Full Speed Ahead! Productiv Closes $20M in Series B Funding
Today is an exciting day at Productiv, as we’ve announced the close of $20M in Series B financing led by Norwest Venture Partners with additional participation from strategic investor Okta Ventures and our Series A investor Accel. You can read more about the news in our press release, but I wanted to share some more about what this moment means for Productiv and for enterprise IT leaders looking to maximize the value of their SaaS applications.
It’s hard to believe that it’s only been six months since we launched the company at Oktane in San Francisco. Since then, Productiv has been experiencing incredible momentum. We’ve added a strong roster of enterprise customers, and it’s clear that application engagement analytics are in demand across a wide variety of industries from consumer-packaged goods organizations like Blue Diamond Growers to technology leaders like Apttus. On the product side, we’ve added new capabilities at a lightning-fast pace, including real-time engagement analytics for cloud applications like Box; helped our customers answer important questions about standardizing on collaboration applications like Slack and Microsoft Teams; and uncovered meaningful insights about the use of cloud applications like Zoom.
On the hiring side, I couldn’t be happier with the second-to-none talent that we’ve attracted from top technology companies like Slack, Google, Facebook, and Netskope. These people came to Productiv because they recognized the transformative impact SaaS has had on the enterprise, and were excited to contribute to our mission of maximizing the value and productivity SaaS applications provide to businesses.
When I think back on the last six months, It’s hard to ignore the fact that all of these moments — from the impressive customer traction to the insights we have delivered to our customers — strongly validate our mission to rethink SaaS management with a focus on engagement.
As I wrote in my post announcing the company’s launch, SaaS applications have fundamentally changed the relationship that CIOs have with software. In a world where every company is a technology company, every CEO cares about productivity, and every employee uses technology to work collaboratively, it’s never been more important for IT leaders to remove elements of friction from how people use technology to both do their jobs and grow their businesses.
Until Productiv, enterprise IT leaders haven’t had a way to understand how all of the different applications in their organization are being used, which features are popular and which are not, and which applications are delivering value and which are not. And as IT leaders play an increasingly important role in demonstrating the business impact technology is having on the business, it’s important for them to have this visibility in order to deliver on broader business goals.
We’re helping enterprise IT leaders demonstrate this impact by providing feature-level visibility into the SaaS applications that their people are using. We’re doing this because just knowing whether a user has logged in to a particular application isn’t going to provide the data necessary for IT leaders to understand if an application is delivering value to the business. In order to understand this, it’s critical to understand the engagement happening inside of those applications — which teams are screen-sharing in Zoom and which aren’t? Are customer support and sales teams collaborating together in Slack? I’ve got OneDrive, Dropbox, Box, and Google Drive in my organization, but which application has the highest level of engagement?
Insights like these help IT understand the value that SaaS applications are delivering to the organization, ultimately enhancing overall SaaS strategies and realizing true customer success via data on how employees actually use the SaaS applications provided to them. This data makes renewals easier, because our customers can leverage the engagement insights to focus their investments on the applications that employees use the most and maximize the value of their overall SaaS investment.
We’d love to show you how application engagement analytics can help your organization make better decisions about your SaaS applications. Reach out to us today to see a demo, or check out some of the resources on our website.
Productiv Hires New Chief Revenue Officer and Experiences Record Growth in First Quarter of 2022
Demand for SaaS Intelligence™ Platform on the Rise as Companies Seek Solutions to Reduce Waste and Optimize SaaS Portfolios
June 14, 2022 (PALO ALTO, Calif.) – Productiv, the market leader in software-as-a-service management, today disclosed that the company has hired Miles Kirkpatrick as its CRO. This appointment follows a record sales quarter, in which the company more than doubled its ARR year-over-year. Productiv saw particularly strong customer growth in the enterprise sector (218% year-over-year new business growth), and the mid-market sector (135% year-over-year ARR growth). New customers signed in the first quarter of 2022 include FloQast, iCIMS, Zendesk and Ziff Davis, while returning customers include Zoom, Poshmark and Verkada to name a few. Notably, close to two-thirds of renewing customers signed multi-year contracts.
As companies enter an economic climate with recessionary concerns, procurement and IT executives are looking to cut waste and optimize existing resources. Most companies have more than 300 SaaS apps in use and many are duplicate tools with the same or very similar functions. To better manage and get the most value out of their SaaS investments, IT teams need to align with finance and procurement teams around the most accurate and real-time data – like costs of contracts and renewals and detailed usage metrics. By enabling companies to crunch billions of their own employee app usage data points, the Productiv SaaS Intelligence platform makes it easy to proactively govern all SaaS applications, implement automation for faster SaaS operations and create frictionless experiences to improve employee engagement across SaaS applications. Many Productiv customers have optimized their Opex achieving 24% higher ROI on their SaaS Investments, seen 90% higher IT efficiency in their SaaS operations and improved app adoption across employees by 113%.
“I am excited and honored that Miles has joined us as our new CRO. Miles’ exceptional sales leadership and team leadership experience is an incredible addition to the strong business, culture and brand that is at the core of our company, ” said Jody Shapiro, CEO and co-founder of Productiv. “We started the year with a rallying cry of driving the #SaaSIntelligenceMovement together, and our record sales quarter highlights the value we deliver to our customers who need to unlock the most value out of their SaaS portfolio.”
Miles Kirkpatrick arrives at Productiv from Sprinklr, where he served as VP, Central US and Canada, and was the sales leader for Sprinklr’s Central US business. Before Sprinklr, he was a Regional Vice President of Sales at Salesforce and also spent time at technology firms Microsoft and The Rubicon Project.
“I have a passion for reducing friction in organizations and believe that enterprises should be doing more to ensure that their employees have the tools to be successful,” said Miles Kirkpatrick, CRO for Productiv. “When I first spoke with Jody Shapiro, Munish Gandhi and Ashish Aggarwal about Productiv’s mission statement, I was sold on the company’s leadership style, the team they built and the problems that they were solving.”
Productiv is the data-driven, enterprise SaaS Intelligence Platform for the modern CIO. Transformational companies use Productiv to create a system of record for their SaaS portfolios with the most detailed view into how software is actually used. With robust data and insights, IT can unlock the most value from their SaaS portfolios while more efficiently executing on day-to-day operations. Founded in 2018 and backed by Accel, IVP and Norwest Venture Partners, Productiv is on a journey to transform how companies think about SaaS and the impact it can have on their organizations. To learn more about Productiv, click here.
Jessica Jaffe at Sift PR