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Workplace and asset maintenance management SaaS

At the time of acquisition, iOFFICE was a small, founder-run business with a high-quality cloud platform that was in need of executive leadership talent and growth capital. The founders chose to partner with WCP over several other highly credentialed software private equity investors because of the partnership with Mr. Peterson and the resources WCP could bring to the company through the Ecosystem.

The WCP investment in iOFFICE closed in October 2018 following an executive-led process in partnership with George Ahn, who became Chairman of iOFFICE, and Mark Peterson, who became CEO of iOFFICE. 

 

The WCP Ecosystem identified iOFFICE as an attractive entry point and a platform for organic and M&A-based growth.

 

Business Intelligence & Strategy

Identified workplace management software market as an attractive industry: $1bn market, legacy on-premise competitors late to respond to shifting focus to cloud and digital workplace.

 

Business Development

Three acquisitions helped to scale existing offerings and served as a catalyst for expansion into new markets and offerings.

 

Human Capital

WCP backed George Ahn (Executive Chairman, WCP Operating Partner) and Mark Peterson (CEO) to run iOFFICE based on their experience of building Tririga into a leading software provider in the integrated workplace software market and sold the business to IBM.

Sale highlights

  • Development of an enterprise-class sales and marketing organization
  • Execution of a strategic M&A roadmap – iOFFICE completed and integrated three add-on acquisitions during WCP’s ownership
  • Expansion into the adjacent asset management software market
  • Investment in product development
  • Professionalization of G&A functions

At exit, the company demonstrated exceptional bookings momentum, a strong SaaS financial profile, leadership within a growing end-market with accelerating cloud software adoption, a history of acquisition integrations and numerous actionable M&A opportunities, leading to a robust process and a premium valuation.