iWorQ Today – iWorQ is the leading provider of business-critical workflow software that runs the guts of several local government departments in nearly 2,000 cities & counties across all 50 states and Canada. iWorQ’s software is used on a daily basis by a multitude of users and enables local governments to run their day-to-day operations: e.g. the software enables the full management of work-orders for the maintenance of millions of dollars of assets such as roads, buildings, sidewalks, and bridges as well as the administration and processing of building permits, inspections, business licenses, code enforcement violations, and much more.
The Beginning – Garyn and Jared first met while studying Engineering at Utah State University and their road to founding iWorQ quite literally began on the road. While working for a local engineering firm and traveling across northern Utah, the pair mapped and logged over 20,000 road signs into a database for local agencies. After the many miles traveled, Garyn and Jared both realized that there was an opportunity to build a more efficient way for local government agencies to manage their assets. Not surprisingly, the first iWorQ software module was for pavement and road sign management.
Transaction Reason – Jared was looking to step-away from the business while Garyn wanted to find a long-term partner who could support his vision for the company’s future growth, while also maintaining the culture that he and Jared worked so hard to build.
Why Norland – Jared and Garyn realized that Norland was not a typical PE firm. They recognized that Norland could offer the smoothest succession and exit for Jared and also be the perfect partner for Garyn’s ambition to further grow iWorQ, given Norland’s long-term capital and experience in building world-class software businesses.
Since Norland’s Investment – Garyn has continued as CEO and together with Norland as a partner, the focus is on further investing and building out the iWorQ’s product offering, hiring, and customer success, as well as exploring M&A.
Future – iWorQ is quickly growing subscription revenues at >30% annually and adding 100s of local government departments every year. iWorQ will continue to innovate and invest in product, people, and customer success.
For more info, visit https://iworq.com/.