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Sumeru Equity  Backs Tasktop in $100M Round

April 12, 2021

Tasktop secured a strategic investment from Sumeru Equity Partners (SEP), a growth-focused technology investment firm based in the San Francisco Bay Area, to accelerate growth and expand market leadership.Management and existing investors participated in the $100 million investment. As a part of the transaction, existing Tasktop investors will continue as significant shareholders and Jason Babcoke and George Kadifa will join the board of directors.

Tasktop’s solutions enable some of the largest and most successful digital transformations in recent years for customers including BMW, CGI, E*Trade and T-Mobile. Already deployed across half of the Fortune 100, Tasktop dramatically reduces time to market and increases velocity of software development. In December 2020, Tasktop announced record year-over-year growth, with over 50% growth in core business, enhanced product portfolio and offerings, and seasoned executive hires. In March, the company also released results of a Forrester Consulting Total Economic Impact™ Study, showing organizations using the Tasktop Viz value stream management solution realize an average return on investment (ROI) of 640% over a three year period.

“Tasktop delivers offerings that fundamentally transform and accelerate software development processes for some of the largest and most innovative companies globally,” said Jason Babcoke and George Kadifa, managing directors at Sumeru Equity Partners. “In doing so, Tasktop is creating a multibillion-dollar market centered 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.”

As traditional businesses pour billions into digital transformation initiatives, they often struggle with the scale and complexity of the teams, tools and metrics at the core of those investments. Technical leaders deeply understand the software development process and toolchain, while business leaders understand the business outcomes and investment strategies––but the two are rarely integrated.

The Tasktop platform is designed to help businesses bridge this gap between software delivery and business outcomes. Across its product suite, Tasktop provides universal metrics and unified dashboards to visualize and measure these value streams, as well as integrations to reduce costly and slow manual data handoffs to better measure the flow of software delivery. Tasktop also announced today new updates to its Tasktop Viz solution, including a new business insights dashboard.

“Tasktop has led the creation of the 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.”

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