In addition to stoking its organic growth, the 220-employee company also hopes to use its first-ever infusion of outside capital for acquisitions.
"When you look out over five years, our goal is to triple the size of the company," said CEO
Dude Solutions' flagship business is SchoolDude, which offers 25 different software applications over the Internet -- a business model called software-as-a-service -- that help school districts and universities manage their facilities and information technology operations. That includes functions such as streamlining and processing maintenance requests, tracing utility costs and managing inventories. A second business, FacilityDude, offers a similar suite of products to governments and health care institutions.
The company's technology platform lends itself to expansion into other markets as well, Hudson said.
"We look at hundreds of opportunities a year. We can only invest in a few of them," said
Among other things, Berzofsky cited a strong management team and "a great product."
"They are the true market leader in what they do," he said.
Warburg is acquiring a minority ownership stake in Dude Solutions with its investment. Dude Solutions initially is receiving
"One reason we selected Warburg is they gave us a tremendous amount of flexibility," Hudson said.
The company is looking to hire employees in sales, marketing and information technology this year. The vast majority of the up to 100 workers it plans to hire will be local. Today, about 200 of the company's 220 employees are in
The privately held company's revenue has been expanding "in the high teens" in recent years and last year totaled in the neighborhood of
"We're positive cash flow," he added.
Hudson said that the company decided to accept its first outside money because it was faced with more growth opportunities than it had the capital to exploit on its own.
The question the executive team faced, he said, was: "Did we want to be good or great? ...We want to take our best shot at doing something great."
Dude Solutions has more than 8,000 customers, including about one-third of the public schools nationwide. The average SchoolDude customer pays about
"I think the future is quite bright," Berzofsky said. "They have a tremendous customer base that is quite happy with them and continues to use their products year after year ... I think there are a lot of new customers they are going to be adding."
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