Limble is a leading developer in the computerized maintenance management system Software-as-a-Service application industry. And with this new funding, Limble has achieved a $450 million valuation on year-over-year (YoY) revenue growth of 130% with over 50,000 maintenance professionals using the Limble app today.
Lehi, Utah-based Limble has closed a $58 million round of Series B funding, a financing round that gives the company a $450 million valuation.
According to the Limble news release, the funding round was led by the Growth Equity business within Goldman Sachs Asset Management.
Since its formation in 2015, Limble has created a modern "CMMS" (a Computerized Maintenance Management System), in other words, it's a Software-as-a-Service application that can be used from either smartphones or internet-connected computers.
As a SaaS app, the Limble CMMS enables maintenance professionals to
- Schedule, and
- Track maintenance projects,
all in real-time. This includes
- Asset management,
- Inventory control, with the ability to
- Proactively identify and implement Preventive maintenance projects,
- Streamline workflows,
- Track and report on KPIs (Key Performance Indicators),and
- Organize work orders.
The upshot is that Limble CMMS users have been able to realize millions of dollars in cost savings from reduced downtime, parts spend, lowered labor costs, and improved productivity.
Currently, over 50,000 maintenance professionals use the Limble CMMS app at organizations ranging from DHL to Holiday Inn and from McDonald's to Unilever.
Based upon some back-of-the-napkin calculations, I estimate that Limble will generate at least $50 million in ARR in 2023 (annual recurring revenue), with gross profits of upwards of $40 million.
Depending upon its growth rate, that would give Limble a multiple of between 9.0 to 11.25, perhaps a bit high, but certainly within range of the announced $450 million valuation without having access to its financials.
Either way, if you've not heard of Limble before, say hello to what is likely to be one of Utah's next "unicorns."