BitTitan, a hosting and cloud service automation company, acquired Perspectium, a ServiceNow partner that developed a packaged integration process for the IT Service Management (ITSM) platform. In other words, Perspectium helps MSP and customers make ServiceNow a system of record across multiple systems. The financial terms of the transaction were not disclosed.
BitTitan asserts that the combined company will be collectively positioned to “plan the future of IT service delivery, operation, and management.”
The BitTitan-Perspectium transaction strengthens ServiceNow’s growing footprint in the MSP (Managed IT Service Provider) space. The top 100 vertical market MSPs, such as fully managed and Thrive, basically bet their growth on business opportunities related to ServiceNow. The same is true for Ensono. KKR recently acquired a top 250 public cloud MSP at a valuation of $1.7 billion.
What is driving the wave of ServiceNow-MSP adoption? In short, ChannelE2E previously pointed out that the common management service in the mid-market is based on ServiceNow.
Why BitTitan acquired ServiceNow Partner Perspectium
Now, BitTitan is joining the ServiceNow campaign. The newly acquired Perspectium solutions enable “seamless adoption of ServiceNow functionality by eliminating information and data silos. These solutions help customers synchronize tens of millions of records every day, making ServiceNow data a cross-system recording system,” BitTitan said.
Perspectium has approximately 75 employees in North America and Europe, and the acquired business serves approximately 20% of Fortune 500 companies in the United States. Perspectium raised US$8 million in Series B financing through TVC Capital’s second investment in April 2019.
At the same time, BitTitan has migrated more than 25 million users to the cloud for 46,000 customers. Buyers have helped MSP automate various Microsoft 365, Google Workspace, and Amazon Web Services (AWS) cloud processes.
Pursue ServiceNow ITSM automation opportunities
David Loo, CEO of Perspectium
Geeman Yip, CEO of BitTitan
In a prepared statement regarding the transaction, BitTitan CEO Geeman Yip said:
“Perspectium pioneered synchronization as a service. It is an excellent company with talented employees, dedicated customers, and is committed to providing first-class packaged integrated products. This acquisition is to realize our role as a global IT portal and support the next generation of IT This is an important step in the vision to manage operations and provide complete market-leading IT solutions. We are very happy to work with such an outstanding company and look forward to serving IT professionals across the globe.”
Add Perspectium CEO David Loo:
“By joining BitTitan, our company will immediately expand its global footprint and enable our data and process synchronization technology to further innovate and develop. This is a natural match. Our customer base is complementary, enabling mutual customers to expand from Benefit from our SaaS-based product suite, which uses technology and automation to solve today’s IT problems. We uphold the concept of customer first, and we are excited about the opportunities ahead.”
The transaction is expected to be completed within 30 days. At that time, Loo will be transferred to the chief product officer of BitTitan.
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