ActivTrak Nabs $20M Series A
AUSTIN,TX, ActivTrak, a cloud-based productivity monitoring software provider, today announced the close of a $20 million Series A financing round.
The round was led exclusively by Elsewhere Partners. The growth-stage venture capital firm, which invests primarily in capital-efficient B2B software startups outside of traditional venture capital hubs, was drawn to Texas-based ActivTrak due to its substantial customer traction with over 130,000 freemium users and 5,000 subscription customers, impressive revenue growth and escalating industry demand.
As part of the investment, Elsewhere Partners also fulfilled the founders' request to bring in a team of seasoned software leaders who could deliver on their business vision for rapid growth and scale. Software industry veteran and Elsewhere Partners Operating Advisor Rita Selvaggi will take over as chief executive officer for ActivTrak. Well-known technologist and Elsewhere Partners Operating Advisor Josh Stephens will provide ongoing counsel on product strategy for ActivTrak. In addition, ActivTrak will maintain its office in Dallas and establish headquarters in Austin, Texas.
"We considered investment from many sources, but we wanted more than a check," stated Herb Axilrod, co-founder of ActivTrak. "My co-founder, Anton Seidler, and I were impressed with what Elsewhere Partners brought to the table with their team of operating advisors, deep experience in the software market, and access to talent that understood our business model and could provide the acceleration we sought for the company."
In her role as ActivTrak CEO, Selvaggi will apply three decades of experience leading high-tech sales, business development and marketing strategy to help ActivTrak scale its go-to-market operations and product development efforts. Selvaggi previously served as chief marketing officer of AlienVault, Inc., and senior vice president of marketing for SolarWinds, where she helped build the company's disruptive model for high-volume and velocity sales to IT professionals in mid-market enterprises. She has also held leadership roles at Blue Coat Systems, Permeo Technologies, pcOrder and IBM. She currently serves on the board of directors for Foresite Managed Services and Vyopta, Inc.Â-
"Given our longstanding relationship with Rita and her deep background scaling software companies with velocity mid-market sales models, she was the ideal fit to lead ActivTrak's continued expansion," noted Chris Pacitti, founder and partner, Elsewhere Partners. "Elsewhere Partners is focused on helping B2B software innovators build on their early successes and take their businesses to the next stage. ActivTrak has achieved considerable customer adoption with no outside capital and has the potential to become the mid-market leader for workforce analytics."
ActivTrak offers cloud-based employee productivity monitoring software that allows organizations to understand how their employees get work done. ActivTrak provides aggregated data and analytics that quantifies employee productivity to give employers and managers the insights they need to improve employee performance, keep track of sensitive internal information and improve operational efficiency.
"ActivTrak sits at the tipping point of a tremendous market opportunity. Millions of small and medium-sized businesses require better insights into workforce behavior and productivity to compete more effectively in today's environment, but lack the expertise and resources to deploy costly and complex solutions," noted Selvaggi. "I am excited to join ActivTrak at this critical point in its growth trajectory, and I look forward to building upon the founders' vision for rapid scale of their award-winning employee productivity monitoring solution."
ActivTrak is a comprehensive cloud-based analytics service that allows businesses to gain insights on and improve employee productivity. As a freemium service easily installed on an employee's desktop to measure activity, the ActivTrak platform provides valuable aggregate data on a company's day-by-day performance, with information displayed on an easy-to-manage dashboard. The company's software is easy to install, and data transfer is encrypted, ensuring protection and security. For more information, or to try free for your team, please visit activtrak.com.
About Elsewhere Partners
Elsewhere Partners is a growth-stage venture capital firm that invests in Elsewhere Outliers - business software companies that are located outside of traditional venture capital hubs and have achieved substantial customer traction and revenue growth without significant outside funding. Elsewhere Partners combines transitional capital with transformational expertise to help companies achieve exit readiness on their founder's timetable. To learn more, visit www.elsewhere.partners.
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