Deal Radar 2008: Daptiv
Check other articles in the series...Daptiv is one of the leading on-demand collaborative business software that allows companies of all sizes to transform their mid-office business transactions. Daptiv provides solutions which simplify employees’ daily association and communication while dramatically reducing the difficulty of managing multiple teams, projects and tasks.
Founded in 1997 as eProject, the company is based in Seattle, Washington. In May 2007, it received its series B round of venture financing totaling $12 million. This round was led by Bay Partners and included previous investor Kennet Partners. Previously the company raised private financing from Kennet Ventures and angel investors totaling $12 million.
In March 2007, in an interview with CEO Jefferey Pancottine we discussed Daptiv’s traction and how they are adding around 2,000 users and 30 customers a month. Their focus is on mid market companies with between $75 million and $1 billion in revenue and on the enterprise segment where companies have more than $1 billion in revenue. Traction is more in the sub $1 Billion segment.
An article on VentureBeat talks about a few of Daptiv’s competitors like Smartsheet.com, Clarizen, AtTask and Project.net who received their first round of funding in 2007. Since it has been around for over a decade, Daptiv with its strong customer base and more mature product, has an advantage over these newer entrants. It is a market leader in its field with over 700 customers and 100,000 individuals at companies like BASF, BP, Dell and Cushman and Wakefield.
During the last round of funding, Daptiv’s valuation was around $50 million. In 2007, the number of Daptiv users went up 116% and the company added 165 customers to its client list. Between 2005 and 2007 the company experienced revenue growth of 155% and bookings growth of 250%. Although the company seemed to arrive early to the party, they are now in a comfortable position to grow rapidly and ride on the industry-wide SaaS momentum.
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