IRVINE, CA, Leader in cloud-based MRO supply chain solutions, announced it has completed its first venture capital financing of $11.75 million.
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Qmerit, a leader in cloud-based MRO supply chain solutions, announced it has completed its first venture capital financing of $11.75 million. Strandview Capital led the investment alongside two strategic investors -- Schneider Electric's fund, an investment vehicle of Schneider Electric, a US $30 billion leader in energy management and automation; and innogy Ventures, the investment arm of Germany-based energy group innogy SE. Kevin Covert from Strandview and Heriberto Diarte from Schneider Electric will join Qmerit's Board of Directors.
Qmerit's merit-based solutions significantly reduce labor and material costs and improve service quality for building owners, property managers, OEM's and contractors. Qmerit's Smart Market algorithm ensures that the optimal labor resource is assigned to each job and the best value supplier is chosen for material purchases.
Qmerit's Workforce Management platform transforms the way companies vet, onboard, manage and objectively measure their contractors through a proprietary Qmerit Contribution Index (QCI). Similar to a FICO score, a QCI score is continuously calculated for each contractor based on their quality, responsiveness, compliance, customer ratings and more. Qmerit was recently recognized as a Top 10 Workforce Management Solution Provider by HR Tech Outlook.
Qmerit's Procurement platform substantially reduces material acquisition costs through the industry's first solution that aggregates the purchasing spend of contractors, building owners, and property managers. Qmerit has leveraged this unparalleled purchase volume to negotiate significant discounts and rebates with OEM's and suppliers. Qmerit's eProcurement software provides desktop and mobile access to these discounts and streamlines the procurement process.
"We are absolutely delighted to have garnered the support of such prestigious strategic investors. The experience of these industry leaders combined with our 25+ years of domain expertise and disruptive technologies will enable us to transform the building trades industry," says Qmerit Chairman, Founder and CEO, Tracy K. Price. "We also very much appreciate the roles Strandview Capital and our friends and family investors played in bringing this transaction to fruition."
The investment will help Qmerit aggressively expand its sales efforts as well as increase and accelerate product development. The investment will also help Qmerit expand its rapidly growing client list, which already includes multiple Fortune 500 companies.
Strandview Capital is a private equity firm that provides growth equity capital to companies in the financial services and financial technology sectors. Strandview incorporates a unique hands-on strategic approach that leverages its deep industry specialization and relationships to add substantial value to its partner companies. Strandview is typically the lead investor on financing transactions and makes large minority equity investments into companies with proven products, capital-light business models, and a focus on profitability. The Strandview team utilizes a contrarian, defensive and value-focused strategy that has resulted in a successful track record over 12 years and four funds of investing in companies that perform well in both growth and recessionary market environments.
Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With a global presence in over 100 countries, Schneider is the undisputable leader in Power Management - Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.
innogy Ventures is the venture capital investment firm related to the innogy Innovation Hub. Investment focus is on innovative and digital business models in North America, Europe and Israel which aim at sustainable transformation in areas such as Future Energy, IoT, Urban Solutions and Customer Engagement. innogy Ventures and innogy Innovation Hub support their portfolio companies with comprehensive market knowledge, assistance in business development and links to the widespread innogy network and to relevant market participants. innogy Ventures and innogy Innovation Hub are funded by innogy SE, one of Europe's largest energy groups with over 22 million customers, sales of around 43 billion euros (2017), more than 42,000 employees and activities in 16 European countries.