The end of April was a busy month for BitTitan, the Seattle-based cloud-enablement company and global leader in migrations and managed services automation. BitTitan announced its acquisition of Perspectium, a San Diego-based tech company that specializes in packaged integration processes for ServiceNow® customers. Perspectium’s data synchronization software enables the seamless adoption of ServiceNow functionalities by eliminating information and data silos.
The acquisition was BitTitan’s first and marked a huge step toward realizing its vision as serving as the world’s IT gateway. By acquiring Perspectium, BitTitan – which already supports the Microsoft, Google and Amazon cloud ecosystems – expanded its footprint to include customers in the ServiceNow ecosystem and support SaaS-based IT service management (ITSM). The global cloud ITSM market is expected to grow to more than $12 billion in value by 2025.
The acquisition was also a huge point of pride for BitTitan founder and CEO Geeman Yip, who bootstrapped the company from his garage in 2007. Before the acquisition, BitTitan raised only one round of private equity investment, a Series A capital round of $15 million from TVC Capital in 2016. The company has largely relied on its own organic growth to expand its business.
In a video to BitTitan and Perspectium employees, Yip shared his vision for how Perspectium technology will support their combined customer base. He also teased the new solutions that are on the horizon for later this year.
A range of local and national business, technology and trade publications picked up the acquisition news. Rich Freeman, executive editor with the ChannelPro Network, named BitTitan’s acquisition of Perspectium his top story of the week in his 5-minute weekly roundup. Freeman noted he was intrigued by BitTitan’s “data synchronization as a service” strategy and the potential for new cloud opportunities. He called the news a forward-looking story worth keeping an eye on, potentially opening new business for MSPs.
Below are links to the coverage this news received. While the acquisition made quite the splash within the tech industry, it appears the biggest developments are still to come.