Payment facilitator WorkWave announced this week that it is entering a new growth phase as a freestanding company.

The company, which provides software for field services companies, is owned by EQT and private equity firm TA Associates. It was previously a division of enterprise software provider IFS, which acquired it in 2017.

WorkWave experienced 47% organic revenue growth and 131% profitability growth in 2020, it said in the announcement.

“WorkWave is now entering a phase where our products will improve and expand rapidly as we increase what was already an industry-leading level of investment into our technology development and support capabilities, driving revenue retention past the 152% mark we achieved in 2020,” said David Giannetto, CEO of WorkWave.

“This change should reinforce that both WorkWave and WorkWave’s owners, EQT and TA, are completely committed to WorkWave’s very bright future, its customer base, and the industries we serve.”

As part of the repositioning, WorkWave will have a new board of directors. Darren Roos, CEO of IFS, will now serve as WorkWave’s Chairman of the Board.

“Seeing the recent success of WorkWave makes me extremely enthusiastic about what this company can do in the future,” Roos said.

“I am confident that with David Giannetto’s long-term future as WorkWave’s CEO, WorkWave will continue to transform into something unique, expanding its position as market leader to new verticals and continuing to solidify the deep connection with its customer base that it is now known for.”

Also joining the new board are Johannes Reichel, partner at EQT Partners, and Naveen Wadhera, managing director of TA Associates.

According to its announcement, WorkWave is the first payment facilitator in the field services industry. CEO Giannetto told PaymentFacilitator last year that the decision to become a PF helped WorkWave improve its customers’ experience and save them money.