ThinkTank announces US$20m in new investment
Plus record quarterly and annual results, and new executive hires
Denver, Colorado; 24 November 2015 – ThinkTank, the leading provider of Collective Intelligence software for the digital workplace, recently announced that it had raised US$20 million in equity capital from Amadeus Capital and existing investors, including the Swedish Pension Fund, and all management team members. ThinkTank will invest the proceeds in management team hires, sales team expansion, product innovation and global support of its world-class base of professional services, financial services, pharma, energy and industrial clients.
Specifically on the product front, ThinkTank will invest heavily in the enhancement of its existing capabilities in crowdsourcing, parallel input collaboration, synchronous and asynchronous session support, user anonymity, crowd assessment, surveying and idea assessment; while expanding product functionality in: i) collaborative analytics, ii) visual infographics, iii) UX enhancements, iv) user-specific session tracking, and v) multimedia file support.
Market impact and client success generates continued triple digit growth
ThinkTank continues to trailblaze the next frontier in collaboration software, providing the world’s largest organizations with Collective Intelligence software that improves strategic decision making and cultural engagement across digital workforces.
Posting its third consecutive year of triple digit growth, ThinkTank has recently signed global deals with two ‘Big 4’ consulting organizations, two of the largest investment banks, the largest global insurance company, a Fortune 500 energy client and two Fortune 500 pharma accounts. Other 2015 achievements include:
- Zero attrition in its installed base of top 20 customers over the past three years
- Increase in average deal size of more than 200% in 2015, vs. the same period in 2014
- 7 new clients purchasing more than $500,000 in annual software subscriptions
- Recognition from industry analysts, including 451 Group, Ovum and Aragon Research: “ThinkTank stands out in a crowded market as a solution that is able to accelerate organizations towards a common understanding and actionable business results. ThinkTank leverages anonymity, best practice methodology, real-time and asynchronous engagement, and parallel input techniques to overcome many of the social, political and technical challenges involved in leading diverse and distributed teams.”
- Largest pureplay vendor in a market that is growing at more than 50% annually, according to industry analysts.
‘Consulting led, ThinkTank driven’ success in end-markets
Global ProServ partners have relied on ThinkTank to transform the outcomes of their consultancy engagements for almost a decade. The more recent trend has been the proliferation of enterprise accounts that are purchasing directly from ThinkTank, often the result of successful, consultant led projects that inspired these clients to deploy ThinkTank themselves.
ThinkTank’s value proposition is predicated on using technology and domain expertise to create more inclusive, culturally engaged workplaces; thereby democratizing the ideation process and empowering corporate leaders to unearth the ideas that otherwise would have remained hidden in the ‘back of the room’. By exposing all ideas, structuring them, and then building consensus, ThinkTank enables leaders in Enterprise clients to improve outcomes. This value proposition lends itself to a perpetual, corporate wide usage model, which is driving more strategic implementations at Fortune 1000 clients for ThinkTank.
The results speak for themselves – extraordinary ROI
Customers are experiencing faster, better, more efficient outcomes:
- 96% express significant increase in stakeholder engagement, enjoyment and efficiency
- 91% achieve an outcome that exceeds expectations
- 79% experience a 50% or greater reduction in process time and effort
- 77% experience faster access to knowledge
- 68% materially reduce travel and communication costs
Prevalent use cases in 2015 have encompassed i) large-scale corporate strategy engagement, ii) budgeting, forecasting, and rapid enterprise-wide cost reduction, iii) change management for pan-organizational strategic initiatives, iv) risk mitigation, v) Big Data and technology transformation deployments, vi) Six Sigma and Agile Development and vii) HR and Organizational Development.
Key executive appointments
Concurrent with the fundraising, ThinkTank announced key additions to its sales organization with the appointments of Daren Tomey (EVP Sales), a sales veteran whose prior success spans ExactTarget (now Salesforce.com), Compendium (now Oracle) and ProofHQ (now Workfront); Jereme LeBlanc (EVP Strategic Alliances & Corporate Development), a former Wall Street executive and strategic advisor for hundreds of enterprise software clients while at Citigroup, Prudential Securities and TM Capital; and Jen Nye (Vice President), a recent Top 20 Women in Boston Tech winner and top producing account manager at Datawatch.
ThinkTank CEO, Matt Wenger, noted: “The information revolution has created a radical shift in human empowerment. Leading organizations are moving quickly from top-down command and control hierarchies to embrace new means of connecting and inspiring stakeholders in their mission. Our innovative digital workplace separates ideas from egos, helping leaders maximize the collective intelligence of the organization and execute truly aligned, collective action. We thrive on these philosophies as the core tenets of ThinkTank. Our growth, market validation, and recent fundraising are all byproducts of the game-changing value that our customers are experiencing – and I’m proud of what they represent. We will continue to reinvest in ThinkTank to create better product, a more diversified team and greater awareness around the value that Collective Intelligence brings to bear for customers.”
Mikael Johnsson, General Partner at Amadeus Capital, added: “Every enterprise in the world struggles to maintain growth and profitability in the face of highly competitive markets, new technologies, changing regulations, and risks of all kinds. Senior managers, in particular, must depend on their people to develop, execute and monitor the progress of strategic initiatives. Many of the most innovative and well-led firms have used ThinkTank to achieve their objectives, and we see tremendous potential for the company as the broader enterprise market adopts this highly collaborative approach to management and leadership.”