XOi Amplifies Field Service Innovation with New Strategic Investment and Acquisition
XOi, a provider of jobsite-focused technology solutions, has announced the acquisition of Specifx, an on-demand data enrichment platform for field service equipment, backed by a strategic investment from KKR. This marks XOi's largest funding milestone to date.
The acquisition and investment will enhance XOi's capabilities across field service industries, supporting technicians, service providers, distributors, and OEMs. Specifx's integration will strengthen XOi's Insights product, providing enhanced asset origination, performance, and diagnostics information.
The combined resources will deliver a unified framework of proprietary and operational data to drive innovation in the mechanical, electrical, and plumbing industries. KKR's investment comes primarily from its Next Generation Technology III Fund, with the deal supported by Bass, Berry & Sims as legal advisor and Raymond James Financial as financial advisor to XOi.
XOi, un fornitore di soluzioni tecnologiche focalizzate sul cantiere, ha annunciato l'acquisizione di Specifx, una piattaforma di arricchimento di dati on-demand per attrezzature di assistenza sul campo, supportata da un investimento strategico di KKR. Questo segna il più grande traguardo di finanziamento di XOi fino ad oggi.
L'acquisizione e l'investimento miglioreranno le capacità di XOi nei settori dei servizi sul campo, supportando tecnici, fornitori di servizi, distributori e OEM. L'integrazione di Specifx rafforzerà il prodotto Insights di XOi, fornendo informazioni migliorate sull'origine, le prestazioni e la diagnostica degli asset.
Le risorse combinate forniranno un quadro unificato di dati proprietari e operativi per promuovere l'innovazione nei settori meccanico, elettrico e idraulico. L'investimento di KKR proviene principalmente dal suo Next Generation Technology III Fund, con l'affare supportato da Bass, Berry & Sims come consulente legale e Raymond James Financial come consulente finanziario di XOi.
XOi, un proveedor de soluciones tecnológicas enfocadas en el lugar de trabajo, ha anunciado la adquisición de Specifx, una plataforma de enriquecimiento de datos bajo demanda para equipos de servicio de campo, respaldada por una inversión estratégica de KKR. Esto marca el mayor hito de financiación de XOi hasta la fecha.
La adquisición y la inversión mejorarán las capacidades de XOi en las industrias de servicios de campo, apoyando a técnicos, proveedores de servicios, distribuidores y OEMs. La integración de Specifx fortalecerá el producto Insights de XOi, proporcionando información mejorada sobre el origen, el rendimiento y el diagnóstico de los activos.
Los recursos combinados ofrecerán un marco unificado de datos patentados y operativos para impulsar la innovación en las industrias mecánica, eléctrica y de plomería. La inversión de KKR proviene principalmente de su Next Generation Technology III Fund, con el acuerdo respaldado por Bass, Berry & Sims como asesor legal y Raymond James Financial como asesor financiero de XOi.
XOi는 현장 중심 기술 솔루션 공급업체로서 KKR의 전략적 투자에 힘입어 현장 서비스 장비를 위한 온디맨드 데이터 증강 플랫폼인 Specifx를 인수했다고 발표했습니다. 이는 XOi의 가장 큰 자금 조달 이정표를 나타냅니다.
이번 인수와 투자로 XOi는 현장 서비스 산업 전반에서 기술자, 서비스 제공업체, 유통업체 및 OEM을 지원하는 능력을 배가시킬 것입니다. Specifx의 통합은 XOi의 Insights 제품을 강화하여 자산 출처, 성능 및 진단 정보를 향상시킬 것입니다.
결합된 자원은 기계, 전기 및 배관 산업의 혁신을 촉진하기 위해 독점적이고 운영적인 데이터의 통합 프레임워크를 제공할 것입니다. KKR의 투자는 주로 Next Generation Technology III Fund에서 나왔으며, 이 거래는 Bass, Berry & Sims가 법률 자문을, Raymond James Financial이 XOi의 재무 자문을 맡았습니다.
XOi, un fournisseur de solutions technologiques axées sur les chantiers, a annoncé l'acquisition de Specifx, une plateforme d'enrichissement de données à la demande pour les équipements de service sur le terrain, soutenue par un investissement stratégique de KKR. Cela représente la plus grande étape de financement jamais atteinte par XOi.
L'acquisition et l'investissement amélioreront les capacités de XOi dans les secteurs des services sur le terrain, soutenant techniciens, prestataires de services, distributeurs et OEM. L'intégration de Specifx renforcera le produit Insights de XOi, fournissant des informations améliorées sur l'origine, la performance et le diagnostic des actifs.
Les ressources combinées fourniront un cadre unifié de données propriétaires et opérationnelles pour favoriser l'innovation dans les secteurs mécanique, électrique et de plomberie. L'investissement de KKR provient principalement de son Next Generation Technology III Fund, et la transaction est soutenue par Bass, Berry & Sims en tant que conseiller juridique et Raymond James Financial en tant que conseiller financier de XOi.
XOi, ein Anbieter von technologiegestützten Lösungen für Baustellen, hat die Übernahme von Specifx, einer On-Demand-Datenanreicherungsplattform für Außendienstgeräte, bekannt gegeben, die von einer strategischen Investition von KKR unterstützt wird. Dies markiert den bislang größten Finanzierungsmeilenstein von XOi.
Die Übernahme und Investition werden XOi's Fähigkeiten in den Außenendienstbranchen verbessern und Techniker, Serviceanbieter, Händler und OEMs unterstützen. Die Integration von Specifx wird das Insights-Produkt von XOi stärken und verbesserte Informationen zur Herkunft, Leistung und Diagnostik von Assets bereitstellen.
Die kombinierten Ressourcen werden einen einheitlichen Rahmen von proprietären und operativen Daten liefern, um Innovationen in den Bereichen Mechanik, Elektrik und Sanitär voranzutreiben. Die Investition von KKR stammt hauptsächlich aus dem Next Generation Technology III Fund, wobei die Transaktion von Bass, Berry & Sims als Rechtsberater und Raymond James Financial als Finanzberater von XOi unterstützt wird.
- Strategic investment from KKR, a leading global investment firm
- Acquisition of Specifx enhances XOi's data enrichment capabilities
- Expansion of service offerings across mechanical, electrical, and plumbing industries
- Strengthening of XOi's Insights product with enhanced asset diagnostics
- None.
Insights
KKR's latest investment in XOi marks a significant strategic expansion into the rapidly growing field service technology sector, which is experiencing accelerated digital transformation. The deal structure is particularly noteworthy as it combines both a strategic investment and an acquisition (Specifx), creating immediate value through vertical integration.
This investment aligns with KKR's broader strategy of identifying high-growth technology companies that are revolutionizing traditional industries. The field service management market, valued at approximately
The acquisition of Specifx is strategically valuable for three key reasons:
- Enhanced data capabilities that create stronger barriers to entry
- Expanded market reach across mechanical, electrical and plumbing industries
- Immediate integration potential due to existing collaboration and shared customer base
From KKR's portfolio perspective, this investment complements their existing holdings in industrial technology and digital transformation sectors. The deal's funding through the Next Generation Technology III Fund suggests a long-term investment horizon and potential for follow-on investments to fuel XOi's growth.
The transaction's value proposition centers on XOi's unique position in normalizing and enriching field service asset-specific data, a critical capability as industries move toward predictive maintenance and IoT integration. This strategic advantage could translate into substantial recurring revenue growth and expanded market share in the fragmented field service technology sector.
The intelligent jobsite technology innovator secures record funding from KKR to expand data gathering and enrichment solutions.
This strategic investment from KKR, along with the acquisition of Specifx, enable XOi to amplify its use and capabilities across the field service industries, furthering its mission of serving stakeholders throughout the ecosystem, including technicians, field service providers, distributors, and OEMs.
“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,” said Aaron Salow, founder and CEO of XOi. “KKR’s strategic partnership will help us meet and exceed every stakeholder's expectations of sustainability, profitability, and transparency.”
“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,” said Jake Heller, Partner and Head of KKR’s Technology Growth team in the
Prior to 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 empower XOi to deliver a unified framework of proprietary and operational data to fuel faster and more meaningful innovation to the mechanical, electrical, and plumbing industries.
“Today marks a defining moment in our growth and we are thrilled to join forces with XOi,” said Ryan Martineau, founder and CEO of Specifx. “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.”
“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,” said Aaron Salow, founder and CEO of XOi. “Our vision has never been clearer, and our passion for the trades has never been stronger.”
KKR is funding this investment primarily from its Next Generation Technology III Fund.
Bass, Berry & Sims PLC served as legal advisor and Raymond James Financial, Inc. served as financial advisor to XOi. Latham & Watkins LLP served as legal advisor to KKR.
About XOi
XOi, the leading provider of jobsite-focused technology for the field service ecosystem, arms the industry with a digital tool that connects people to mission-critical equipment. XOi technology is the hub in which every part of the job—from the field to the manufacturer—connects. XOi provides AI-powered workflows, asset and team management functions, a comprehensive knowledge base, and immediate revenue-producing insights leveraging data from current and historical projects. Beyond this tool that manages consistency, profitability, and transparency, XOi’s goal is to create future-focused technology that modernizes the field service industry as a whole, and delivers 1 of 1 asset origination, performance, and diagnostics information of mission critical assets. To learn more about XOi, visit xoi.io.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
About Specifx
Specifx, an industry leader in data management for HVAC companies, specializes in on-demand data enrichment and metadata retrieval for HVAC companies. The company’s flagship product, Decoder, gives technicians, HVAC providers and manufacturers access to complete HVAC metadata via a simple nameplate scan, and the tool gives users the flexibility to scan each unit individually, in batches, or via the Decoder API. Specifx’s database covers the most common HVAC equipment made by around 100 major manufacturers over the past 30+ years. Specifx’s mission is to transform the HVAC data acquisition and solutioning experience for owners, occupiers, investors and service providers, reducing the effort to acquire essential information for day-to-day operations while supporting strategic, enterprise-scale investment and decarbonization initiatives. For more information about Specifx, visit specifx.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250205554490/en/
Media Contacts:
XOi
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com
KKR
Emily Cummings
media@kkr.com
Source: XOi
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