BitTitan also plans to bring Perspectium’s data synchronization platform into the Microsoft ecosystem, where it has not played until now, and introduce it to BitTitan’s channel partners.
In early 2020, BitTitan announced that having secured the financing to facilitate a strategic acquisition strategy and having hired a M&A specialist to help bring the right deal about, they were ready to begin the hunt for the company’s first acquisition. Today that finally comes to fruition, as BitTitan is announcing that it has entered into an agreement to acquire Perspectium, a company in the ServiceNow ecosystem, which makes packaged integration processes for ServiceNow customers. The deal is expected to close within 30 days.
BitTitan of course is a major player in the Microsoft ecosystem, where Perspectium has had no presence before now. The attraction here is that BitTitan sees Perspectium as ideally suited to be brought into the Microsoft ecosystem, and to give BitTitan an entrée into the ServiceNow ecosystem in the ITSM [Information Technology Service Management] world.
“Perspectium is the world’s best kept secret,” said Geeman Yip, BitTitan’s founder and CEO. “They are a niche product that does data synchronization as a service for ServiceNow customers. They are not in the Microsoft ecosystem, and that’s why they are not well known to those in the Microsoft world.”
Data synchronization is an idea whose time has come, Yip stressed. Perspectium has made ITSM easier by enabling the seamless adoption of ServiceNow functionalities through eliminating information and data silos. It’s a capability that today can be extended beyond the ITSM universe, and at great scale.
“Data synchronization is such a great platform to jump off for many different scenarios,” he said. “We are no longer in this Active Directory-driven world, because of the fragmentation of data today. So many legacy apps exist that are so difficult to move into the new SaaS world and require short-term, long-term or even permanent co-existence. I thought about this almost a decade ago, but the technology wasn’t there yet to scale in the cloud. That’s why we have always been just a one-time sync company. Now fast forward, and with cloud computing and containerization, now you get large scale synchronization platforms at a very low cost. This will be groundbreaking, because instead of these ‘big bang’ type of migrations, we can now have migrations that could last years, and won’t affect employees at all, so they won’t affect top line revenue, and in some cases, it’s permanent synchronization.”
Yip sees major synergies between Perspectium and BitTitan’s MigrationWiz and Voleer businesses.
“I call them ‘collabs’ internally,” he said. “I’m not at liberty to disclose exactly what those collabs are, but you will start seeing some new collab projects of product ideas from these product synergies by Q3 of this calendar year. This is the speed at which we will be delivering new product ideas. This will bring this perspective into the Microsoft ecosystem.”
Likewise, Yip emphasized that BitTitan will greatly strengthen both Perspectium and its total addressable market.
“We have a great deal of knowledge in building connectors in the Microsoft ecosystem,” he said. “We will bring them into the Microsoft ecosystem, whereas today they predominantly operate in the ServiceNow ecosystem. We are a channel-first company, so will be bringing Perspectium directly to our channel ecosystem. Companies with monolithic systems will be able to leverage Perspectium to migrate and transition and co-exist with the Microsoft ecosystem.”
Yip noted that while Perspectium has had a hybrid model, their focus has been more on the direct side.
“They predominantly focus on Fortune 1000 customers,” he said. “That is where their sweet spot is. They have some technology providers and service providers that they use, but that’s not mainly where their target is today. I do see this as a huge channel play. Legacy applications are not a self-service motion. You need a technology partner with integration expertise to ask the right questions. I see BitTitan as maturing the Perspectium channel and bringing this to Microsoft partners.”
David Loo, Perspectium’s CEO will join BitTitan as Chief Product Officer.
“I’ve known David for years, and we get along very well,” Yip said. “When I found the platform, I knew this was it, and I talked with David for many months about it. The technology is great, but I bet on people. They have the same customer-first and employee-first mentality that BitTitan has.”
The CPO position is a new one for BitTitan.
“We haven’t had one before,” Yip said. “We have had a CTO before. But the whole CTO role has become dated, because its about platform, platform, platform, and if we build it, they will come. The CPO looks at the holistic product experience. Our products have to be created with a customer first mentality.”
All of Perspectium’s staff will join Loo in coming over to BitTitan.
“100% of all Perspectium employees will become BitTitan employees,” Yip said. “I feel they are understaffed and underresourced. Over the next six months, in addition to adding operational excellence, we will provide people expertise and will be fleshing out some of their departments that we really want to invest more in.”
While this is BitTitan’s first-ever acquisition, Yip said he has no concerns about the integration not being a success.
“Generally, acquisitions are about the top line,” he noted “Now the top line is very important. I have to report to an investor too, and shareholders, which includes our employees. But the top line isn’t the only thing. I do what I do because I love it. I acquire companies that I love, and I want to work with, because I admire them. That’s the fundamental difference between our acquisition strategy, and companies who acquire who are not founder-led.”
Some further acquisitions could be in the offing.
“There are a handful of acquisitions I already have in my mind,” Yip noted. “There are some companies that that I’m targeting and in talks with. Now you never know if they will work out, but I want to get to know the founders of these organizations so they can contribute not only to our platforms but also to our culture. I cannot say definitively whether or not we will have another acquisition in 2021. It is something I’m shooting for. But 2022 becomes a higher likelihood.
“In any event, BitTitan will continue to acquire more organizations to flesh out our vision, and will continue to invest in our channel,” Yip added. “There will be a lot more announcements from us in the second half of 2021, which I’m very excited about, and see some shock and awe in the market here. I want to be a leader in what we do in the space, but also want to be seen as one of the most admired companies in the IT field, not only because of the innovations, but the practices and values that we preach and we operate.”