Led by TVC Capital, Funding to Help Drive Global Expansion, Accelerate Product Roadmap
KIRKLAND, Wash. – June 9, 2016 – BitTitan, the leader in cloud services enablement, today announced it closed a $15 million round of Series A financing led by TVC Capital, a San Diego-based growth equity firm focused on investments in enterprise software companies. The round also included participation from Tao Capital Partners, a San Francisco-based family office. The funding marks the first time BitTitan has raised any capital since its founding in 2007. BitTitan will use the financing to further establish its position as a leading cloud services enablement provider, to augment its MSPComplete platform with more managed services automation capabilities, and to aggressively expand into new geographic markets. The company also announced Steve Hamerslag, managing partner at TVC Capital, will join its board of directors.
“BitTitan is our largest Series A funding to-date,” said Hamerslag. “It is rare for a bootstrapped company to have achieved BitTitan’s degree of growth, and we regard this as a testament to Geeman’s fearless leadership and the exceptional management team he assembled. Serving on the board, I look forward to working with this proven and dynamic team as they continue to expand globally and help shape the cloud services market.”
A pioneer in the cloud services brokerage (CSB) market, BitTitan modernizes cloud service delivery with its flagship offering MSPComplete, which empowers IT service providers to sell more cloud products, onboard customers to the cloud, and create reoccurring revenue. BitTitan also supports many leading cloud ecosystems including Microsoft, Amazon, Google, and Dropbox.
“Over the next five years (from 2016 through 2020), over $1 trillion in compounded IT spending will be directly or indirectly impacted by cloud shift, making cloud computing one of the most disruptive forces of IT spending since the early days of the digital age,” wrote Ed Anderson, research VP, and Michael Warrilow, research director, at Gartner.
Since its founding, BitTitan has demonstrated substantial momentum across all facets of the company. BitTitan has grown top line revenue 50 to 100 percent in each of the last five years and, in the last year alone, doubled its number of partners. With employees across the world and an office in Singapore, BitTitan has helped over 4 million users from more than 100,000 companies spanning 125 countries adopt the cloud. BitTitan’s partner ecosystem includes more than 7,000 leading managed service providers (MSPs), systems integrators (SIs), and leading distributors including Ingram Micro, Tech Data, HP, IBM, Avanade, Rackspace, New Signature, Softbank, and SADA Systems.
“The decision to partner with TVC Capital was less about the money, and more about Steve and his team’s domain expertise and hands-on approach to helping us expand and further dominate as a cloud leader,” said Geeman Yip, founder and CEO of BitTitan. “BitTitan started in my basement, and for the past nine years, we’ve bootstrapped our way to tremendous growth. This funding validates us both as a leader in the cloud services enablement market and as a disruptive force in modernizing the process of moving mission-critical workloads to the cloud. We are eager to begin this chapter alongside the wealth of experience and genuine commitment TVC Capital brings to the table.”
1 Gartner, Market Insight: Cloud Shift — The Transition of IT Spending from Traditional Systems to Cloud, 18 May 2016