Plano-based property management software firm ResMan has secured a $36 million investment from Mainsail Partners and plans to use the funding to grow the company.
ResMan said it will use the injection of cash to accelerate development of its products, invest in its customer service organization, and drive further growth through expansion of its sales and marketing teams, MultifamilyBiz.com reported.
Mainsail Partners is a growth equity firm that invests in fast-growing tech companies.
“We admire what ResMan has built and their reputation in the marketplace.”
“Adding Mainsail as a key investment partner is a big win for ResMan on many levels,” ResMan CEO Dave McKenna said in a release. “Mainsail not only represents significant capital resources, but their deep knowledge of our industry and their proven approach to collaborating with fast-growing tech companies is a powerful combination. The additional capital will enable ResMan to further scale our customer-centric service model and expand the reach of our software platform.”
ResMan said that The Wasatch Venture Group will remain a strategic investor in the company.
In the March Gartner FrontRunner Study of Property Management Software, ResMan was ranked as the No. 1 property management software solution in the largest segment of the multifamily housing space. Its ranking was based on a combination of product capability and value, Gartner said.
ResMan’s Multifamily Solution Suite is built as a single platform offering an intuitive solution that meets both operational and accounting needs for multifamily operators and owners, according to the company.
Mainsail Partners co-founder and Managing Partner Gavin Turner said the investment was made because of ResMan’s reputation and position in the industry.
“We admire what ResMan has built and their reputation in the marketplace,” Turner said in a release. “The company has not only developed an industry-leading software solution for multifamily real estate companies, but has enhanced its core operating platform with a robust set of fully integrated ancillary products and the industry’s best customer service.”
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