14-Year Veteran Provider in Building Agile Enterprises Accepts First External Funding
BUFFALO, New York - May 9, 2018 - Targetprocess has raised a $5M Series A round to accelerate the growth of its visual management platform for Agile teams and organizations. The financing was led by the European Bank for Reconstruction and Development (EBRD), headquartered in London, and Zubr Capital, a private equity firm in Minsk, Belarus.
Unlike other providers in the Enterprise Agile Planning market, Targetprocess has grown profitably to support more than 1,300 customers and 51,000 licensed users without relying on external funding. Instead, it expanded through customer referrals for its unique and intuitive approach to visualizing work across an Agile enterprise.
Building on that success, Targetprocess will use the funds to further its support for managing scaled Agile programs, deliver new capacity planning features, and finish some under-the-hood improvements that help the platform advance even faster. The company will also speed its growth of sales, marketing and customer support in North America.
"The Agile solutions market is dominated by big, bloated providers that were created primarily through acquisitions," said Andrey Mihailenko, co-founder of Targetprocess. "We chose a different path. Through thoughtful growth, we focused on delivering the best platform for visualizing work across an Agile enterprise. We see that now is the time for us to hit the gas and share why our customers choose Targetprocess over CA Technologies, Atlassian and others."
Founded in 2004, Targetprocess provides an Agile management platform that enables its customers to visualize work across the organization, identify bottlenecks and make informed decisions about what to prioritize in the business. The company has offices in Buffalo, Toronto, Berlin, Nicosia and Minsk.
"Targetprocess has proven that it knows how to delight larger customers,” said Richard Leavitt, newly added Targetprocess independent board member and former EVP Marketing of Rally Software, now CA Technologies. “Agile continues to grow rapidly, but Agile vendors have blown way past the sweet spot of what teams need in ease of use, capability and price. I think Targetprocess can win over Agile pragmatists because of the company’s startlingly visual approach to supporting multi-team work - plus they save customers a ton of money over the aging, first generation Agile management products."
Targetprocess provides a visual Agile management solution that enables customers to scale Agile from a single team to the enterprise level. Teams can customize Targetprocess to match their ways of working, visualize work from multiple angles to understand the big picture, and present a unified view of progress up to the portfolio levels to drive smarter investment decisions. Founded in 2004, Targetprocess has been selected by more than 1,300 customers and 51,000 licensed users in 80 countries around the world. The company has offices in Buffalo, Toronto, Berlin, Nicosia and Minsk. For more information, visit www.targetprocess.com.