XOi, a provider of job site-focused technology solutions for the field service ecosystem, announced the acquisition of Specifx, an on-demand data enrichment and metadata retrieval platform for field service equipment. The acquisition was enabled by an investment from funds managed by leading global investment firm KKR. This funding from KKR marks the most significant milestone yet in XOi’s journey to build out its system of work for the field service ecosystem.
This strategic investment from KKR and the acquisition of Specifx enables XOi to amplify its use and capabilities across the field service industries, furthering its goal of serving stakeholders throughout the ecosystem, including technicians, field service providers, distributors, and OEMs.
Before this acquisition, Specifx helped expand XOi’s groundbreaking Insights product, which provides unique asset origination, performance, and diagnostics information. Now, the combined resources and capabilities of the two companies enable XOi to deliver a unified framework of proprietary and operational data to fuel faster and more meaningful innovation in the mechanical, electrical, and plumbing industries.
KKR is funding this investment primarily from its Next Generation Technology III Fund.
Bass, Berry & Sims served as legal advisor and Raymond James Financial served as financial advisor to XOi. And Latham & Watkins LLP served as legal advisor to KKR.
KEY QUOTES:
“As the challenges of maintaining and manufacturing field service equipment grew more complex, we pushed ourselves to evolve our product alongside the demands of the industry. KKR’s strategic partnership will help us meet and exceed every stakeholder’s expectations of sustainability, profitability, and transparency.”
- Aaron Salow, founder and CEO of XOi
“We believe XOi’s comprehensive software stands apart in the field service space not only because it allows technicians to view and adjust multiple workflows in one efficient platform, but also for its ability to normalize and enrich field service asset-specific data. The addition of Specifx further enhances XOi’s database offering. We look forward to working with the entire XOi team as they continue to innovate for their customers across the field service ecosystem.”
- Jake Heller, Partner and Head of KKR’s Technology Growth team in the Americas
“Today marks a defining moment in our growth and we are thrilled to join forces with XOi. XOi’s extremely impressive platform, coupled with a shared mission and common customer base, allows us to accelerate our vision of next generation, asset-centric solutions that simplify the day-to-day operations for our customers.”
- Ryan Martineau, founder and CEO of Specifx
“We are humbled by the role we have been able to play in changing this industry and the skilled trades for the better, and we are excited to drive the mission forward for years to come. Our vision has never been clearer, and our passion for the trades has never been stronger.”
- Aaron Salow, founder and CEO of XOi
