H.I.G. Growth Partners Invests in Sitetracker
BOSTON – January 27, 2021 – H.I.G. Growth Partners (“H.I.G.”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce a growth investment in Sitetracker, Inc. (“Sitetracker” or the “Company”), a software leader in deployment, operations, maintenance, and asset management for critical infrastructure and technology providers. The financing includes a $42 million Series C equity round co-led by H.I.G. Growth Partners and existing investor Energize Ventures, with follow-on participation from New Enterprise Associates, National Grid Partners, Wells Fargo Strategic Capital, Salesforce Ventures, and others.
Founded in 2013 and based in Palo Alto, CA, Sitetracker’s cloud-based, SaaS solution offers purpose-built and customizable project management workflows tailored for critical infrastructure industries such as telecom, utilities, and alternative energy. Combined with a powerful machine learning and predictive analytics package, customers benefit from faster project completions, improved resource allocation, and decreased cycle times.
Sitetracker plans to use the funding to accelerate development of their product roadmap and extend their team across new verticals and geographies. This past year, Sitetracker unveiled Sitetracker AI, to allow customers to discover new insights into their data, make data-driven decisions, and gain maximum visibility across their organization. Sitetracker also grew their global user base by 17,000 users across various industries and made key executive hires, including new leadership in the United States and Latin America.
“Critical infrastructure industries, like telecom and alternative energy, are poised to see strong growth over the next several years and must find better solutions to effectively deploy and maintain their assets,” said Giuseppe Incitti, CEO of Sitetracker. “Sitetracker is well-positioned to helping these traditionally analog industries operate more effectively and efficiently to meet increasing customer demand.”
“Sitetracker’s continued growth is a testament to their understanding of the challenges faced by their industry-leading customers in the multi-billion-dollar critical infrastructure space,” said Scott Hilleboe, Managing Director of H.I.G. Growth Partners. “Sitetracker is uniquely positioned to tackle the business operations challenges faced by companies deploying, maintaining, and operating in industries like telecom, utilities, and alternative energy. We’re thrilled to support Sitetracker in their next phase of growth.”
Sitetracker, Inc. is the global standard for deploying, operating and servicing critical infrastructure and technology. The Sitetracker Platform enables growth-focused innovators to optimize the entire asset lifecycle through native platform inclusions like AI, automation, and actionable analytics. From the field to the C-suite, Sitetracker enables stakeholders to optimize how they plan, deploy, maintain, and grow their capital asset portfolios. Market leaders in the telecommunications, alternative energy, and utility industries — such as Ericsson, Fortis, Google, British Telecom, and Vodafone — rely on Sitetracker to manage millions of sites and projects representing over $25 billion of portfolio holdings globally. For more information, visit www.sitetracker.com.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global alternative investment firm with $43 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.