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May 14, 2020Press Release

Conservice announces completion of growth investment by Advent International

LOGAN, UT and BOSTON, MA, May 14, 2020 – Conservice, a leading provider of utility management software and billing solutions to property owners and managers, today announced the close of a significant strategic investment by Advent International (“Advent”), one of the largest and most experienced global private equity investors. The investment was first announced on March 16, 2020.

With the close of this investment, Advent joins global growth private equity firm TA Associates as an institutional shareholder in the company, in which TA first invested in 2016. Conservice management will remain investors in the company, with Founder and CEO David Jenkins remaining the largest non-institutional investor. Financial terms of the transaction were not disclosed.

“With the support of Advent and TA, we believe Conservice is well-positioned to build on our strengths and continue delivering superior service to our customers at a time when contingency and expense management matter most,” said David Jenkins, Founder and CEO of Conservice. “Together, we plan to drive further momentum in a highly fragmented market and execute on our substantial organic and acquisitive growth initiatives.”

As previously announced, the Conservice Board of Directors will now include Eric Wei, Managing Director on Advent’s technology investment team in Palo Alto, and Ashwin Krishnan, Principal on Advent’s technology investment team in New York. Conservice Founder and CEO David Jenkins, Jason Werlin, a Managing Director at TA Associates, and Jason Mironov, a Director at TA Associates, remain on the Board.

Founded in 2000, Conservice serves the single-unit and multi-unit markets, including apartment communities, student housing, military housing, government-subsidized housing, commercial buildings, homeowner associations and real estate-owned (REO) units. The company’s fully-integrated, customized solutions manage billing and recovery, metering, resident payments and other utility services, and are designed to reduce operating costs, ensure proper allocation of utility fees among residents and lower energy consumption.