MaintainX announces new office in Montreal
MaintainX has announced a new Montréal office in the downtown core. With more than 20 new jobs still to be created by the end of the year, the Montréal office will become the company’s second-largest location. MaintainX will soon have more than 50 people working in its software development, marketing, financial, administration, and sales teams in Montréal.
Founded in San Francisco, MaintainX has experienced fast growth with its mobile software platform for digitizing maintenance, safety, and operations tasks for equipment and facilities. The software allows workers to share and compile data related to procedures such as preventive maintenance and safety inspections. MaintainX’s industrial clients include ABInbev, Unilever, Ergon, and Univar Solutions.
US$54 million in funding over two years
MaintainX’s project in Montréal comes just as the company has raised US$39 million in a Series B round of financing led by Bessemer Venture Partners. The new funding – together with its seed and a previously unannounced $11M Series A round in 2019 – provides a total of $54M to accelerate MaintainX’s massive revenue growth as it continues to attract customers by boosting industrial and frontline worker productivity.
“Industry is the heartbeat of our economy, and productivity and efficiency are more important than ever for manufacturing. Yet, industrial customers are still underserved by the opportunities SaaS can provide. MaintainX fills a gaping hole in a huge market with best-in-class software that delivers the mobile-first performance needed to boost the productivity of industrial and frontline workers at a critical time,” said Byron Deeter, partner at Bessemer Venture Partners.
Montréal: A family history
Montréal was not a haphazard choice to accelerate the company’s development: three of its four co-founders went to university in Québec. With this move, MaintainX plans to hire from the city’s deep pool of student talent to pursue its growth.
“Montréal has world-class universities and the second-highest number of students per capita. This talent pool is perfectly suited to our operations. For some time now, we have been developing a greater presence in Montréal to attract the best workers. We want to build a great company by focusing on talented and motivated young people,” said Hugo Dozois-Caouette, co-founder and CTO, MaintainX.
A new Montréal-California corridor
Montréal International and Investissement Québec are assisting MaintainX in its Montréal project.
“After starting up in California, the MaintainX team is counting on Montréal to expand its operations. This expansion further strengthens the Montréal-California corridor. In fact, over half of the projects Montréal International supported in the U.S. during the first half of 2021 came from California. It’s a trend that started a few years ago,” said Stéphane Paquet, president and CEO, Montréal International.
“MaintainX’s expansion to the Montréal region with the opening of a new office and additional teams is a concrete example of the special business relationship between Québec and California. Our Investissement Québec International team is proud to help MaintainX carry out its Québec growth plans, and it will continue to highlight the benefits of investing here to foreign businesses in industries that are of key importance to our economic development,” affirmed Hubert Bolduc, President of Investissement Québec International.
MaintainX’s revenue increased rapidly since the start of 2020, thanks to strong interest from a variety of sectors, including heavy industry, municipal maintenance, education, and healthcare. The MaintainX platform enjoys a 98% customer retention rate and is trusted by thousands of companies across more than 20 countries.