universities, governments, community organizations, healthcare and other commercial industries to manage and maintain their investments in facilities, equipment and IT infrastructure. The company enables their clients to streamline facility maintenance work order and IT help desk management, schedule preventive maintenance and plan for capital replacements, increase inventory accountability, maximize after-hours facility use and manage utility consumption through a suite of web-based applications. Dude Solutions was founded in 1999 and is based in Cary, NC (www.schooldude.com) (www.facilitydude.com).
“We chose to partner with Warburg Pincus in part because they appreciated how our entrepreneurial, innovative and industrious culture has enabled Dude Solutions to achieve its success to date,” said Lee Prevost, Co-founder of Dude Solutions and President of SchoolDude. “With this new capital, we can do more of what we have been doing at even a faster pace.”
Warburg Pincus has more than $35 billion in assets under management and has raised 13 private equity funds which have invested more than $45 billion in approximately 675 companies in 35 countries. The firm was founded in 1966 and is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Port Louis, Mumbai, San Francisco, Sao Paulo and Shanghai (www.warburgpincus.com).
“This investment is a testament to Dude Solutions’ market leadership, service focus and vision for facilities management,” said Kent Hudson, Chief Executive Officer and Co-Founder of Dude Solutions. “As we broaden our reach into facilities management and sectors where Warburg Pincus has deep domain knowledge, our clients will benefit as we continue to increase the value of our products and services.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-4-14