BitTitan Acquires Perspectium, Expands Portfolio to Address Growing Market Demand for IT Transformation SolutionsCreator of MigrationWiz makes acquisition following strong double-digit revenue growth in 2020, unlocking new market opportunities to integrate data and work processes across business systems
April 27, 2021
BitTitan®, the developer of MigrationWiz®, Voleer® and a global leader in migrations and managed services automation to enable the modern workplace, today announced it has entered into an agreement to acquire Perspectium, the global innovator in packaged integration processes for ServiceNow® customers. With this significant investment in data synchronization and workflow technology, BitTitan is increasing its global footprint to deliver new IT solutions. The deal is expected to close in 30 days.
Perspectium employs more than 75 employees across North America and Europe, and its customers include approximately 20% of Fortune 500 companies in the U.S. The company’s CEO, David Loo, will join BitTitan as Chief Product Officer.
Perspectium’s solutions address a large and growing segment of the IT service management (ITSM) market, enabling the seamless adoption of ServiceNow functionalities by eliminating information and data silos. These solutions help customers synchronize tens of millions of records every day, allowing ServiceNow data to be the system of record across systems.
By coming together, the transaction will enable both companies to address several key aspects of the ITSM market, which is expected to grow to $12.2 billion by 2025, according to MarketsandMarkets Research. At the same time, BitTitan will continue to serve customers in the growing Microsoft, Google and Amazon ecosystems.
“Perspectium pioneered synchronization as a service, and is a remarkable company with talented employees, dedicated customers, and a commitment to providing best-in-class packaged integration products,” said Geeman Yip, BitTitan founder and CEO. “This acquisition is a major step toward achieving our vision of serving as the world’s IT gateway, enabling the next generation of IT operations management, and offering the full continuum of market-leading IT solutions. We couldn’t be more thrilled to unite with such an amazing company and look forward to serving a broader range of IT professionals across the globe.”
The acquisition brings a host of benefits to both companies. BitTitan, which currently operates in 188 countries and has migrated more than 25 million users to the cloud for 46,000 customers, will expand its offerings into a new ecosystem that includes ServiceNow customers and technologies. For Perspectium, BitTitan brings additional resources and experience as a global organization to continue its aggressive growth. Together, the combined companies will be positioned to map the future of IT service delivery, operations, and management.
Both companies tout strong market share and high customer-satisfaction ratings. The acquisition enables them to develop additional technologies and go-to market strategies to service their combined customer base in the IT services sector, leading to enhanced customer service and accelerated time to market.
“By joining BitTitan, our company will immediately increase its global footprint and enable the further innovation and growth of our data and process synchronization technologies,” said David Loo, CEO of Perspectium. “It’s a natural fit. Our customer base is complementary, enabling joint customers to benefit from an expanded suite of SaaS-based products that address today’s IT problems through technology and automation. We share a customer-first philosophy and we’re excited for the opportunity ahead of us.”
Last year, BitTitan successfully grew its revenue and profits, despite the significant challenges of a global pandemic. The prospects for 2021 look even more robust as BitTitan has cemented its importance to the IT market and as cloud adoption continues to accelerate. The acquisition is a critical step in the company’s growth strategy and its commitment to serve the growing customer base of managed service providers and internal IT teams.
Financial details of the acquisition were not disclosed.