Tasktop said the $11 million in funding from this venture capital round will be used to help the company maximize the reach of its SLI platform by expanding into new markets. Tasktop is the creator of the Eclipse Mylyn open-source task management tool and also offers Agile, application lifecycle management (ALM) and DevOps solutions for enterprises.
"The primary focus of this investment is to expand the commercial part of our business," said Neelan Choksi, president and chief operating officer at Tasktop, in a blog post.
"We have been focused on building Tasktop Sync into the first platform capable of providing end-to-end DevOps integration," said Mik Kersten, Tasktop founder and CEO, in a statement. "And we've been gratified to see such terrific market demand. After bootstrapping to 70 people over seven years, this investment will accelerate the growth of our customer-facing team to keep up with the market demand, as well as dramatically expand the reach of our integration platform."
Tasktop also announced that John Thornton, general partner at Austin Ventures, and Mike Satterfield, partner at Yaletown Venture Partners, have joined the Tasktop board of directors.
"Tasktop's success to date is not surprising," Thornton said. "They've put together a top-notch management team, cultivated key partnerships and developed an enterprise-grade product for an under-served market. By helping them expand their sales and marketing operations, we expect to see further acceleration of their growth."
Since the company was founded in 2007, Tasktop has built partnerships with industry leaders such as CA, HP, IBM and Microsoft. Tasktop's customers are the global leaders in financial services, insurance, government and manufacturing, and include five of the top 25 banks in the world and three of the top seven U.S. insurance companies, the company said.
"Software development is core to modern innovation, and uniting the entire software development and delivery team, from business and portfolio analysis, through development and test, and into operations, has become a 'must have' for enterprises," said Mike Satterfield of Yaletown Venture Partners. "This is what Tasktop delivers, and it puts them in the unique position of meeting a pressing need across a diverse range of industries."
Tasktop Sync, the company's flagship product, improves software delivery by enabling collaboration across the multiple disciplines involved in the software development process. It provides automated enterprise-scale synchronization among some of the most widely adopted ALM tools, including requirements management, test management, Agile project management, project and portfolio management (PPM), and service desk products.
"We will also grow the breadth of our integrations portfolio so that we will provide coverage for the top 80 percent of the market-leading tools in every category we support (project/portfolio management, requirements management, Agile planning, change management, test quality assurance, and help desk/ITSM)," Choksi said in his post. "Finally, we will evaluate adding integrations into adjacent markets based on customer demand. In essence, we have raised funding to do a lot more of what we've been doing."
A video of Kersten and Choksi discussing Tasktop's future with eWEEK can be found here.