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 Raises $20M in Series B Funding to Maximize SaaS Value with Application Engagement Analytics

Second funding round in six months underscores company momentum and market need for engagement-based insights into SaaS application use 

  

PALO ALTO, Calif., Nov. 6, 2019 Productiv, the application engagement analytics company, today announced the close of $20M in Series B financing led by Norwest Venture Partners with additional participation from strategic investor Okta Ventures and existing investor Accel. Productiv’s approach to Software-as-a-Service (SaaS) management gives companies visibility into their SaaS application engagement in order to drive business value from their software investments. Since launching in April 2019 with a commitment to helping enterprises unlock business value with SaaS engagement data, Productiv has experienced significant business momentum. With today’s announcement, Productiv has raised a total of $28M in funding and added enterprise customers including Apttus, LiveRamp, and Blue Diamond Growers. Additionally, the company has built out engineering, sales, marketing, and customer success functions with hires from industry-leading companies including Slack, eBay, Facebook, and Netskope.

“SaaS has democratized enterprise application purchasing and made everyone a buyer, with multiple teams using multiple applications simultaneously. Redundancy is high and productivity is low, with employees sometimes checking five different tools to access one document. All of this creates unnecessary cost and friction among teams,” said Jody Shapiro, co-founder and CEO of Productiv. “Productiv’s application engagement analytics address this wide-spread enterprise need, and the combination of today’s funding with our customer traction in the last six months is strong validation of our mission to provide enterprises with the insights they need to drive maximum value from their SaaS applications.”

In a business environment where every company is now a technology company, the rapid adoption of SaaS applications has streamlined many routine business processes. However, the ease-of-use and wide-scale deployment of SaaS applications has created a number of challenges. As the number of applications scales into hundreds per enterprise, IT organizations lack the visibility into applications employees are using and how well they are being used. The result is that enterprises cannot make effective application portfolio decisions or determine application value, undermining their overall business productivity. 

Productiv is rethinking SaaS management with application engagement analytics, which surfaces meaningful insights that allow enterprises to understand how employees collaborate and drive team productivity. This SaaS application engagement intelligence enables enterprises to maximize application value in a way that is right for their people, their budget, and their business.

“The rapid growth of the SaaS industry and escalating enterprise adoption highlights a prime market opportunity for application engagement analytics,” said Rama Sekhar, Partner, Norwest Venture Partners. “When there is a substantial gap between the number of provisioned users and the number of engaged users across applications, companies waste money and employees waste time – and that’s bad for business. Productiv offers powerful engagement analytics to help organizations understand how apps are being used after users log in, enabling enterprises to standardize on specific apps and eliminate redundant ones.” 

Productiv does more than track login activity, license data and renewal notices; it showcases real-time application usage and engagement statistics at the team, geography, device, and feature level. CIOs and senior IT staff can then analyze, drive, and improve adoption of and engagement in the right applications. With Productiv application engagement analytics, enterprises leverage more than 50 application engagement dimensions to view benchmarks for their entire SaaS portfolio in real time. Armed with this engagement insight, enterprises can drive adoption, improve collaboration, and accurately predict future application use.

“Okta is committed to enabling any organization to securely use the technologies that make them more productive and successful. For today’s modern organizations, this means adopting a number of cloud applications that support their digital transformation initiatives, and ultimately make them more efficient,” said Monty Gray, SVP, Corporate Development, Okta. “Productiv solves a critical challenge for organizations by enabling them to understand the value delivered from each application they deploy and we’re excited to see the benefit they bring to our current and future customers.

“Innovation is at the heart of Uber’s culture, and SaaS applications accelerate innovation by providing our employees a seamless collaboration experience no matter where in the world they are located,” said Shobhana Ahluwalia, Head of IT at Uber. “Feature-level visibility into SaaS application engagement gives organizations a complete picture of how employees use applications to do their jobs, enabling them to focus adoption efforts on the applications that drive maximum value.”

“At LiveRamp, SaaS applications enable our employees to move fast and collaborate efficiently, but the ease with which SaaS applications can be purchased or replaced makes evaluating and rationalizing our total SaaS portfolio a challenge,” said Amit Sharan, Head of Global Business Technology at LiveRamp. “With Productiv engagement analytics, we have a 360-degree view into the apps our people use and feature-level visibility into how they are being used, enabling us to continuously evaluate and rationalize our portfolio and focus adoption efforts on the applications with the most engagement.

For more information about Productiv and today’s announcement, please visit the following pages:

About Productiv

Productiv provides application engagement analytics for IT leaders who are rethinking SaaS management. Only Productiv goes beyond login data by looking at more than 50 engagement dimensions, helping enterprise customers continuously rationalize their application portfolio and answer questions about application investments and effectiveness with contextual insights about actual use. Backed by Accel and Norwest Venture Partners and founded by veterans from Amazon, Google, and LinkedIn, Productiv helps companies like Fox and Equinix maximize application value in a way that is right for their people, their budget, and their business.