CPE News (4/8/2021) – Tasktop has raised US $100 million led by Sumeru Equity Partners (SEP), a growth-focused technology investment firm based in San Mateo, California to accelerate growth and expand market leadership.
Financial terms were not disclosed. The transaction is likely a recap (buying out of some of Tasktop existing investors) and growth financing for Tasktop.
Jason Babcoke and George Kadifa, managing directors at Sumeru Equity Partners, will join founder Mik Kersten on Tasktop three-member board of directors.
Tasktop said some of investors will continue as minority shareholders. Tasktop has previously secured financing from Austin Ventures, AVX Partners, and Yaletown Partners.
Vancouver based Tasktop transforms how companies develop and deliver software, enabling faster time to market and higher customer satisfaction. The Tasktop platform is designed to help businesses bridge this gap between software delivery and business outcomes. Across its product suite, Tasktop provides universal metrics and unified dashboards to visualize and measure these value streams, as well as integrations to reduce costly and slow manual data handoffs to better measure the flow of software delivery.
photo credit: Tasktop
Tasktop Closes $100 Million in New Funding, Cements Position as the Universal Standard for Value Stream Management
Investment led by Sumeru Equity Partners set to fuel Tasktop’s growth and innovation in optimizing software delivery at scale
VANCOUVER, BC., April 8, 2021 – Tasktop, the company creating the universal integration and visualization standard for value stream management (VSM), today announced a strategic investment from Sumeru Equity Partners (SEP), a growth-focused technology investment firm based in the San Francisco Bay Area, to accelerate growth and expand market leadership.
Management and existing investors participated in the $100 million investment. As a part of the transaction, existing Tasktop investors will continue as significant shareholders and Jason Babcoke and George Kadifa will join the board of directors.
Tasktop’s solutions enable some of the largest and most successful digital transformations in recent years for customers including BMW, CGI, E*Trade and T-Mobile. Already deployed across half of the Fortune 100, Tasktop dramatically reduces time to market and increases velocity of software development. In December 2020, Tasktop announced record year-over-year growth, with over 50% growth in core business, enhanced product portfolio and offerings, and seasoned executive hires. In March, the company also released results of a Forrester Consulting Total Economic Impact™ Study, showing organizations using the Tasktop Viz value stream management solution realize an average return on investment (ROI) of 640% over a three year period.
“Tasktop delivers offerings that fundamentally transform and accelerate software development processes for some of the largest and most innovative companies globally,” said Jason Babcoke and George Kadifa, managing directors at Sumeru Equity Partners. “In doing so, Tasktop is creating a multibillion-dollar market centered on modern and efficient software and IT development. On top of this success, we see a clear opportunity to scale an outstanding product-led company into a category-defining leader.”
As traditional businesses pour billions into digital transformation initiatives, they often struggle with the scale and complexity of the teams, tools and metrics at the core of those investments. Technical leaders deeply understand the software development process and toolchain, while business leaders understand the business outcomes and investment strategies––but the two are rarely integrated.
The Tasktop platform is designed to help businesses bridge this gap between software delivery and business outcomes. Across its product suite, Tasktop provides universal metrics and unified dashboards to visualize and measure these value streams, as well as integrations to reduce costly and slow manual data handoffs to better measure the flow of software delivery. Tasktop also announced today new updates to its Tasktop Viz solution, including a new business insights dashboard.
“Tasktop has led the creation of the VSM market category,” said Mik Kersten, Tasktop Founder and CEO. “As VSM continues to become the foundation for digital transformation at scale, I am thrilled that we now have a world-class partner to help us deliver even more innovation and value to our customers. Sumeru has an amazing track record of helping category-defining companies scale and dominate their markets. Sumeru’s experience and operational support in scaling SaaS businesses is a perfect match for Tasktop’s technology and market leadership. The partnership will serve as the catalyst needed to ensure that Tasktop becomes the de facto platform for VSM.”
For more information about the Tasktop Value Stream Management platform, please visit www.tasktop.com.
Tasktop’s value stream management platform enables enterprises to master software at scale. Leading brands, including half of the Fortune 100, use Tasktop to provide real-time visibility into the health of product value streams, allowing them to make better decisions and align with business goals. Tasktop plugs into existing tools and overlays the end-to-end value stream to provide the abstractions, automations, visualizations and forensics needed to practice value stream management on a daily basis. Learn more about Tasktop at tasktop.com and follow them on Twitter @tasktop.
About Sumeru Equity Partners
Sumeru Equity Partners (“SEP”) is a technology-focused growth capital firm that invests in growing enterprise technology companies across software, technology-enabled services and hardware. The firm typically invests $25-200 million per transaction. SEP has a longstanding history of investing and partnering with founders and management teams to build growth leaders. The 27-person firm was founded in 2014 by an experienced team from Silver Lake. For more information, please visit www.sumeruequity.com.