Software lifecycle integration platform Tasktop has raised about $15 million (US$11.3 million) in a follow-on financing. The round was led by U.S. venture capital firm AVX Partners. AVX was joined by Austin Ventures and Yaletown Partners, which also invested in the Vancouver company’s $11 million Series A round in 2014. Founded in 2007 by CEO Mik Kersten and Chief Scientist Gail Murphy, Tasktop has designed integration technology to improve software development and delivery. The company reported 75 percent growth in revenue in fiscal 2016. Tasktop plans to use the funds raised for go-to-market development, marketing and sales activities.
Tasktop Raises $11.3 Million in Second Round Funding to Support Rapid Adoption of Its Value Stream Integration Platform
Funding Round Includes AVX Partners, Austin Ventures and Yaletown Partners
VANCOUVER, BC, April 13, 2017– Tasktop, the leader in Software Lifecycle Integration (SLI), today announced that it has raised $11.3 million in second round funding led by AVX Partners , with participation from existing investors Austin Ventures and Yaletown Partners.
Funding will be directed primarily towards the go-to-market development, marketing and sales activities for its recently launched Tasktop Integration Hub, which radically improves team effectiveness and project visibility to enable large scale Agile and DevOps software transformations. By providing a unified view across the entire software development and delivery lifecycle, the new product allows the frictionless flow of information across the lifecycle and transparency into the value stream even if there are hundreds of projects, tens of thousands of users and millions of artifacts.
The timing also follows the completion of a record-breaking fiscal year (FY) 2016, in which the company grew revenues by more than 75 percent compared with the previously record-breaking FY 2015.
According to Neelan Choksi, COO and President, Tasktop, “We’re excited to have received this continued vote of confidence from AVX Partners, Austin Ventures and Yaletown Partners. This round will enable us to speed up our efforts to meet the needs of development organizations struggling to realize the business-critical benefits of their enterprise Agile and DevOps initiatives.”
“We are very excited to have Tasktop in the AVX portfolio as Tasktop has helped frame the archetype for the ideal AVX investment,” said Chris Pacitti, Founding Partner at AVX. “Tasktop is at the forefront of a huge market opportunity, enabling enterprises to succeed with large-scale Agile and DevOps transformations. They have built a uniquely innovative product and a very impressive customer roster, already providing the software delivery integration layer for 43 of the Fortune 100. With this acceleration, Tasktop will bring those same benefits to software innovators around the globe. We look forward to working with the team and supporting their expansion.”
Over one million users employ Tasktop’s Value Stream Integration technology to transform software development and delivery. Tasktop not only unifies the software development and delivery team, but also provides unprecedented visibility into the business critical processes of software delivery. Tasktop customers are the global leaders in financial services, insurance, government and manufacturing, and include 43 of the Fortune 100, 11 of the top banks in the world, six of the top six health plans and four of the top ten US insurance companies. Partners, including CA, HPE and IBM, rely on our independent, vendor-neutral role to connect their customers’ software delivery disciplines via OEM distributions of our products. For more information about Tasktop, please visit: http://tasktop.com
Photo courtesy of Tasktop