Daptiv Solutions, a Seattle-based project portfolio management company, has been acquired by Changepoint, a Toronto company that builds professional services automation software.
The specific terms were not disclosed, but the deal comes four years after Daptiv was sold to private equity firm Parallax Capital Partners for $12.6 million. Daptiv was founded as eProject 17 years ago by Seattle entrepreneur Shane Jones, and was previously led by former Qpass CEO Chase Franklin.
Following the acquisition, Changepoint is able to provide a wide range of PPM and PSA products, including on-premise, hosted and Software-as-a-Service solutions. Combined, the two companies have brought in $67 million in revenue this year, and each have a number of high-profile customers including Experian, Chase Paymentech, Precor and Panasonic North America. The combined company will have 300 employees conducting operations across six continents.
For now, the two companies’ separate product lines will continue to exist, though Daptiv and Changepoint have begun work on merging relevant features into one another’s products.
Because Daptiv’s products don’t directly compete with those made by Changepoint, each will continue on their existing roadmaps, at least for the time being. Changepoint is on track to make its Changepoint 2014 release by the end of September, while Daptiv will continue releasing new product updates every month.
“Changepoint is now in the enviable position of having proven world-class software solutions that span across varying delivery methodology requirements of customers, and will continue aggressive development to meet and stay ahead of the ever-changing needs of our markets,” Brandon Evans, Changepoint’s Vice President of Technology, said in a press release.
Daptiv’s management team is being combined with Changepoint’s, with many of the startup’s executives staying on to work in leadership roles at the combined company.