A year after $126M raise, Tasktop to be acquired by Texas firm
The deal is projected to close by mid-summer.
Vancouver-based Tasktop, a tech firm that helps companies determine the value of their software development and delivery efforts, has entered into an agreement to be acquired by Austin-based Planview, a portfolio and work management business.
Why it matters: The combined companies will help giants like BMW, HSBC, and T-Mobile stay competitive by accelerating their digital transformations, explains Tasktop founder and CEO Mik Kersten. “We have been able to play an outsized role in helping some of the largest enterprise organizations transform,” he shared in a blog post. “But it is this new combination that will dramatically accelerate our ability to help the world’s organizations survive and thrive in the age of digital disruption.”
“As companies strive to differentiate, survive, thrive, and disrupt their markets, there is a surge in digitalization and transformation initiatives,” said Razat Gaurav, CEO of Planview, in a statement. “While well-intended, the facts show that most digital transformation efforts fail to achieve value for the business.”
Ultimately, pairing the capabilities of Tasktop and Planview is meant to enable companies to augment their software delivery capabilities and business outcomes.
Background: Tasktop has more than 200 employees, and the last fiscal year saw them reach record growth with 43 percent year-over-year user expansion. In April 2021, Vancouver Tech Journal reported that the company raised a CAD $126 million strategic investment from Sumeru Equity Partners (SEP), a technology investment firm based in the San Francisco Bay Area. The previous year, the firm announced record year-over-year growth, with over 50 percent expansion in its core business.
What’s next: Once the transaction closes, the Tasktop team will join Planview, with CEO Kersten shifting to the role of chief technology officer at his new company.
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