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BitTitan Acquires Perspectium to Address Growing ITSM Market
BitTitan is buying Perspectium, a deal that should close sometime within the next month. This is a significant investment in data synchronization and workflow technology. With it, BitTitan aims to increase its global footprint to deliver a slew of new IT solutions.
Perspectium employs more than 75 people across the U.S. and Europe. The company’s CEO, David Loo, will join BitTitan as chief product officer.
Bringing Perspectium’s solutions into the fold will address an already sizable and growing segment of the IT service management (ITSM) market. The acquisition will enable the easy adoption of ServiceNow functionalities by getting rid of information and data silos. As a result, these solutions help customers synchronize tens of millions of records every day. Basically, this allows ServiceNow data to be the system of record across systems.
Breaking Down Silos
BitTitan’s Geeman Yip
“The combination of BitTitan and Perspectium will “unsilo” IT service management (ITSM) solutions. This will allow the data to be accessible and viewable in other systems that require the same information,” said Geeman Yip, CEO of BitTitan. “So, we will also enable automation directly at the source of IT requests, improving workflow for our customers.
“COVID has accelerated technology adoption around the world,” Yip added. “Through this acquisition, BitTitan is looking to lead in providing solutions that help companies to realize more value through data and workflow integration.”
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The transaction will enable both companies to address several key aspects of the ITSM market, which analysts expect will grow to $12.2 billion by 2025, according to MarketsandMarkets research. BitTitan will continue to serve customers in the Microsoft, Google and Amazon ecosystems.
Expanding the Global Footprint
“Perspectium pioneered synchronization as a service. [It] is a remarkable company with talented employees, dedicated customers and a commitment to providing best-in-class packaged integration products,” said Yip. “This acquisition is a major step toward achieving our vision of serving as the world’s IT gateway the next generation of IT operations management, and offering the full continuum of market-leading IT solutions.”
The acquisition brings benefits to both companies, aside from growing the global footprint. BitTitan 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.
The acquisition will enable both companies to develop additional technologies and go-to market strategies. These will service their combined customer base in the IT services sector. This will lead to enhanced customer service and accelerated time to market, for instance.
