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December 11, 2024

Danbury firm gets major private equity investment

By Harriet Jones

Servicengine, a Danbury-based software company, has received a major cash injection from Advantage Capital, a Missouri-based private equity firm.

Advantage says that its $3.1 million investment in the company will allow it to double the size of its team, and enhance its software-as-a-service platform, which supports relocation management companies.

“As relocation management companies face increased pressure to streamline operations and expand in-house capabilities, Servicengine’s platform provides a powerful tool to manage both complex and lower cost moves efficiently,” said Thomas Franssen, Jr., the president of Servicengine. “This funding comes at a critical time in our growth trajectory, helping to accelerate our expansion and support job creation here in Danbury.”

The company did not give specifics on the number of jobs it expects to create.

Servicengine says its platform supports almost 2 million employee relocations annually, including help with expense management, tax compliance, vendor coordination and immigration services. 

The deal was made in connection with the state of Connecticut’s InvestCT program, which opens funding opportunities to entrepreneurs looking to grow their businesses in the state.

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