On the heels of finalizing a $230 million funding round with global investment firm KKR, technician-focused technology solutions company XOi announced Thursday the acquisition of San Francisco-based Specifx.
Financial terms of the transaction were not disclosed in a release.
Aaron Salow
Courtesy of XOi
Specifx provides on-demand data enrichment and metadata retrieval platform for field service equipment, with the company having been led by founder and CEO Ryan Martineau. Martineau will oversee strategic business development and partnerships in a new role at XOi.
New York-based company KKR (also known as Kohlberg Kravis Roberts & Co.) provided funding for the acquisition. Online source techcrunch.com reports KKR recently finalized the aforementioned $230 million funding round with XOi.
Techcrunch.com reports KKR is now a majority owner of XOi, which had raised less than $20 million previously. The online industry publication reports the purchase price for Specifx is less than half the $230 million that KKR is providing and that this is XOi’s first acquisition.
Initially, Specifx will retain its name. The two companies combined are home to 110 employees.
The release notes Specifx will enable XOi to strengthen its focus on jobsite-focused technology solutions for individuals working on electrical equipment, plumbing, air conditioners, stoves, etc. Based in Nashville and led by founder and CEO Aaron Salow, XOi offers technology that helps professionals more effectively document their work, collaborate with colleagues and access instructional materials to help in address worksite challenges.
“As the challenges of maintaining and manufacturing field service equipment grew more complex, we pushed ourselves to evolve our product alongside the demands of the industry,” Salow said in the release. “KKR’s strategic partnership will help us meet and exceed every stakeholder’s expectations of sustainability, profitability and transparency.”
Nashville-based law firm Bass, Berry & Sims served as legal advisor and Raymond James Financial Inc. served as financial advisor to XOi. Latham & Watkins LLP served as legal advisor to KKR.
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