BitTitan Nets $15M in Series A Funding
KIRKLAND, WA, BitTitan, the leader in cloud services enablement, today announced it closed a $15 million round of Series A financing.
The round was led by TVC Capital, a San Diego-based growth equity firm focused on investments in enterprise software companies. The round also included participation from Tao Capital Partners, a San Francisco-based family office. The funding marks the first time BitTitan has raised any capital since its founding in 2007. BitTitan will use the financing to further establish its position as a leading cloud services enablement provider, to augment its MSPComplete platform with more managed services automation capabilities, and to aggressively expand into new geographic markets. The company also announced Steve Hamerslag, managing partner at TVC Capital, will join its board of directors.
'BitTitan is our largest Series A funding to-date,' said Hamerslag. 'It is rare for a bootstrapped company to have achieved BitTitan's degree of growth, and we regard this as a testament to Geeman's fearless leadership and the exceptional management team he assembled. Serving on the board, I look forward to working with this proven and dynamic team as they continue to expand globally and help shape the cloud services market.'
A pioneer in the cloud services brokerage (CSB) market, BitTitan modernizes cloud service delivery with its flagship offering MSPComplete, which empowers IT service providers to sell more cloud products, onboard customers to the cloud, and create reoccurring revenue. BitTitan also supports many leading cloud ecosystems including Microsoft, Amazon, Google, and Dropbox.
'Over the next five years (from 2016 through 2020), over $1 trillion in compounded IT spending will be directly or indirectly impacted by cloud shift, making cloud computing one of the most disruptive forces of IT spending since the early days of the digital age,' wrote Ed Anderson, research VP, and Michael Warrilow, research director, at Gartner.
Since its founding, BitTitan has demonstrated substantial momentum across all facets of the company. BitTitan has grown top line revenue 50 to 100 percent in each of the last five years and, in the last year alone, doubled its number of partners. With employees across the world and an office in Singapore, BitTitan has helped over 4 million users from more than 100,000 companies spanning 125 countries adopt the cloud. BitTitan's partner ecosystem includes more than 7,000 leading managed service providers (MSPs), systems integrators (SIs), and leading distributors including Ingram Micro, Tech Data, HP, IBM, Avanade, Rackspace, New Signature, Softbank, and SADA Systems.
'The decision to partner with TVC Capital was less about the money, and more about Steve and his team's domain expertise and hands-on approach to helping us expand and further dominate as a cloud leader,' said Geeman Yip, founder and CEO of BitTitan. 'BitTitan started in my basement, and for the past nine years, we've bootstrapped our way to tremendous growth. This funding validates us both as a leader in the cloud services enablement market and as a disruptive force in modernizing the process of moving mission-critical workloads to the cloud. We are eager to begin this chapter alongside the wealth of experience and genuine commitment TVC Capital brings to the table.'
1 Gartner, Market Insight: Cloud Shift -- The Transition of IT Spending from Traditional Systems to Cloud, 18 May 2016
BitTitan is the industry leader in cloud services enablement, delivering solutions that empower IT consultants and managed service providers to sell, onboard, and service cloud technology. With its comprehensive cloud enablement platform, MSPComplete, BitTitan enables MSPs to sell more Office 365, Azure and complementary cloud services, onboard more cloud workloads faster without additional training, create reoccurring revenues, and service customers throughout their entire cloud journey. Partners have used BitTitan's globally recognized products, including MigrationWiz, to help more than 100,000 customers globally transition 4 million employees seamlessly to the cloud. BitTitan supports many leading cloud ecosystems including Microsoft, Amazon AWS, Google Cloud, and Dropbox. For the latest news and information, visit www.BitTitan.com or follow us on Twitter @BitTitan.
About TVC Capital
TVC Capital is a San Diego-based growth equity firm with over $235 million under management. TVC is focused on investments in and acquisitions of business critical software firms. TVC targets a wide spectrum of software sectors and industry verticals that are poised for growth and consolidation. The TVC team is led by operating executives with more than 80 years of experience growing technology companies into market leaders. Current and past investments include Accordent Technologies, Levels Beyond (Reach Engine), Del Mar Datatrac, Limeade, LiquidPlanner, MediaPlatform, Mercent, Centage, Celigo and ReverseVision. For more information, visit www.tvccapital.com.
About Tao Capital Partners
Tao Capital Partners invests in technology, alternative energy and transportation, healthcare, and education businesses that have a sustainable positive impact. Tao is an active investor with the ability to support companies through various stages of their lifecycle. For more information, visit www.taocap.com.
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