NEW YORK--(BUSINESS WIRE)--Updater Inc. (“Updater”), the leading technology platform powering the relocation industry, today announced a $215 million investment from Vista Credit Partners (“VCP”), a subsidiary of Vista Equity Partners (“Vista”) and strategic credit and financing partner focused on the enterprise software, data, and technology markets.
The investment will provide Updater with growth capital to fund extensive R&D, launch products into new markets, develop additional features for users, and invest substantially in talent to support Updater’s continued growth.
Updater brings the antiquated process of moving homes online and into the twenty-first century. Updater’s app transforms the historically inefficient and complex process of moving into a frictionless and modern experience in which users can organize and complete all tasks in one place. Updater develops cutting-edge, scalable technology solutions for all key parties in the relocation ecosystem – relocating consumers, real estate companies such as brokerage firms and property managers, and suppliers of products and services that consumers need at their new home or to transport their household goods. Updater facilitates more than three million moves each year, representing approximately 25% of the household moves in the United States.
“Since day one, our vision has been the same – to completely reimagine the experience of moving,” said David Greenberg, Founder and CEO of Updater. “We’re thrilled to partner with Vista Credit Partners for this investment round, which will propel Updater to new heights as the clear industry-leading platform in moving technology, the category we created in 2010. This capital provides us the resources we need to expand into new moving segments and broaden our suite of marketplace and SaaS products.”
VCP’s investment follows a period of significant success for Updater over the last 12 months. The company launched multiple new products for consumers and real estate partners, deployed new iOS and Android apps, added over 100 team members, and increased revenue by nearly 50%.
“Updater provides a best-in-class platform that is redefining the relocation experience, providing a win-win model for both consumers and businesses,” said David Flannery, President of Vista Credit Partners. “VCP looks to partner with founders of companies that have a strong market position and a mission-critical product suite, both of which we found in Updater, by providing non-dilutive capital solutions. We look forward to partnering with David and the entire Updater team as they continue to innovate and transform the market.”
About Updater Inc.
Updater is the go-to destination to conquer your move. We started in 2010 with a vision to transform the painful and complex process of moving into a frictionless and delightful online experience. Today, Updater is the industry leader in relocation technology, facilitating more than 25% of annual household moves in the U.S. We provide both consumer and business-facing solutions to drive value for all parties in the relocation ecosystem. Our portfolio of relocation brands includes Updater, Dolly, and MoveHQ. Dolly, a subsidiary of Updater, is the premier app to book on-demand moving and delivery services, with a 4.8-star rating in the App Store across over 20,000 reviews. MoveHQ, a subsidiary of Updater, provides widely-used technology that helps moving companies run their businesses, from driver applications to warehouse management solutions, and more. Updater is headquartered in New York City. For more information, please visit www.updater.com.
About Vista Credit Partners
Vista Credit Partners (VCP) is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data, and technology market. VCP employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. Since formation in 2013 and as of March 31, 2022, VCP has deployed over $8.6 billion and grown to over $6.4 billion of assets under management. For more information, please visit www.vistacreditpartners.com.