Flightdocs Receives $10M Investment from Argentum
BONITA SPRINGS, FL and NEW YORK, NY — November 7, 2017 – Flightdocs, a leading provider of cloud-based maintenance, compliance, and inventory management Software as a Service (SaaS) solutions to the business aviation industry, today announced the close of a $10 million strategic investment from Argentum, a growth equity firm that partners with entrepreneurial owners to build industry leading B2B software and technology-enabled services companies.
Recognized as a market leader in technology, innovation, and service, Flightdocs provides its software to Fortune 1000 flight departments, air medical service providers, air charter and fractional aircraft operators, regional airlines and law enforcement departments. Flightdocs software serves the mission critical need of helping aircraft owners ensure aircraft safety, comply with rigorous rules and guidelines imposed by global regulatory agencies, and improve operational efficiencies and aircraft availability.
“Since the 2016 introduction of our new cloud-based platform (FD Enterprise), we have experienced tremendous growth in bookings and the number of aircraft enrolled on Flightdocs,” said Rick Heine, Founder and CEO of Flightdocs. “To support this growth, we have been continuously and aggressively investing in our business – adding personnel, scaling our infrastructure, and accelerating our product development efforts to ensure that our clients continue to receive the most innovative solutions and most responsive customer service and support in the industry. Given Argentum’s extensive track-record supporting B2B enterprise software companies, particularly in the compliance and transportation sectors, we feel they are the ideal investment firm to partner with us and enhance these initiatives as we take Flightdocs to the next level.”
“The recent release of FD Enterprise further extends Flightdocs’ technology leadership position in the business aviation market,” said Daniel Raynor, a Managing Partner of Argentum, who will join Flightdocs’ Board of Directors in connection with the investment. “We are excited to support the Flightdocs team as it continues to expand its footprint in the aviation market through the development of market leading products and the delivery of exceptional customer experiences.”
Chris Leong, Principal at Argentum, added, “We have been very impressed by what Flightdocs has achieved to date and look forward to partnering with Rick and his team for the company’s next phase of growth.”
Argentum is a New York-based growth equity firm that supports entrepreneurial owners in building industry leading companies. The firm partners with management teams of companies with revenues of $5 to $30 million to provide capital to accelerate growth, fund acquisitions or generate shareholder liquidity. Since raising its first fund in 1990, Argentum has invested in over 80 companies and supported over 200 add-on acquisitions in software, technology-enabled services, and business services.
Flightdocs provides mission-critical, cloud-based maintenance, compliance, and inventory management Software as a Service (SaaS) solutions to the aviation industry. The company’s solutions help aircraft owners and operators track and manage the maintenance and airworthiness of their aircraft, comply with rigorous safety rules and regulatory guidelines, reduce costs, mitigate risks, and minimize asset downtime. Flightdocs’ customers include Fortune 1000 corporate flight departments, air charters, air medical providers, fractional aircraft operators, government agencies, and regional carriers. Headquartered in Bonita Springs, Florida, Flightdocs has been serving the aviation industry for over 15 years.