PALO ALTO, Calif.--(BUSINESS WIRE)--Productiv, the leading SaaS Management Platform, today announced it has closed a $45M Series C funding round led by IVP with additional participation from existing investors Accel, Norwest Venture Partners, Okta Ventures, and new strategic investor Atlassian Ventures. In conjunction with the financing, Steve Harrick of IVP will join the Productiv Board of Directors.
This latest financing brings the company’s total funding raised to $73M and underscores continued momentum. During the last year, Productiv has more than tripled revenue and doubled its headcount, added an impressive roster of enterprise customers including DocuSign, Kayak, PagerDuty, SentinelOne, Robinhood, and GlobalLogic, and welcomed technology industry veteran Aashish Chandarana as Chief Information Officer.
CIOs today struggle to spread their time, effort, and budget between supporting an ever-expanding and complex SaaS portfolio and working on transformative business initiatives. The unstoppable uptake of SaaS applications means that finding an effective balance between both priorities is not sustainable—at least in its current form. Productiv gives CIOs actionable insights and intelligent recommendations, enabling them to focus on real, measurable business outcomes. By distilling previously scattered information into a single pane of glass, Productiv helps enterprises understand exactly how their employees are using SaaS. Better usage and adoption data coupled with customizable automation of everyday tasks allow CIOs and their teams to focus on the projects that actually grow their business.
“We're solving a problem that every company faces today: an explosion in the number of SaaS applications in use—always hundreds, sometimes thousands—with more and more purchased outside of IT. Managing all of these applications is overwhelmingly complicated in breadth and depth: from securing, provisioning, and renewing apps to answering questions of ‘am I getting fair business value from each’,” said Jody Shapiro, founder and CEO, Productiv. “And that's not even addressing the more important question, which is about the larger employee experience—as an IT leader, am I truly enabling collaboration and productivity across the entire organization? The answers to all of these questions is via data, analytics, workflows, and automation, and that's what we do at Productiv.”
The all-remote workforce has accelerated companies’ SaaS adoption during the last year, with businesses working to enable their employees to collaborate, communicate, and connect. Gartner projects that by 2022, global SaaS spending will reach nearly $140 billion, up from just over $100 billion in 2020. As a result, CIOs struggle to create an effective digital employee experience while properly managing their enterprise SaaS footprint.
“CIOs are constantly bogged down with operational, transactional work and app-by-app management that quickly becomes unsustainable,” said Steve Harrick, General Partner at IVP. “Productiv was founded to offer CIOs a comprehensive, central source of truth that includes the data and workflows needed to unlock the value hidden in the business’s sprawling set of applications. Productiv puts the CIO back in the driver’s seat and empowers today’s agile businesses to make coordinated, cost-effective, and data-driven SaaS management choices.”
“From enabling data-driven forecasting and budgeting, to improving our security posture, to driving intelligent license automation through no-code workflows, Productiv touches every aspect of our SaaS process.” said Brian Hoyt, CIO at Unity. “With Productiv as our collaboration hub for SaaS, we’ve already seen marked improvements in collaboration across many teams and have seen further impact on employee experience and efficiency.”
“Productiv provides real-time application usage data for better visibility to understand the effectiveness of our applications for our employees,” said Milind Wagle, CIO at Equinix. “With Productiv’s highly customizable workflows, we’ve been able to automate some of our most complex and tedious license provisioning needs based on actual employee usage patterns, leading to material savings and dynamic license allocation. This ensures our employee experience is second-to-none while also staying capital-efficient—two key priorities for our business.”
Productiv is the data-driven, enterprise SaaS management platform for the modern CIO. Companies like Fox, Uber, and Zoom use Productiv to create a system of record for their SaaS portfolios with the most detailed view into how software is actually used. With robust data and insights, IT is able to unlock new transformational change for their organizations while more efficiently executing on day-to-day operations. Founded in 2018 and backed by Accel, IVP, and Norwest Venture Partners, we are on a journey to transform how you think about SaaS and the impact it can have on your organization.
Founded in 1980, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. IVP has invested in over 400 companies with 116 IPOs. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as AppDynamics (CSCO), Coinbase, Compass, CrowdStrike (CRWD), Datadog (DDOG), Discord, Dropbox (DBX), GitHub (MSFT), Glossier, Grammarly, HashiCorp, Hims & Hers (HIMS), HomeAway (AWAY), Hopin, Klarna, LegalZoom, Looker (GOOGL), Marketo (MKTO), MasterClass, Mindbody (Vista), MuleSoft (CRM), Netflix (NFLX), Personal Capital (Empower), Podium, Rubrik, Slack (WORK), Snap (SNAP), Supercell (Tencent), Tanium, Twitter (TWTR), UiPath, Wise, Yext (YEXT), ZenDesk (ZEN), ZipRecruiter, and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter: @ivp.