Daptiv Acquired By Parallax Capital Partners
Seattle-based project management software developer Daptiv is confirming today it has been acquired by software and technical acquisition firm Parallax Capital Partners, out of Laguna Hills, CA. The official announcement came this morning, after a report about the deal leaked late last week.
Daptiv, founded in 1997, develops on-demand collaborative business and project and portfolio (PPM) software. Some of its major clients include Chase Paymentech, Harvard University, Honeywell, and Virgin Blue. The company, which has brought in over $20 million in venture funding over the last 13 years, would not comment on the sale amount. However, citing M&A documents sent to shareholders, TechFlash reported the transaction amount as $12.6 million.
As part of the deal Parallax partner John Baldwin has been appointed as Daptiv’s CEO, taking the place of Mark Klebanoff. Klebanoff served as both CFO and COO at Daptiv, before taking over the position as chief executive after then CEO Chase Franklin stepped down in June. The company provided the following statement regarding the personnel change:
“Mark Klebanoff started at Daptiv as CFO, was promoted to COO and did an excellent job serving as CEO during the transition period. His work as been invaluable and Mark will be following other pursuits given that John Baldwin will assume the role of CEO effective immediately.”
The company also noted that although due to the “acquisition mechanics,” it will have to officially change its legal name to Daptiv Solutions, it will continue to be known and operate as Daptiv. Daptiv also confirmed that all of its current 90 employees will be retained as part of the deal, and it will continue its relationships with existing clients—some 500 enterprise customers and 80,000 subscribers. Regarding the acquisition, Daptiv provided the following comment from Baldwin, as both a Parallax representative and Daptiv’s new CEO:
“We’ve been interested in acquiring Daptiv for over a year, so we’re thrilled we have reached the agreement we are announcing today. We’ve looked at roughly 100 companies in the last year and closely evaluated more than 40. Daptiv is the only company that exceeded our bar for investment, which includes having a talented employee base, a strong list of satisfied enterprise clients, innovative products and excellent potential for future growth and success.”
According to a report by Xconomy’s national IT editor Greg Huang last month, Daptiv’s prior backers include Bay Partners, Kennet Partners, King Street Partners, and Wolf Bay Holdings.