ANN ARBOR—DaySmart Software, a provider of business management software to the salon, pet care, spa and tattoo industries, today announced it has completed a recapitalization led by Philadelphia, Pa.-based LLR Partners and Boston-based Parthenon Capital.
Terms of the private equity deal were not disclosed. DaySmart officials said the company will use the proceeds to “increase investment in its innovative product suite and pursue complementary acquisitions.”
DaySmart’s software enables small and medium-sized businesses to simplify operations and automate critical business functions, including appointment booking, employee scheduling, client communication and payment acceptance.
Under the continued leadership of Jeff Dickerson, CEO, the company will remain focused on helping its 20,000 global customers succeed. Said Dickerson: “LLR and Parthenon bring highly relevant experience and extensive networks that will help drive our continued growth, both organically and through acquisitions.”
Added Ryan Goldberg, vice president at LLR Partners: “There are approximately 500,000 small and medium sized businesses in DaySmart’s core vertical markets, each focused on serving their client base in a highly focused manner. DaySmart provides its customers with detailed business insights to help increase operational efficiency along with client satisfaction and retention. The company’s seamless integration of vertically focused software and payment solutions empowers business owners to focus on running their business, rather than managing multiple point solutions. It’s a complete platform.”
And Zach Sadek, partner at Parthenon Capital, said: “DaySmart is an exceptional company with a world-class group of employees, an industry-leading solution and a compelling opportunity for future growth.”
Raymond James served as financial advisor to DaySmart in connection with this transaction.
Makers of the award-winning Salon Iris, Orchid, 123Pet and Inkbook software, DaySmart is the leading provider of business management tools designed to make it easier for entrepreneurs to run and grow their businesses. DaySmart desktop and cloud apps are purpose-built for the salon, spa, pet and tattoo industries, and backed by a United States-based support team. Based in Ann Arbor, DaySmart has been a small business champion since 1999. The company has been recognized on the Inc. 5000 list for eight consecutive years.
LLR Partners was founded in 1999 and has raised more than $3.5 billion through five funds. More at www.llrpartners.com. More about Parthenon, founded in 1998 and which has managed funds with more than $3.5 billion in capital, at http://www.parthenoncapital.com.