Qmerit Secures $11.75 Million Investment From Strandview Capital, Schneider Electric and innogy


Qmerit, a leader in cloud-based MRO supply chain solutions, announced it has completed its first venture capital financing of $11.75 million. Strandview Capital led the investment alongside two strategic investors -- Schneider Electric’s fund, an investment vehicle of Schneider Electric, a US $30 billion leader in energy management and automation; and innogy Ventures, the investment arm of Germany-based energy group innogy SE. Kevin Covert from Strandview and Heriberto Diarte from Schneider Electric will join Qmerit’s Board of Directors.

Qmerit’s merit-based solutions significantly reduce labor and material costs and improve service quality for building owners, property managers, OEM’s and contractors. Qmerit’s Smart Market™ algorithm ensures that the optimal labor resource is assigned to each job and the best value supplier is chosen for material purchases. 

Qmerit’s Workforce Management platform transforms the way companies vet, onboard, manage and objectively measure their contractors through a proprietary Qmerit Contribution Index™ (QCI). Similar to a FICO score, a QCI score is continuously calculated for each contractor based on their quality, responsiveness, compliance, customer ratings and more. Qmerit was recently recognized as a Top 10 Workforce Management Solution Provider by HR Tech Outlook. 

Qmerit’s Procurement platform substantially reduces material acquisition costs through the industry’s first solution that aggregates the purchasing spend of contractors, building owners, and property managers. Qmerit has leveraged this unparalleled purchase volume to negotiate significant discounts and rebates with OEM’s and suppliers. Qmerit’s eProcurement software provides desktop and mobile access to these discounts and streamlines the procurement process.

“We are absolutely delighted to have garnered the support of such prestigious strategic investors. The experience of these industry leaders combined with our 25+ years of domain expertise and disruptive technologies will enable us to transform the building trades industry,” says Qmerit Chairman, Founder and CEO, Tracy K. Price. “We also very much appreciate the roles Strandview Capital and our friends and family investors played in bringing this transaction to fruition.”

The investment will help Qmerit aggressively expand its sales efforts as well as increase and accelerate product development. The investment will also help Qmerit expand its rapidly growing client list, which already includes multiple Fortune 500 companies. 

Strandview Capital is a private equity firm that provides growth equity capital to companies in the financial services and financial technology sectors. Strandview incorporates a unique hands-on strategic approach that leverages its deep industry specialization and relationships to add substantial value to its partner companies. Strandview is typically the lead investor on financing transactions and makes large minority equity investments into companies with proven products, capital-light business models, and a focus on profitability. The Strandview team utilizes a contrarian, defensive and value-focused strategy that has resulted in a successful track record over 12 years and four funds of investing in companies that perform well in both growth and recessionary market environments.

Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With a global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment. 

innogy Ventures is the venture capital investment firm related to the innogy Innovation Hub. Investment focus is on innovative and digital business models in North America, Europe and Israel which aim at sustainable transformation in areas such as Future Energy, IoT, Urban Solutions and Customer Engagement. innogy Ventures and innogy Innovation Hub support their portfolio companies with comprehensive market knowledge, assistance in business development and links to the widespread innogy network and to relevant market participants. innogy Ventures and innogy Innovation Hub are funded by innogy SE, one of Europe’s largest energy groups with over 22 million customers, sales of around 43 billion euros (2017), more than 42,000 employees and activities in 16 European countries. 

Connect with Qmerit: 

Media Contact: 
Samantha Graham
(949) 236-4401

QMerit Named Top 10 Workforce Management Solution

QMerit Named Top 10 Workforce Management Solution

Bringing Meritocracy to Workforce Management

The U.S. Government Accountability Office released a report stating that over 40 percent of the workforce in the country comprises contingent workers, expected to grow to 50 percent by 2020. Having extensive knowledge of the skills and performance of not just the internal workforce, but also a myriad of sub-contractors, retirees, and part-timers, has now become the central agenda for medium-to-large sized organizations. “In my career experience, I realized that there was no way to quantify the performance or skills of distributed, frontline human capital,” recalls Tracy K. Price, founder and CEO of QMerit. Over the course of his diverse career—from starting as a frontline worker and working his way up in the entrepreneurial ladder—Price noticed that the traditional annual performance reviews were often plagued by personal bias, subjectivity, and randomness, with no true factual context in the five-star or thumbs-up rating systems.

Microsoft: Startup brings science to workforce allocation

Microsoft: Startup brings science to workforce allocation

Based in Irvine, California, QMerit created an innovative, enterprise-grade software platform for service organizations based on Microsoft Azure. Managing direct employees, temporary workers, and subcontractors on a single cloud-based platform, the QMerit meritocracy-based engine allocates the best resources at the best value for every service request, motivates the workforce to deliver consistent service on every service job, and continuously measures performance to provide feedback. The startup has already secured industry-leading customers such as BMW North America, and it looks forward to creating workforce meritocracies for service organizations in multiple market verticals.

BMW partners with QMerit to launch new BMW Installation Services

BMW partners with QMerit to launch new BMW Installation Services

BMW of North America announces that QMerit will provide BMW i and BMW iPerformance drivers with customized installation of home charging solutions to enable convenient and reliable vehicle charging. Customers can easily begin the BMW Installation Services process at www.bmwcharging.com. Along with the BMW Charging Station, BMW Installation Services are part of…

Mark Heaney Joins QMerit as Board Director

QMerit, Inc., the creator of an innovative new SaaS platform for efficient labor sourcing in the technical services and home healthcare markets, is pleased to announce the appointment of Mark Heaney as its Board Director. In his role, Heaney will help the company continue to expand its offering and communicate the QMerit value proposition to the home healthcare market place…

Premier Partners and University Learn From Each Other

Premier Partners and University Learn From Each Other

When Brandman University partners with a business or organization, it looks for ones which share the university’s values, most importantly the importance of higher education and lifelong learning. Some of those partners form Irvine’s Premier Partners Advisory Council and they offer their organizations’ feedback about what they need from university graduates.

This week they gathered on the Irvine campus to hear from Tracy Price and Greg Lush of QMerit, about workforces in transition…

Manoj Puthenveetil Joins QMerit as Founding Vice President of Software Engineering

QMerit, Inc., the creator of an innovative new SaaS platform for efficient labor matching in the technical services and home health care markets, is pleased to announce the appointment of Manoj Puthenveetil as its vice president of software engineering. In his role, Puthenveetil -- who helped develop the technology -- will help the company go to market and oversee continued enhancement and delivery of the QMerit technology platform…