New executives include Ryan Davis as Chief Executive Officer and Shea Dittrich as Senior Vice President of Sales and Marketing
Duluth, GA, June 3, 2020 — CINC Systems, the largest provider of SaaS solutions for the community association industry, announced that it has received a growth investment from Spectrum Equity, bolstered its executive team and launched an investment fund to support its customers’ growth.
The investment from Spectrum Equity, a leading growth equity firm investing in internet-enabled software and information services companies, will support CINC Systems’ product innovation and expand its sales and marketing efforts. Spectrum is CINC’s first institutional investor.
CINC Systems serves approximately 16,000 of the estimated 350,000 HOAs in the U.S. CINC-served communities total nearly 2 million homes. About 25% of the American population lives in a community association and more than 60% of new housing built for sale is within associations. CINC Systems has clients in 26 states and, through its 18-bank partner relationships, in more than 100 partner banking branch locations.
Ryan Davis, a seasoned technology executive with experience delivering growth solutions to small- and medium-sized businesses, joins CINC Systems as Chief Executive Officer. Ryan joins from RentPath, where he was Chief Product and Marketing Officer and oversaw the multifamily real estate marketplace’s expansion into multiple new business lines. He’s a former Weather Channel executive and McKinsey & Co. consultant.
“CINC has grown tremendously in recent years because of its technology, institutional knowledge and customer service.” Davis said. “We will continue the company’s rapid growth, while strengthening our banking partnerships and telling our story to the many property management companies who don’t yet know how CINC can help them grow and position them for long-term success.”
Shea Dittrich, most recently of Nexus and the former Vice President of Marketing for CoStar Group, joins CINC System as Senior Vice President of Sales and Marketing. Former CEO Robert McCullar will remain on the executive team as Chief Operating Officer.
“No other solution closes the gap between banking and accounting like CINC. The resulting efficiency and scalability, when combined with our management platform, are transformational for our customers,” said CINC Systems Founder and Chairman Bill Blanton. “We’re excited to partner with Spectrum Equity and benefit from its deep expertise in growing SaaS businesses, as well as domain knowledge of both fintech and real estate software. With strengthened resources and an expanded leadership team, we are better positioned to drive future growth and continued innovation.”
CINC Systems has designed and developed products from the ground up, specifically to serve the needs of association management companies. This approach combines association accounting and management solutions into a single software program that provides CINC clients with association management systems, cloud accounting, and integrated banking options—all in one place. The intuitive product suite has resulted in a loyal client base with strong growth and customer retention.
“Ultimately, clients serve as the foundation for all of CINC System’s business initiatives,” said Mike Farrell, Managing Director at Spectrum Equity. “The company’s earliest clients provided it with the feedback and collaboration to develop software that solved their specific challenges. Since then, CINC Systems’ client base has continued to be a critical source of new product ideas. We are thrilled to support the team as the market opportunity for CINC and its customers only continues to grow.”
As another mechanism to enable the growth of community association management companies seeking to expand, Blanton announced this week the public launch of a sister company, CINC Capital. The fund, created by Blanton, includes a portion of the proceeds from Spectrum Equity’s investment in CINC Systems, provides capital and strategic counsel for community associations management companies to acquire other small- to medium-sized community association management companies across the United States.
CINC Capital has a unique blend of community association and banking expertise. It expects to fund 15 to 20 transactions a year and has already completed several before its public unveiling this week.
In conjunction with Spectrum Equity’s investment, Mike Farrell of Spectrum Equity has joined CINC Systems’ board of directors. Also joining are Robert Petrie and Chris Trower. Petrie is the CEO of Origami Risk and an industry veteran with more than 20 years of operating experience. Trower is the founder of Electric Law and has more than 40 years of experience as counsel to companies and as an operator and board member.
Financial terms of the transaction were not disclosed.
About CINC Systems
CINC Systems provides transformational technology and services for the community association industry, redefining the way its clients and partners do business. Founded in 2005, CINC Systems became the first Internet-based integrated accounting and property management system for the community association industry. Since its founding, CINC Systems has experienced steady growth, with clients in 26 states and over 100 partner banking branch locations. Learn more at www.cincsystems.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading internet-enabled software and information services companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Lynda.com, Origami Risk, SurveyMonkey, Trintech and Verafin.
For more information, including a complete list of portfolio investments, visit www.spectrumequity.com