AtTask Raises $17 Million for Growth Funding Led by Greenspring Associates and Includes Escalate Capital, University Venture Fund and Domo's Josh James
SILICON SLOPES, Utah, Oct. 31, 2012 /PRNewswire/ -- AtTask (www.attask.com), an industry leader in Software-As-A-Service (SaaS) project and work management solutions, announced today that it has closed on a growth round of capital, raising a total of $17 million. This round was led by Baltimore-based Greenspring Associates, which has been an existing shareholder of AtTask since December 2009. This financing round will help precipitate AtTask's growth and further solidify its leadership position in the project and work management spheres.
Greenspring Associates has a proven track record of making direct investments in SaaS businesses, including ExactTarget, Proofpoint, ScanSafe, Vurv, Lithium Technologies, Cvent, Kareo and ChannelAdvisor.
"We believe that AtTask is positioned to exploit the inefficiencies in enterprise work management, demonstrating strong growth and taking extensive strides to enhance its product and team," said Jim Lim, Partner with Greenspring Associates. "Our investment with AtTask draws parallels to our experience at ExactTarget where we invested early in the company's growth cycle and subsequently invested heavily to help fuel ExactTarget's growth towards an IPO."
In addition to Greenspring Associates (Baltimore, MD), Escalate Capital (Austin, TX), University Venture Fund, (Salt Lake City, UT), and Domo founder and CEO Josh James, who was also co-founder and longtime CEO of Omniture, which sold to Adobe for $1.8 billion; joined to partner with AtTask in this round.
"AtTask is another example that proves globally competitive technology companies can be built and thrive outside of Silicon Valley," said James. "When I look at the opportunity in front of AtTask, I see similarities to Omniture. I have tremendous confidence that AtTask CEO Eric Morgan and his team will lead this SaaS business to a very successful future."
The proceeds from this capital raise will be used to accelerate the acquisition of market share by expanding the sales, marketing, development and services teams within AtTask.
"We have firmly established AtTask as a market leader in SaaS-based project and enterprise work management software and have been able to assemble a world-class executive team to focus and deliver on our market opportunity," declared AtTask CEO, Eric Morgan. "This growth round of capital is another critical step for AtTask, and we look forward to working with the investors who participated in this round, alongside current investor, OpenView Venture Partners, to help drive our growth."
For more information about AtTask, visit www.attask.com.
AtTask is the Software-as-a-Service (SaaS) leader in project and work management solutions for enterprise teams. AtTask provides the work visibility and accountability that enterprise departments lack by enabling knowledge workers to better receive, plan, prioritize, and coordinate their work. AtTask provides an easy-to-use solution that improves productivity, social collaboration, recognition, and results. AtTask has a broad range of customers including Global 2000 brands such as Nike, Cisco, ABC, ESPN, 3M, and Trek. Additionally, AtTask was recently recognized as a Leader in the Gartner Inc. 2012 Magic Quadrant for Cloud-Based Project and Portfolio Management (PPM) Services.
Contact: Lindsey R. Coyle
Bite Communications for AtTask