CINC Systems, a Duluth, Ga.-based provider of SaaS solutions for the community association industry, received a growth investment from Spectrum Equity.
The financial terms of the deal were not disclosed. 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.
The investment will support the company’s product innovation and expand its sales and marketing efforts.
Led by Founder and Chairman Bill Blanton, newly named CEO Ryan Davis, and Robert McCullar, Former CEO who will remain on the executive team as Chief Operating Officer, CINC Systems has designed and developed products specifically to serve the needs of association management companies. This approach combines association accounting and management solutions into a single software program that provides clients with association management systems, cloud accounting, and integrated banking options—all in one place.
The company serves approximately 16,000 of the estimated 350,000 HOAs in the U.S.
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.