Over the last few years, the rapid and massive adoption of SaaS applications has driven immense productivity gains for companies. But this explosion has also led to companies having hundreds of SaaS apps and millions in spend with no concept of if or how they are being used. The result is wasted licenses and a lack of insight to shift investments to the applications that are truly driving value.
This problem presents an opportunity for a company to own this system of record and workflow for the enterprise. When we first met the team from Productiv, we were inspired by their vision for going beyond SaaS Management and pioneering the concept of application engagement—Application engagement goes far beyond simple discovery and license management. It requires powerful analytics to uncover how employees actually use SaaS applications and to optimize enterprise SaaS deployments to unlock business value. Companies already have a big need for help managing their unwieldy tech stacks and Productiv is poised to ride that wave of demand.
Jody, Ashish, and Munish’s product instincts and experience at Google, Microsoft, Amazon, and Linkedin make them the perfect team to lead innovation in this category. Productiv’s ability to collect and present real time insights and actions around a company’s SaaS investments will define this category for years to come and we at Accel are confident that they will be the platform that constantly improves the way work is done by optimizing the right applications for the right teams with the aligned investment.
One of the most magical parts of the startup ecosystem is watching a team go from an initial concept to customers receiving outsized ROI. Productiv has done this in just under a year's time and at this execution rate, I can’t imagine the amount of innovation we are going to see in this category driven by this team.
Since Day 1, we have been privileged to partner with the Productiv team and are excited to lead their Series A. Congrats to the Productiv team on the launch today!