A growing New Jersey software company is expecting to grow even faster with the promise of new ownership.
Sweden-based global applications company IFS signed an agreement to purchase WorkWave LLC, which provides cloud-based solutions to small and midsized service businesses. The deal is expected to close by the fourth quarter.
Financial terms were not disclosed.
WorkWave moved to Holmdel’s Bell Works facility last year, and has lauded the state’s help, including its use of Grow NJ tax credits from the state Economic Development Authority.
The IFS acquisition will bolster WorkWave even more, CEO Chris Sullens said.
“We now have the opportunity to leverage the resources of a leading global service management software organization, while continuing to invest in and deliver exceptional products and services to our core clients in pest control and other field service verticals,” he said. “Our combination of offerings will help service businesses of all sizes solve their operational and growth challenges through our market-leading software solutions.”
Currently, WorkWave’s 260 employees support more than 7,300 customers, primarily in the U.S. It has received multiple awards, including a spot on the Inc. 5000.
“This acquisition is further evidence of how IFS is investing to extend its global leadership in service management,” said Fredrik vom Hofe, IFS’ group senior vice president for business development. “We can now offer the most complete, connected service management solutions across the full spectrum of service organizations and service-intensive industries, globally. In addition, we have significantly strengthened our presence in North America, the world’s largest software market, meaning that the Americas is now the largest region in the IFS Group.”