Uptick, an Australian provider of field-servicing software for building compliance, has received a strategic growth investment from Accel-KKR, a global technology-focused investment firm. This is Uptick’s fourth funding round; early investors include Australian investment firms such as Folklore Ventures and Equity Venture Partners.
Uptick’s platform is used to maintain over 25% of Australian commercial and multi-story residential buildings, where its suite of products is utilized by field servicing companies performing critical asset maintenance.
Aidan Lister, CEO and founder of Uptick, will continue on as a major shareholder and CEO leading the company. Lister describes the vision as bringing service providers, auditors, building owners and facility managers onto a single platform to manage their maintenance and building compliance.
“I founded Uptick because I saw an enormous modernization opportunity to improve the way buildings are maintained,” Lister said. “If we can improve the visibility of maintenance and compliance, we can improve the safety of billions of buildings, create enormous efficiency and, ultimately, protect lives.”
This investment marks more than 15 equity investments in the ANZ region for Accel-KKR, making the firm one of the fastest-growing software investors in the region. Accel-KKR recently completed the sale of Newcastle-based global workforce software Pegasus Management to a U.S. strategic buyer and the sale of Christchurch, New Zealand-based software firm Seequent to a Nasdaq-listed company for USD$1.1 billion in enterprise value. Accel-KKR is one of the most active private equity investors in software globally, having closed 300-plus software investments and acquisitions in the firm’s 20-year history.
“Building maintenance, safety and compliance is intricate and highly-regulated. Uptick delivers a highly valued solution to building owners, managers, auditors and service providers by turning cumbersome steps and paperwork into digitized processes that save time and remove inefficiencies,” said Phil Cunningham, operating executive at Accel-KKR. “We look forward to leveraging our deep experience in software growth to support Aidan and Uptick’s commitment to its customers through exceptional customer success and product innovations.”