Serent Capital, a San Francisco and Austin based private equity firm, has invested in LMN, a well-known business management system for landscape companies.
S0ftware supporting service-based businesses has been a hot area for investment in the last few years. There have been a number of private equity investments in companies with software systems designed for for landscape and lawn care companies. Serent Capital also has an investment in Real Green Systems, which is a leader in systems foir the lawn care industry with its Service Assistant and related systems.
LMN’s software provides critical tools for landscaping businesses to help them manage and streamline their operations, including budgeting, estimating, scheduling, time tracking, invoicing, and payment processing. Since its founding in 2009, LMN has helped its customers create over $30 billion worth of estimates, capture 50 million individual clock-ins, and support more than 85,000 employees daily through the LMN software.
“We’re constantly looking for opportunities to innovate and improve the LMN software to better serve our customers, and we’re thrilled to have the support of Serent Capital to continue our innovation and deliver LMN to more landscaping businesses,” said Mark Bradley, CEO and Co-Founder of LMN. He continued, “With Serent’s deep expertise in the field services market and their partnership, experience, and resources, we’re looking forward to growing LMN’s capabilities and customer base.”
Serent Capital is focused on investing in high-growth technology and services businesses. “We have built a long and deep track record in field services software, and through our extensive work in the market, it’s clear that Mark and the LMN team have built a leading business management platform for landscapers by designing purpose-built and remarkably intuitive products that help their customers grow profitably,” stated Lance Fenton, Partner at Serent Capital. “We’re very excited by the opportunity to partner with LMN’s management team to expand the company’s go-to-market capacity, drive continued product innovation, and maintain LMN’s strong company culture.”
“We’ve collected a lot of feedback from our LMN customers,” said Mike Lyseki, co-founder and CTO of LMN. “One of the biggest requests was a customer portal feature that allowed them to enhance the customer experience. LMN users can communicate with their customers in a whole new way, with real-time information sharing, photo and schedule sharing, as well as streamline collections and cash flow with online payments. This type of process can completely change your business.”
LMN represents Serent Capital’s 6th platform investment in the field services sector. Previous investments in the space include CoConstruct, Davisware, Mercury Network, Next Gear Solutions, and Real Green Systems. In total, Serent has made 13 investments in the field services space within the last 5 years.