21 Jul 2014
ICON has advised the management team of rapidly growing SaaS-based Project Management (PM) software company ProjectManager.com on raising $3.5 million in new funding to help fuel the growth of the business in the United States.
The round was led by Zeus Management Limited, a New Zealand-based group of investors well-known in the software industry, and the funding will be used to support ProjectManager.com's rapid growth and help build out its sales and marketing presence in the US, where 80 percent of its user base resides.
ProjectManager.com’s PM software comes with social, video, mobile, and content tools already built into its platform allowing users to collaborate while managing, tracking, and organizing projects.
The company’s customers include companies and organizations like NASA, Volvo, Kantar and the United Nations, with more than 15,000 users worldwide, 150,000 subscribers to its mobile app and over 500,000 active members in its social network community.
“The next step in our journey is to establish a US sales and marketing operation, to better support our customers,” stated Jason Westland, ProjectManager.com CEO. “Our US customers want local assistance when training, rolling out, and migrating new users onto our platform. This funding round will help us achieve that goal.”
Eddie Harding of ICON Corporate Finance who advised management on the deal said “ProjectManager.com has a unique product with an unrivalled social network community and this funding will enable it to capitalise on the significant market potential for its offering in the US”.
In addition to the new funding, ProjectManager.com has also established a top-notch executive board of directors to lead the charge in the US. Guy Haddleton, co-founder of Anaplan; Herb Hunt, former IBM executive and director of the Wynyard Group; and Graham Shaw, director of Xero, bring their experience and drive to the table to help ProjectManager.com grow. The three new Directors will extend the company’s business strategy to focus on the enterprise market and help the company further scale its fast-growing user base, as well as exposing the company to their extensive network of contacts and partnerships.
"We are excited by the opportunity ProjectManager.com has in the U.S. marketplace,” said Andrew Clements, director at Zeus Management Ltd. “With a fast revenue growth rate, a proven platform and an impressive customer base, it's destined for greatness."
ProjectManager.com started operations in 2008 and is headquartered in New Zealand with offices in the Silicon Valley.