Bulletin: Tasktop raises $126 million from Sumeru Equity Partners
The company's product helps firms like BMW, CGI, E*Trade and T-Mobile reduce their time to market and increase the velocity of software development.
Vancouver technology firm Tasktop announced a CAD $126 million strategic investment from Sumeru Equity Partners (SEP), a technology investment firm based in the San Francisco Bay Area. Tasktop’s solutions help global giants like BMW, CGI, E*Trade and T-Mobile to increase the velocity of software development.
Who else is involved?
Management and existing investors participated in the $126 million investment. As a part of the transaction, existing Tasktop investors will continue as significant shareholders and Sumeru’s Jason Babcoke and George Kadifa will join the board of directors, according to a company statement.
What do their investors have to say?
Babcoke and Kadifa of Sumeru shared the following in a statement: “Tasktop delivers offerings that fundamentally transform and accelerate software development processes for some of the largest and most innovative companies globally. In doing so, Tasktop is creating a multibillion-dollar market centred 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.”
In 2020, the company saw significant growth.
Last December, Tasktop announced record year-over-year growth, with over 50% growth in core business. More recently, the company released results of a Forrester Consulting Total Economic Impact™ Study, showing that their customers realize an average return on investment of 640% over a three-year period.
“Tasktop has led the creation of the [value stream management] VSM market category,” said Mik Kersten, Tasktop Founder and CEO. “As VSM continues to become the foundation for digital transformation at scale, I am thrilled that we now have a world-class partner to help us deliver even more innovation and value to our customers. Sumeru has an amazing track record of helping category-defining companies scale and dominate their markets. Sumeru’s experience and operational support in scaling SaaS businesses is a perfect match for Tasktop’s technology and market leadership. The partnership will serve as the catalyst needed to ensure that Tasktop becomes the de facto platform for VSM.”