XOi, a software company known for developing innovative tools for maintenance professionals, has successfully raised $230 million in a new funding round led by KKR. With this substantial investment, XOi plans to expand its business and has announced its first acquisition: Specifix, a company that specializes in providing device-specific data. The acquisition aims to enhance XOi’s platform by integrating Specifix’s extensive database, which includes information on 85,000 additional model families. KKR, with this deal, becomes the majority owner of XOi.
Founded in 2010 and originally known as Pairasight and later XOeye, XOi has become an essential player in the field service industry. The company's platform empowers field service engineers by providing access to critical machine information, enabling them to perform their tasks more efficiently. Users can take photos and quickly access detailed machine data, facilitating smoother and more effective repairs. CEO and co-founder Aaron Salow emphasizes that the software is designed to assist engineers in completing their jobs effectively.
“A lot of them have been built to run business operations, scheduling, dispatch,” – Salow
XOi's latest acquisition of Specifix is strategic. Specifix offers a comprehensive range of data covering 85,000 model families, which will be integrated into XOi's existing platform. This integration aims to provide users with more tailored, device-specific instructions and other valuable data. The move is expected to significantly enhance the capabilities of XOi's platform, providing field service technicians with the information they need to work more effectively in challenging environments.
“This company has real religion, taking their ‘laboratory’ and putting it in the field, putting it in and on the worksites, which, in this instance, are in really uncomfortable, hard to reach places,” – Heller
The funding from KKR marks a significant milestone for XOi. Prior to this round, the company had raised less than $20 million. The new capital will be directed toward immediate growth initiatives and the acquisition of Specifix. The deal ensures that KKR holds a majority stake in XOi, underscoring the confidence investors have in the company's potential to transform the field service industry.
“The magic in this software is that it’s providing people who are uncomfortable all day to make the rest of our lives comfortable.” – Heller
Specifix's acquisition for less than half of the $230 million investment highlights XOi's commitment to expanding its data offerings and enhancing its technological solutions. By tapping into Specifix's vast repository of model-specific data, XOi aims to deliver even more comprehensive support for frontline workers who often operate in customer-facing or remote roles.
XOi's journey from its inception as Pairasight to its current form has been marked by continuous innovation and a focus on addressing the unique challenges faced by field service engineers. The company's software not only assists with technical repairs but also revolutionizes how engineers access and utilize information on-site.
“If they looked as cool as his glasses,” – Salow
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