The combined Mavenlink-Kimble business is expected to take aim at FinancialForce, another PSA software provider that runs on the Salesforce.com cloud platform. Various professional services firms — including IT consulting companies — leverage the PSA software tools. Some MSPs have also adopted the Mavenlink, Kimble and FinancialForce tools, though the software oferings generally don’t have major followings in the MSP-SMB sector.
Kimble and Mavenlink Merger: PSA Software Business Details
The combined Mavenlink-Kimble company expects to serve more than 2,000 professional services customers worldwide. The deal is expected to close before the end of 2021. The combined company’s name and expected leadership team were not announced. Among the key data points to note:
MavinLink, based in Irvine, California, has 440 employees listed on LinkedIn. Mavenlink had raised $48 million in Series E funding in 2019. The Mavenlink customer base at the time included Salesforce.com, Qualtrics, Vizient, WPP, Genpact, IPG, and Cornerstone OnDemand. Ahead of today’s M&A deal, Mavenlink had previously positioned itself against Kimble, FinancialForce and Clarizen One.
By the way, PSA rival FinancialForce has 836 employees listed on LinkedIn. The overall FinancialForce platform is positioned for both PSA and ERP (enterprise resource planning).
PSA Software Market Growth, Niches: The PSA software market will reach about $14.39 billion by 2022, up from $6.26 billion in 2014, according to Grand View Research.
In the midmarket and enterprise, meanwhile, companies such as Oracle NetSuite and WorkDay also offer PSA software platforms. And ServiceNow’s ITSM ticketing system, in some ways, counters MSP-centric PSA software.
Mavenlink and Kimble Merge: Executive Perspectives
Sean Hoban, CEO, Kimble Applications
In a prepared statement about the M&A deal, Sean Hoban, CEO and co-founder of Kimble, said:
“For over three years, Accel-KKR has been Kimble’s partner as we’ve worked to expand our product line and extend our global sales and service capabilities. We are excited to take this next major step with Accel-KKR and Mavenlink as we create a company that will deliver innovative cloud-based technology, expertise, and value to professional services organizations globally.”
Added Ray Grainger, CEO and co-founder of Mavenlink:
“Sean Hoban and I, together with our co-founders and entire teams, share a common vision that purpose-built technology can transform the operational and financial performance of professional services firms. Combining our capabilities and resources into a single organization will accelerate our progress towards this vision and drive value for our existing and future clients.”
Concluded Tom Barnds, co-managing partner of Accel-KKR:
“Mavenlink’s and Kimble’s shared vision to help professional services organizations replace legacy resource and work management applications with purpose-built technology directly aligns with our investment focus on mission-critical applications and solutions. The combined company will be unique in its ability to meet the evolving needs of professional services firms operating in the global networked economy.”