BigTime, which develops cloud-based software for professional services firms, announced Thursday that it received a $100 million strategic growth investment from Vista Equity Partners’ Endeavor Fund.
BigTime Software develops practice management tools that help growing professional services firms track, manage and invoice their time.
Small and medium-sized businesses typically document those functions with spreadsheets and disparate software systems, which creates information silos within the organization.
BigTime’s software aims to simplify those processes, delivering real-time insights that provide clarity across organizations.
The company’s software solutions are designed to speak the language of consultants across a variety of industries, including accounting, engineering, architecture and IT services.
BigTime founder and CEO Brian Saunders said in a statement that the investment will be used to enhance product development and innovation, bolster customer sales and support and drive recruiting efforts for BigTime’s Chicago and Phoenix offices.
Saunders told Built In in September that the company has 90 employees in Chicago and that the company was opening an office in Arizona and expanding internationally.
Rachel Arnold, a senior managing director at Vista Equity Partners and co-head of the firm’s Endeavor Fund, said in a statement that her team is looking forwarded to advancing BigTime’s vision and accelerating the company’s growth.
“There is a large and attractive opportunity in this [small- and medium-sized business] space for professional services automation,” she said. “It’s a multibillion-dollar market, and BigTime is a clear leader with the right combination of technology, talent and brand trust to capture that opportunity, especially as these firms rapidly shift toward virtual and hybrid workplace models.”
The growth investment news continues a busy month of VC activity in Chicago tech. Last week alone, four local companies — Citadel, project44, Foxtrot and Zero Hash — all brought in funding rounds of $100 million or more as well.
