CHICAGO–(BUSINESS WIRE)–BigTime Software, the leading provider of cloud-based software for professional services firms, today announced the acquisition of Projector PSA, a leading provider of cloud-based PSA software for the mid-market. Founded in 2003, Projector is recognized as a leader in the PPE space. Projector brings deep industry expertise and sophisticated product capabilities to hundreds of professional services firms.
The combined company will provide an operations platform with practice management capabilities that will help professional services businesses grow with confidence. These cloud-based capabilities will enable organizations to plan, manage and pay for their most valuable resource – time. Together, BigTime and Projector serve over 2,700 clients, have more than 40 years of industry experience, and support clients across all major professional services industries. The combined company will track over $10 billion in billable time each year, delivering a solution that scales with growing businesses and serves as a premier destination for professional services teams of all sizes.
“This is a unique opportunity to combine Projector’s deep advice, substantive features and deep customer knowledge with BigTime’s operational scope and intuitive user experience,” said Brian Saunders, CEO and founder of BigTime. “Our combined strengths allow us to better serve the needs of the mid-market, and together our capabilities will enable our clients to drive operational excellence and maximize profitability.”
Projector’s Boston office will be BigTime’s third US office (alongside Chicago and Phoenix), and Projector CEO Denis Whelan will serve as President of Projector’s business unit. BigTime will continue to invest in and support Projector’s existing platform while leveraging the combined expertise and capabilities of both companies to enhance services for BigTime and Projector customers.
“We have been focused on delivering industry-leading software and services that have enabled incredible growth for our customers and Projector,” said Denis Whelan, CEO of Projector. “What we’re most excited about with this combination is the ability to leverage BigTime’s innovations at scale to bring Projector’s core strengths to an even broader audience.
The acquisition continues BigTime’s recent momentum and comes just six months after a strategic $100 million growth investment from Vista Equity Partners (“Vista”), a leading global investment firm focused solely on enterprise software, data and technology-enabled companies concentrated.
“We invested in BigTime to further advance their vision to build best-in-class solutions and capitalize on the underappreciated multi-billion dollar market opportunity for professional services automation,” added Rachel Arnold, co-head of Vista’s Endeavor Fund and senior managing director Director, added. “The combination with Projector reinforces BigTime’s position as the clear market leader with the right combination of technology, talent and brand confidence to capitalize on this 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. “Looking ahead, we couldn’t be more excited to invest alongside Vista Equity Partners and Wavecrest in a combination that will ensure the development of the service economy is profitable, efficient and growth-focused.”
Further financial details of the transaction were not disclosed. Peak Technology Partners served as financial advisor to Projector and Goodwin Proctor as legal advisor.
BigTime is backed by Vista and an investor group led by Wavecrest Growth Partners, which 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 businesses track, manage, and bill for 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 learn why thousands of customers rely on BigTime’s cloud-based tools to more easily manage their businesses and effectively plan for the future, 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 world. The company produces the projector software suite and provides consulting and training services to customers worldwide. Projector streamlines operations throughout the delivery process, improving productivity, increasing utilization, increasing profitability and improving 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. Investing exclusively in enterprise software, data and technology-enabled organizations through private equity, permanent equity, credit and public equity strategies, the firm brings an approach focused on creating enduring market value to benefit its global ecosystem of investors, corporations, Prioritize customers and employees. Vista’s investments are backed by a substantial long-term capital base, experience structuring technology-driven transactions, and proven, flexible management techniques that foster sustainable growth. Vista believes the transformative power of technology is the key to an even brighter future – a healthier planet, a smarter economy, a diverse and inclusive community, and a broader path to prosperity. Visit vistaequitypartners.com for more information. 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. Targeting investments in high-growth companies with proven products and business models, Wavecrest brings a differentiated combination of investment and operational experience and networks to accelerate growth and profitability. The Wavecrest team has more than five decades of collective investment and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. Visit wavecrestgrowth.com for more information.
About Lock 8 partners
Lock 8 Partners is a leading lower middle market investment firm focused exclusively on privately held B2B SaaS and technology-enabled services companies. Lock 8 acquires companies with proven products that meet proven market needs and helps them succeed at scale by providing capital, new leadership and operational expertise. Through Lock 8’s operating experience, the company has developed a proven yet adaptable framework for growing businesses, which it leverages to provide portfolio companies with coaching, resources and actionable support. Visit www.lock8partners.com for more information.