WorkWave to become freestanding portfolio company, owners announce

WorkWave, the Holmdel-based cloud software solutions company, has become a freestanding business within the portfolios of its ownership group, it announced Thursday.

The company said the change in status signals a new phase of growth, with the support of ownership firms EQT Partners and TA Associates.

“WorkWave is now entering a phase where our products will improve and expand rapidly as we increase what was already an industry-leading level of investment into our technology development and support capabilities, driving revenue retention past the 152% mark we achieved in 2020,” CEO David Giannetto said in a prepared statement. “This change should reinforce that both WorkWave and WorkWave’s owners, EQT and TA, are completely committed to WorkWave’s very bright future, its customer base and the industries we serve.”

Part of the change includes a new board of directors, which will include Darren Roos, CEO of IFS, as chairman, as well as Johannes Reichel of EQT Partners and Naveen Wadhera of TA Associates. Other directors will be added to the list, the company noted.

“Seeing the recent success of WorkWave makes me extremely enthusiastic about what this company can do in the future,” Roos said in a statement. “I am confident that, with David Giannetto’s long-term future as WorkWave’s CEO, WorkWave will continue to transform into something unique, expanding its position as market leader to new verticals and continuing to solidify the deep connection with its customer base that it is now known for.”