Technology Selection Management Software Vendor SelectHub Posts Record Growth in 2015
Denver, Colo (PRWEB) January 25, 2016 -- SelectHub, a technology selection management (TSM) software provider, today announced a record 267% growth in revenue in 2015, adding companies such as ABC Supply Company, CNO Financial Group, Weis Markets, PBF Energy, Arapahoe County and the State of Colorado to its customer roster. SelectHub’s enterprise user-base saw a 315% growth to over 3,000 users participating in over 1,000 technology selection projects, including 141 RFIs and RFPs.
SelectHub’s software catalog, used to evaluate and compare products during a selection process, has grown to include over 3,500 pre-vetted vendor solutions. Many of the solutions in the catalog are linked to vendor rating scorecards and leaderboards in popular categories such as CRM, ERP and business intelligence. Software comparisons can be made across a common set of requirements based on prior RFI / RFP vendor responses and community-driven market research curated by SelectHub’s analyst team.
“2015 was an encouraging year for us in terms of user growth and revenue trajectory, however what was more satisfying was that we saw recognition of the value of technology selection management with TSM taking hold as a formal discipline across our customer base. TSM’s growth is attributed to providing real world improvements in the IT selection and sourcing process—helping our users eliminate costly errors in their selection initiatives, while delivering speed, transparency and enhanced collaboration to the process.” said Venkat Devraj, CEO, SelectHub.
“Last year we also set up operations in Austin, TX and extended our team footprint in Denver, CO and Montreal, Canada. Continuing the growth trajectory we are on, we plan on tripling our employee headcount in 2016 across all three locations” continued Devraj.
Jamie Culter, CIO at QEP Resources, a SelectHub customer said “it is good to see partners like SelectHub posting strong growth and demonstrating success. SelectHub’s platform helps our IT department deliver technology selection as a service to our peers and internal customers. Our department’s operating model relies on the kind of ingenuity partners like them bring to keep our operations lean and effective over the long haul.”
SelectHub also closed an incremental $1.5M funding round in December 2015 bringing total capital raised to over $3M. Investors include Basil Partners, a Singapore-based venture capital fund, Om Capital and Sunnyvista Corporation, a fund based out of India. SelectHub’s president Steven Sowin added “The additional capital will help us scale the predictable revenue model we have established in 2015. In spite of the capital raise, SelectHub remains largely employee-owned and the resulting culture—along with a proven ability to deliver an unparalleled technology selection suite to enterprise users—has driven the kind of success that is consistent with companies that have raised significantly larger Series A and B rounds.”
About SelectHub
SelectHub is a cloud-based technology selection management (TSM) software platform helping streamline software selection and IT sourcing to be more agile and collaborative. The platform supports a comprehensive set of evaluation stages from requirements gathering to vendor shortlisting, managing demos and user trials, RFI / RFPs and contract negotiation. SelectHub customers include Hunter Douglas, Advanced Energy, QEP Resources and the State of Colorado.
To learn more, please visit http://www.selecthub.com.
Michael Shearer, SelectHub, https://selecthub.com, +1 720-257-9520, [email protected]
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