By James Black, Somesh Dash, Steve Harrick, and Ajay Vashee
Today, IVP is proud to announce our investment in Productiv, the leading enterprise SaaS Management Platform! Productiv’s real-time engagement data enables customers to visualize, rationalize, and maximize their SaaS application spend and usage. IVP is the lead investor in Productiv’s $45M Series C financing, and Steve Harrick will join the company’s Board of Directors.
Here’s why we are so excited about Productiv:
SaaS Proliferation = SaaS Management Headaches
The abundance of SaaS applications has vastly improved how knowledge workers interact with software. But as SaaS adoption accelerated, CIOs moved to a world with less visibility and control over software cost and usage. Tracking applications through manually updated spreadsheets and endless browser tabs has become the default SaaS Management solution, creating a nightmare for IT teams. With many enterprises using well over 100 SaaS applications, these manual workflows are cumbersome, inefficient, and costly.
Answering the Difficult Questions
Imagine you are a CIO managing SaaS applications. Common questions will likely include:
- How many SaaS applications do we use and how much do we spend on each one?
- When are our contracts up for renewal and how can we prepare?
- Are we using all of our Salesforce licenses?
- Why do we pay for three different file storage vendors?
- Are we paying more for software than our peers?
While most CIOs cannot quickly answer these questions, Productiv surfaces these insights instantly. How does it work? Productiv analyzes a lot of data — login data, contract data, org chart data, expense data, and more. But the company’s key differentiator is usage data. To answer the hard questions, usage data is paramount. Want to know if an employee needs the Zoom Pro license? Productiv can analyze their usage of premium features and automatically upgrade or downgrade them to the correct license.
A Product that Customers Love
We knew Productiv was building an exceptional product when we learned that no fewer than nine IVP portfolio companies were Productiv customers. Speaking with these customers, we were blown away by the overwhelmingly positive response. CIOs see immediate value from Productiv, with many reporting an ROI greater than 3x. Productiv enables IT leaders to tackle the estimated $30B annual spend on unused software. But spend management is just the tip of the iceberg. Customers also detailed how they use Productiv for procurement, security, IT automation, and employee enablement. We’ve seen the complete product roadmap and can confidently say there are many more features to come — Productiv is just getting started!
Experienced Team with Big Aspirations
Quickly into our first call with the Productiv team, we knew this was a special group. For the last two decades, co-founders Jody Shapiro (CEO), Ashish Aggarwal (CTO), and Munish Gandhi (COO) have had their hands in building iconic enterprise tools like Google Analytics, eBay Marketplaces, Amazon Infrastructure, LinkedIn Sales Navigator, and Microsoft Teams. At Productiv, they joined forces to solve SaaS Management and are on a mission to build the best tool for every company with an extensive SaaS portfolio. Their goal is not only to help CIOs and IT teams but also to make every employee a more productive software user.
We are thrilled to work alongside Jody, Ashish, Munish, and the entire Productiv team on their hypergrowth journey! If you want to jump on the rocketship, Productiv is hiring. Visit here to see open positions.
James Black, Somesh Dash, Steve Harrick, and Ajay Vashee are investors at IVP, a later-stage venture capital firm based in Menlo Park, CA.
Originally published at https://www.ivp.com on March 31, 2021.
