Tagetik, provider of enterprise software solutions for performance and disclosure management, financial governance and business intelligence, announced the completion of a capital increase and sale of a minority stake to White Bridge Investments.
With the $36 million capital investment, Tagetik will look to accelerate growth in strategic international markets, enhance the organizational and commercial structure to support future growth, promote product innovation in the areas of cloud, in-memory, mobility, and develop industry vertical and process-specific pre-packaged solutions.
Tagetik reported record revenues and 25 percent revenue growth for the year ending Dec. 31, 2013, making it the 12th straight year of double-digit growth, and the company is currently tracking 35 percent year-over-year revenue growth in the first six months of 2014.
Tagetik also announced the appointment of founder Pierluigi Pierallini as chairman of the board and of Marco Pierallini and Manuel Vellutini as co-CEOs.
“Bringing in an external investor after so many years of successful self-funded growth is an important milestone for Tagetik,” stated Pierallini. “We are conscious of the tremendous opportunities available to the company in the coming years and we believe that White Bridge represents the best partner to support our expansion in several key markets while retaining our ‘Performance with Passion’ culture and best-in-class customer satisfaction ratings. The international network and experience of White Bridge will bring new opportunities to Tagetik and we all look forward to a strong long-term relationship as we work towards our common goal of continually delivering the best CPM solutions to customers worldwide.”
Tagetik’s business plan includes growing market penetration in North America through the hiring of local managers and the development of industry specific verticals and pre-packaged solutions, according to co-CEO Vellutini.
"We are very excited about Tagetik’s growth prospects as a provider of software solutions for the CPM market,” stated Stefano Devescovi, co-CEO of White Bridge Investments, a holding company supporting the value creation of small to medium-sized Italian companies. “Tagetik has invested heavily in the development of the leading unified CPM platform specifically designed for the office of the CFO. We expect Tagetik will continue to capitalize on its technological edge to achieve superior growth. Our long-term investment approach suits well the company’s needs and vision; we are very excited to partner with such a talented management team.”