As the new CEO of Daptiv, I’d like to give you some background on the recent acquisition of Daptiv by Parallax Capital Partners (“Parallax”). I’d also like to share some thoughts on Daptiv’s strategy going forwards.
First, I’d like to outline why Parallax acquired Daptiv. Parallax’s goal is to acquire companies that have great products, satisfied customers and a strong employee base and take them to the next level. Unlike some firms who have relatively short investment horizons, Parallax acquires and invests in businesses for the long term. Daptiv is a perfect match for the Parallax portfolio as it is a market leader and innovator, it has a strong list of enterprise clients and it has excellent potential for future growth and success.
Daptiv, as a profitable business with recurring revenue of nearly $20 million, is well positioned to extend its leadership in the $1.6 billion market for PPM software. Over the last 12 years, Daptiv has accumulated more than 500 enterprise customers and 80,000 subscribers spanning all major vertical industries. In the last six months alone, we’ve added more than 70 new customers to a roster that includes BASF, Chase Paymentech, Harvard University, Honeywell, La Poste and Virgin Blue.
Second, Parallax is not a typical investment firm because we play an active role in operating our companies. Our partners have extensive experience running and growing companies and, in this case, we have deep knowledge and operational expertise in the PPM space. As the new CEO of Daptiv, I can assure our current and prospective customers that we are committed to the PPM market and helping them operate their businesses more efficiently and effectively. Furthermore, as part of the Parallax portfolio, Daptiv now has access to additional growth capital for investments and targeted acquisitions to drive the next wave of innovation in the market.
Finally, Daptiv will continue to operate as an independent business and nothing will change from a customer perspective – our existing customers will continue to receive the same excellent service and support, quarterly product updates and innovation in our PPM roadmap. After the first few days on the job, I can attest to quality of Daptiv’s talented and experienced team and their passion for delivering great customer service. To our prospective customers: we look forward to demonstrating to you why we are the market-leading PPM solution and how the dedication and professionalism of our people sets us apart from everyone else.
In summary, we’re excited to be entering the next phase of the company’s growth and continuing to deliver the best on-demand PPM tools and services in the market. I look forward to meeting with as many customers and prospects as possible and hearing how we can further improve our offerings to meet your needs. If you have any questions, please feel to reach out to me directly at jbaldwin(AT)daptiv.com or +1-888-621-8361.