Industry:
Software
Investment Status:
Realized
FieldRoutes, formerly known as PestRoutes, provides cloud-based and mobile SaaS platform for field service businesses. The software automates all aspects of field service operations for enterprise and small business customers that span office management, advanced route optimization, payment processing, digital sales, marketing, and customer acquisition solutions that accelerate growth, streamline operations, increase customer retention, and maximize revenue.
At the time of our investment in 2020, FieldRoutes was winning market share from significantly larger and more established competitors due to its product’s modern architecture and differentiated functionality, which Gryphon believed would continue to propel the company’s organic growth. Given the strength of FieldRoutes’ product, Gryphon also saw the opportunity for FieldRoutes to expand into adjacent residential markets, including green industries such as lawn and arbor care, pool maintenance, and others. In addition to providing the core software platform to customers, FieldRoutes also offered payment processing capabilities, which Gryphon saw as another attractive driver of the company’s growth. With pest control services often purchased on a regular, acyclical basis, FieldRoutes generated a highly recurring and recession-resistant revenue stream.
Key Initiatives
- Grew the company’s total addressable market through expansion into lawn care, arbor care and pool maintenance.
- Enhanced the company’s management with seven new executives, most notably by recruiting a new CEO with deep vertical SMB software experience.
- Optimized FieldRoutes’ payment processing features and infrastructure to increase annual recurring revenue from payments.
Outcome
- In just two years, the company’s annual recurring revenue doubled, supported by a meaningfully larger total addressable market size.
- Meaningfully improved the financial impact of payment monetization by more than doubling the payments take rate.
- Increased effectiveness of GTM organization by building out sales and marketing team, growing headcount by 91% in two years.
- Close partnership between management and Gryphon’s Operations Resources Group quickly and seamlessly delivered measurable operational and financial improvements.
- Gryphon sold the business to a strategic buyer, ServiceTitan, in 2022.
— William Chaney, CEO“Gryphon was an invaluable partner, providing the resources required to optimize our business and drive long-term value. Partnering with Gryphon, we identified and executed on key growth initiatives, including vertical market expansion, implementing our own PayFac and accelerating our overall go-to-market through strategic investments. Our partnership with a key enabler to accelerating our growth and led to a successful outcome for our company, customers, Gryphon, and our investors.”
of FieldRoutes