Managed and cloud services automation company BitTitan has acquired Perspectium, a ServiceNow partner that develops packaged integration processes for the IT service management (ITSM) platform. In other words, Perspectium helps MSPs and customers to make ServiceNow the system of record across multiple systems. Financial terms of the deal were not disclosed.
Together, the combined companies will be positioned to "map the future of IT service delivery, operations, and management," BitTitan asserts.
- This is technology M&A deal number 247 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
- Moreover, here's an expansive list of M&A deals involving ServiceNow partners.
The BitTitan-Perspectium deal reinforces ServiceNow's growing footprint across the MSP (managed IT services provider) sector. Top 100 Vertical Market MSPs such as Fully Managed and Thrive have essentially bet their growth on ServiceNow-related business opportunities. The same is true for Ensono, a Top 250 Public Cloud MSP that KKR recently acquired at an estimated $1.7 billion valuation.
What's driving the ServiceNow-MSP adoption wave? The short answer involves mid-market co-managed services built on ServiceNow, ChannelE2E has previously pointed out.
Why BitTitan Acquired ServiceNow Partner Perspectium
Now, BitTitan is jumping into the ServiceNow action. The newly acquired Perspectium solutions enable "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," BitTitan says.
Perspectium has roughly 75 employees across North America and Europe, and the acquired business serves roughly 20 percent of Fortune 500 companies in the United States. Perspectium raised an $8 million Series B funding round with a second investment from TVC Capital in April 2019.
BitTitan, meanwhile, has migrated more than 25 million users to the cloud for 46,000 customers. The buyer already helps MSPs to automate various Microsoft 365, Google Workspace and Amazon Web Services (AWS) cloud processes.
Pursuing ServiceNow ITSM Automation Opportunities
In a prepared statement about the deal, BitTitan CEO Geeman Yip said:
“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. 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.”
Added Perspectium CEO David Loo:
“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. 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.”
The deal is expected to close within 30 days or so. At that time, Loo will shift to chief product officer at BitTitan.