Parallax Capital Partners has acquired Daptiv Inc., a Seattle-based provider of on-demand project and portfolio management software and services. No financial terms were disclosed. Daptiv had raised nearly $40 million in VC funding from Bay Partners, Kennet Venture Partners, Pinpoint Ventures and Vault Capital.
Parallax Capital Partners, LLC (Parallax), a software and technical acquisition firm based in Laguna Hills, Calif., today announced it has acquired Seattle-based Daptiv, Inc., the leading provider of on-demand project and portfolio management (PPM) software and services. Daptiv, a profitable business with recurring revenue of nearly $20 million, is well positioned to extend its leadership in the $1.6 billion market for PPM software.
During the last 12 years, Daptiv has accumulated more than 500 enterprise customers and 80,000 subscribers spanning all major vertical industries. In the last six months alone, the company has added more than 70 new customers to a roster that includes BASF, Chase Paymentech, Harvard University, Honeywell, La Poste and Virgin Blue. Parallax intends to retain all of Daptiv’s employees and will continue to operate the business under the Daptiv name.
As part of the acquisition, and in line with Parallax’s active management philosophy, John Baldwin, a seasoned software industry executive and partner with Parallax, has joined the company as chief executive officer. Baldwin has 24 years of experience in the software applications and technology industry, including 12 years in the PPM industry with Artemis International, where his responsibilities included worldwide product management, engineering and business strategy functions.
“Daptiv has built an established brand for comprehensive project management and business collaboration solutions that has enabled hundreds of enterprise customers and thousands of users to run their businesses more efficiently and effectively,” said James Hale, managing partner, Parallax Capital Partners. “With the industry shift to Software-as-a-Service and cloud computing, and Daptiv’s history of innovation, we believe the company has strong growth potential through organic investment and targeted acquisitions. I’m confident that with Daptiv’s experienced, talented staff and proven track record of leadership in the project management space, we can take the business to the next level.”
“Daptiv has a long history of delivering superior value to customers and is clearly the dominant Software-as-a-Service vendor in the project management space,” said John Baldwin, CEO, Daptiv. “Daptiv is a perfect match for the Parallax portfolio as it is a market leader and innovator, has a strong list of enterprise clients, and has excellent potential for future growth and success. Going forward, customers and partners will continue to receive the outstanding service and support they’ve come to expect from Daptiv.”
About Parallax: Parallax Capital Partners, LLC (http://www.parallaxcap.com). Parallax Capital Partners specializes in acquiring and operating software companies that have proven products and established customer bases. Parallax provides its portfolio companies with experienced management skills as well as cost effective infrastructure support including accounting and finance, sales and marketing, research and development and human resources expertise. This unique capability has helped the Parallax family of companies succeed worldwide as leading software vendors across such industry sectors as financial services, government, media, telecoms, manufacturing and engineering.
About Daptiv: Daptiv is the leader in on-demand project management and collaborative business software that enables companies of all sizes to transform their mid-office business operations. Based in Seattle, Washington, Daptiv has transformed the mid-office of companies such as BASF, Chase Paymentech, Harvard University, Honeywell, La Poste and Virgin Blue.