Parallax Secures $7MM in Series A Funding to Help Digital Services Companies Keep Employees Engaged + Accounts Profitable
Innovator of Professional Services Automation Sees 68 percent Increase in Customers Led by Demand for Increased Visibility into Health of Business and Team
EDINA, Minn., Aug. 18, 2021 /PRNewswire-PRWeb/ -- As companies worldwide learn to manage workloads and workforces in a remote environment -- digital services companies, in particular, are tasked with helping teams find the balance, while ensuring they also have an accurate understanding of the health of the business. A recent Parallax survey of digital services companies found that nearly 40 percent say their biggest challenge in operating a services-based business is keeping employees engaged, while one in three say understanding profitability of accounts is the most challenging. Parallax, provider of business insights that empower digital services companies to forecast with confidence, is committed to helping digital agencies and tech consultancies gain a more complete picture of resources and profitability and has secured $7MM in Series A Financing to help broaden availability of its platform. The funding round was led by Grotech Ventures with participation from Matchstick Ventures and Rally Ventures and will be used to ensure Parallax can support the ever-changing needs of digital services companies by continuing to innovate its platform, while also adding talent to keep up with demand.
"The talent turnover is real and businesses today are being forced to evaluate how they're supporting employees to ensure they remain engaged, productive and loyal, while also gaining clarity on the trajectory for profitability," said Tom O'Neill, founder and CEO of Parallax. "For services-based businesses, the ability to use data to accurately and easily forecast is critical for ensuring the correct resources are allocated. We have been on our customers' side as veterans of the services industry, so Parallax was founded as a means to alleviate the constant cycle of reactivity by delivering real-time business insights that finally help businesses operate in smarter, healthier and happier ways."
The Parallax platform was built from the ground-up by experts from within the industry who have real-world experience managing services companies and therefore, understand the operational nuances and struggles they're facing every day. As a result, Parallax has seen an explosion in demand that has driven a nearly 224 percent increase in customers year-over-year.
"As a design and development consultancy that values bespoke work, planning is critical to ensure we've got the right people ready when the time comes," said Brad Sukala, VP, Business Process at Think Company. "Because of Parallax, we have better visibility into the projects coming out of our sales pipeline and how they'll impact talent planning. This helps ensure that—from day one—our teams are working to improve our customers' products and their experiences."
"A crucial part of business growth and profitability is through accurate forecasting -- and that has never been more important for companies than it is today," said Lawson DeVries, Managing General Partner of Grotech Ventures. "We are excited to support Parallax through this phase of incredible momentum, as we know the team's approach and platform has a measurable impact on the success of other businesses."
Parallax predicts its momentum will continue into the year ahead and is anticipating a 200 percent boost in revenue in 2022. As part of its mission to support current and future customers, Parallax regularly compiles insights on trends and challenges from its Product Advisory Council (PAC), which includes over 140 businesses spanning Marketing, Custom Software Development, Managed Services and Corporate IT Services. For more information on how Parallax is helping digital services companies forecast with confidence, visit https://www.getparallax.com/.
About Parallax
Parallax delivers business insights that empower digital services companies to forecast with confidence for improved profitability and employee engagement. Built by leaders in digital services, Parallax is the only professional service automation platform designed to support the unique needs of agencies and software firms - combining real-time data with operational best practices to optimize resource planning and ROI. Backed by an intuitive user interface that easily integrates with existing business tools, Parallax helps companies better understand the health of their business to minimize workload inefficiencies and employee burnout while maximizing team utilization, revenue and growth.
About Grotech Ventures
Founded in 1984, Grotech seeks innovative, early-stage investments across the technology landscape and continues to invest and add value throughout the life cycle of each portfolio company. The firm has a strong combination of financial backing, industry relationships and deep domain and operational expertise to accelerate growth. With more than $1.0 billion in committed capital, Grotech supports early-stage companies through investments starting at $500,000. For more information, visit http://www.grotech.com.
Media Contact
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SOURCE Parallax
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