San Diego software startup Perspectium, which raised $8 million in venture capital just two years ago, has been acquired by an out-of-state buyer.
The company is being purchased by BitTitan, a tech startup in the Seattle area, and all 75 staffers will be absorbed, including Perspectium’s founder and CEO, David Loo.
Loo, a top San Diego engineer and the first employee of the now $109 billion tech giant ServiceNow, is joining BitTitan as chief product officer.
The financial details of the deal were not disclosed. The two startups, however, share an investor. TVC Capital, a San Diego growth equity firm, led a $15 million Series A round in BitTitan back in 2016. The startup has raised additional growth capital since then, but did not disclose the amounts raised.
TVC Capital also led Perspectium’s Series B round in 2019.
At Perspectium, Loo found a way to automate the transfer of information between disconnected software programs often used by corporate giants, linking them in a way that allows quick data transfer between platforms. Perspectium specializes in ServiceNow integrations, calling its work “integration-as-a-service.” The company’s customers have included T-Mobile, ServiceNow, Pepsi Co., McDonald’s and Southwest Airlines.
Similarly, BitTitan specializes in data migration and managed services automation, serving customers in the growing Microsoft, Google and Amazon cloud ecosystems. The company has served 46,000 customers and employs about 180 people (just over 250 after Perspectium staffers join the team).
“Not only will Perspectium bring ServiceNow integration to BitTitan, but also an industry-leading cloud data synchronization platform, strong technical employee base, and strong leadership that CEO David Loo has built,” wrote Geeman Yip, BitTitan founder and CEO, in an email.
BitTitan is retaining its brick-and-mortar San Diego office and plans to grow its employee base here, Yip said.
Loo called the acquisition a natural fit.
“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,” Loo said in a statement.
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April 27, 2021 at 10:00PM
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Perspectium, founded by ex-ServiceNow engineer, gets acquired by Seattle-based startup - The San Diego Union-Tribune
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