Rock Solid Technologies partners with Strattam Capital; to create about 100 jobs in Puerto Rico
SAN JUAN – Puerto Rico-based Rock Solid Technologies, a software products and research and development company, announced Thursday a majority investment from stateside private equity firm Strattam Capital.
Puerto Rico Gov. Ricardo Rosselló, who spoke at the event at Rock Solid headquarters in the Economic Development Bank building in San Juan, stressed that the expansion will result in the creation of about 100 jobs in the next five years, mostly in software engineering and information systems consulting.
Also in attendance alongside island officials, were Rock Solid senior executives such as President Richard Brown and Vice President Ángel L. Pérez, as well as Kyle Reesing, from Strattam Capital.
The investment’s objective is to enable Rock Solid to accelerate the growth of its civic services platform, Respond, in the North American market. The web-based platform provides a database that facilitates the connection of citizens with government. It currently serves more 7 million people between Canada, the United States, Panama and Puerto Rico.
On the island, more than 35 municipalities use the tool to offer residents the ability to report issues and open requests for services, and is the Puerto Rico 311 citizen service system provider.
Respond is configured according to the requirements of local governments through configurable workflows that are the result of “input from years of partnerships with government agencies, countries, municipalities, and public corporations in the Caribbean, Latin America, Canada, and the United States,” Rock Solid said in a release.
“Over the past few years, and more significantly in the past four months, Rock Solid has been growing outside Puerto Rico. Just a few weeks ago, we announced wins in key cities in Canada and the United States. With the support of Strattam Capital, we are confident that in the next few years Rock Solid, which has been developing software solutions in Puerto Rico for the past 15 years, will become a top player in the global market” Rock Solid’s president said.
The Microsoft Gold Partner company was recently selected to provide Respond for the cities of New Orleans, Louisiana and Winston-Salem, North Carolina. In addition, it serves Burlington in Ontario, Canada, and the Panamá 311 National Call Center.
“Through their deep domain expertise, Rock Solid software solutions enable government agencies to better serve their citizens,” said Strattam Capital Managing Partner Bob Morse. “We are impressed with the leading engineering capabilities they have created and are excited to be investing with the Rock Solid leadership team to help bring Rock Solid software products to a wider audience across the U.S. and Canada.”
Rock Solid’s vice president highlighted that the capital injection will allow the company to continue to promote products developed in Puerto Rico; “products that are winners” of global awards based on Microsoft Dynamics 2018.
“We have demonstrated that our local talent can compete globally, attracting capital to fund our growth which is crucial to our expansion strategy,” Pérez said.
“This company, highlighted by the development of high quality software solutions for clients from the public and private sectors, is undoubtedly an example of how a Puerto Rican company can evolve and reach new markets in the United States, Central America and Canada. Its continued success should serve as an example for new companies that seek to maximize their services,” Roselló said.
“It is a source of pride for Puerto Rico that Rock Solid continues its upward trend towards the internationalization of its services, exporting technology developed with the talent that exists on the island,” said Puerto Rico’s economic development secretary, Manuel Laboy. “This growth is extremely positive for the economy of the Island and to retain the professionals who are here and want to stay. We predict many more successes.”
The transaction was facilitated by IT ExchangeNet, a Microsoft channel mergers and acquisitions firm.
With the expansion, according to the release, the products will be promoted in Puerto Rico to be used in more than 60 of the island’s municipalities, as well as in the Dominican Republic and Panama.
Founded in 1997, Rock Solid works on the development and implementation of software solutions based on Microsoft Dynamics technologies, including financial systems (GP and AX), customer relationship management (CRM), business intelligence (BI) and custom software development projects.
Its main focus is the public sector, both nationally and locally (municipality, cities or counties), health (which includes insurance companies) and distribution.
Rock Solid currently has 134 employees at offices in San Juan; Santo Domingo, Dominican Republic; Panama; Raleigh, North Carolina; and Austin, Texas. A large number of the company’s employees are graduates of the University of Puerto Rico’s Mayagüez Campus, many of whom are certified in Microsoft technologies.