BigTime leverages strategic growth investment from Vista Equity Partners to extend its leadership position in the multibillion-dollar PSA market.
July 12, 2022 09:00 AM Eastern Daylight Time
CHICAGO–(BUSINESS WIRE)–BigTime Software, the premier provider of cloud-based software for professional services firms, today announced the acquisition of Projector PSA, a leading provider of cloud-based PSA software to the middle market. Founded in 2003 and recognized as a leader in the PSA space, Projector brings deep industry expertise and sophisticated product capabilities to hundreds of professional services organizations.
“Our combined strengths enable us to better serve the needs of the middle market and, together, our capabilities will allow our customers to drive operational excellence and maximize profitability.”
The combined business will provide an operating platform with practice management functionality that helps professional services firms grow with confidence. These cloud-based capabilities will enable firms to plan, manage and receive payment for their most valuable resource – time. Together, BigTime and Projector serve over 2,700 customers, have over 40 years of industry experience and support clients across all core professional services verticals. The combined entity will track over $10 billion of billable time each year, delivering a solution that scales with growing firms and serves as a best-in-class destination for professional services teams of all sizes.
“This is a unique opportunity to connect Projector’s deep consulting, substantive functionality and sophisticated customer expertise with BigTime’s operational scale and intuitive user experience,” said Brian Saunders, CEO and founder of BigTime. “Our combined strengths enable us to better serve the needs of the middle market and, together, our capabilities will allow our customers to drive operational excellence and maximize profitability.”
Projector’s office, located in Boston, will become BigTime’s third U.S. office (joining Chicago and Phoenix), and Denis Whelan, CEO of Projector, will serve as President of the Projector business unit. BigTime will continue to invest in and support Projector’s existing platform while leveraging the combined expertise and functionalities of both companies to enhance the services provided to BigTime and Projector customers.
“We have been laser focused on delivering industry leading software and services that have enabled incredible growth for our customers and for Projector,” said Denis Whelan, CEO of Projector. “What excites us most about this combination is the ability to leverage BigTime’s innovation at scale to bring Projector’s core strengths to an even wider audience.
The acquisition continues BigTime’s recent momentum, coming just six months after a $100 million strategic growth investment from Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses.
“We invested in BigTime to further advance their vision to develop best-in-class solutions and capitalize on the multibillion-dollar underserved market opportunity for professional services automation,” added Rachel Arnold, Co-Head of Vista’s Endeavor Fund and Senior Managing Director. “The combination with Projector strengthens BigTime’s position as a clear leader with the right combination of technology, talent and brand trust to capture that opportunity.”
“We are extremely proud of the growth and scale that Projector has achieved since our initial investment in 2019,” said Todd Gibby, Managing Partner of Lock 8 Partners. “As we look forward, we couldn’t be more excited to invest alongside Vista Equity Partners and Wavecrest in a combination that will ensure the trajectory of the services economy is profitable, efficient and geared for growth.”
Additional financial details of the transaction were not disclosed. Peak Technology Partners served as financial advisor to Projector and Goodwin Proctor served as legal advisor.
BigTime is backed by Vista and an investor group led by Wavecrest Growth Partners that includes Lock 8 Partners. To learn more about BigTime, please visit bigtime.net.
BigTime Software is dedicated to developing practice management tools that help growing professional services firms track, manage and invoice their time. Its award-winning industry-specific solutions are designed to speak the language of consultants of all stripes, from accounting, engineering, and architecture to IT services. To see why thousands of customers rely on BigTime’s cloud-based tools to more easily manage their businesses and effectively plan for tomorrow, visit BigTime.net and follow @BigTimeSoftware on Twitter and @BigTime Software, Inc., on LinkedIn.
About Projector PSA
Projector PSA, Inc., is a leading developer of cloud-based professional services automation software working with hundreds of professional services organizations around the globe. The company produces the Projector software suite, and also provides consulting and training services for its clients worldwide. Projector streamlines operations through the entire delivery process, improves productivity, increases utilization, enhances profitability, and improves visibility. Projector PSA is based in Boston, Massachusetts.
About Vista Equity Partners
Vista is a leading global investment firm with $96 billion in assets under management as of March 31, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.
About Wavecrest Growth Partners
Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest’s team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit wavecrestgrowth.com.
About Lock 8 Partners
Lock 8 Partners is a leading lower middle-market investment firm, focused exclusively on privately held B2B SaaS and tech-enabled services companies. Lock 8 acquires businesses with proven products that solve demonstrated market needs and helps them achieve success at scale by providing capital, new senior leadership, and operational expertise. Through Lock 8’s operating experience, the firm has developed a proven but adaptable framework for growing businesses, which it leverages to deliver coaching, resources, and actionable support to portfolio companies. Further information is available at www.lock8partners.com.