ObservePoint, the leader in data quality assurance for digital marketing platforms, today announced that it has closed a $19 million Series B round led by Mercato Partners and Pelion Venture Partners. The new capital will be used to expand operations and to support continued investment in innovations focused on improving data-driven business decisions and digital marketing returns. Mercato's Ryan Sanders will join the ObservePoint Board of Directors as part of the investment.
Founded in 2007 by data pioneers John Pestana and Rob Seolas, ObservePoint is the leading provider of automated web tag and mobile app analytics validation solutions for enterprise organizations. In 2016, ObservePoint will grow revenue by more than 100 percent, adding more than 83 new customers and significantly expanding existing customer relationships.
'Data governance is difficult. ObservePoint's solutions are disrupting the analytics market with a clear value proposition: trust the data you are collecting and better serve your customers through the application of best practices in data validation,' said Sanders. 'We anticipate that ObservePoint's momentum will continue to accelerate, and the company will be well-positioned to capture a significant portion of opportunities.'
ObservePoint's global network audits millions of pages every month to report data loss, inflation, and leakage to web analytics managers and stakeholders of the world's leading enterprise organizations. The company offers three primary products: WebAssurance carefully renders all web page code on a site, looking for errors and gaps in reporting; AppAssurance is a cloud-based solution that scans an organization's mobile app, analyzing third-party vendor implementations for integration and functionality errors; and VideoAssurance validates marketing technology implementations on video content, ensuring that all third-party tracking technologies are in place, functioning properly, and collecting complete sets of data.
'Our latest investment is validation of ObservePoint's intention to reimagine the data industry,' said Chris Cooper, Partner at Pelion Venture Partners and ObservePoint Board Member. 'All of us at Pelion are thrilled to continue our relationship with John, Rob, and the rest of ObservePoint's talented and accomplished management team as they scale the business in new and impactful ways.'
Prior to founding ObservePoint, Pestana co-founded Omniture, the web analytics software giant that went public in 2006 before selling to Adobe for $1.8 billion. Seolas was co-founder of iLeadMedia, which was at the forefront of online lead generation and loyalty programs before being acquired by Think Partnership.
'We believe that this round of funding will help ObservePoint realize our vision of being the undisputed leader in a growing data market,' said Pestana. 'We view Mercato and Pelion as long-term strategic partners, and we respect both firms' deep experience when it comes to helping companies accelerate and manage growth.'
Earlier this month, ObservePoint was named among the top 50 of the 'Utah 100 Fastest Growing Companies of 2016.' Customers like Adobe, HPE, and American Express have praised ObservePoint's functionality, calling it 'a critical solution that saves digital marketers a lot of headache and heartache by giving them the tools to build a sustainable data governance plan powered by automated quality assurance.' (Daryl Acumen, HPE).
'I am excited to welcome Mercato to the ObservePoint family, and to continue working with Pelion,' said Seolas. 'This funding will allow us to be laser-focused on scaling ObservePoint in a way that turns our industry on its head by providing digital data quality assurance solutions that ultimately guarantee better business outcomes.'
About ObservePoint:
ObservePoint offers a premier Data Quality Assurance Platform, automatically verifying web tag performance and improving digital data quality for the world's leading enterprises. ObservePoint's proprietary DataAssurance technology works with virtually every marketing technology to ensure accurate data collection across all channels and devices. The platform validates data collection from analytics, advertising tags, tag management systems and other data collectors automatically. Founded by John Pestana and Rob Seolas, ObservePoint has attracted some of the brightest analytical minds in the digital data space to solve some of the industry's most challenging problems. For more information, visit http://www.observepoint.com.
About Mercato Partners:
Mercato Partners is an active growth equity investor in the technology and branded consumer sectors with a focus on taking portfolio companies further, faster. As a top-performing fund, Mercato seeks equity investments in high-growth, market-leading businesses. Mercato's dedicated performance team has unique capabilities in sales, marketing, and human capital, making the firm a skilled and collaborative partner when it comes to uncovering opportunities and driving growth. For more information, visit http://www.mercatopartners.com.
About Pelion Venture Partners:
Pelion is an early stage technology venture capital firm with a national track record of investing in software-based businesses that manage the exponential growth in the movement of information, or 'bits,' across wired and wireless networks. Founded in 1986, Pelion has been a partner to leading technology innovators CloudFlare, Fusion-io, MX Logic, RedHat, and Riverbed. For more information, visit http://www.pelionvp.com.