Vancouver’s Tasktop has raised a USD $100 million strategic investment round led by San Francisco’s Sumeru Equity Partners (SEP) to accelerate growth and expand market leadership.
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.
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.
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.
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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.”
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.