Mavenlink, SaaS provider for consultancies, opens an office in London
Mavenlink, a US provider of software solutions for the professional services and consulting industry, has entered the European market with the opening of an office in London. The firm has crafted ambitions plans for the region – Mavenlink plans to double its presence in the coming year.
Established in 2008, by Ray Grainger (a former Accenture partner), Roger Neel and Sean Crafts (both hold a background at Oracle), Mavenlink is a cloud-based software platform that facilitates project-based services. Using the system’s engine, teams at professional services firms can manage their projects, financials, collaboration, resource management, and business intelligence in a single unified environment.
Since establishing in the US, Mavenlink has seen strong growth, which includes consecutive years of triple digit growth. The company today works for companies like Genpact, Salesforce.com, Cornerstone OnDemand, and Buzzfeed, as well as thousands of other consulting firms, IT services organisations, creative agencies, and other professional services teams around the globe.
As part of the firm’s ambitious growth strategy – Mavenlink last year received $39 million in funding, taking the total capital raised to date to $84 million – the software player has ventured across the Atlantic to open its first office outside the US, where it has four hubs (Boston, Salt Lake City, San Francisco, Orange County). From its new base in London, Mavenlink aims at building a presence in the UK and Europe. “We’re excited to be launching our European office in London, a city where many of our current clients are based, to enhance our service offering and accelerate growth in the region,” said Ray Grainger, Mavenlink CEO and co-founder.
The company, which was named a ‘Cool Vendor’ by Gartner in 2015, expects to double growth in the region over the next twelve months. “We’ve been very fortunate to have had a significant and growing interest in our product across the European market over the past couple years.” The firm has meanwhile released several product enhancements to better support European countries, including support for European currencies and flexibility to customise workweeks based on regional holidays and schedules. Mavenlink was also recently certified under the EU - US Privacy Shield Framework, reflecting the firm’s commitment to user privacy, data security, and in particular the privacy rights of EU citizens.
The move marks the first step in a broader international push. In the next year, the company plans to double its number of employees globally, as well as announce at least one other international office opening to support growth. “This is an exciting time for our company,” said Grainger.
Mavenlink competes with several other large and boutique players in the software segment of the services market – an industry estimated to be worth $3 trillion globally. Other well-known players include ERP giants such as Oracle, SAP and Microsoft, and players such as Deltek, Kimble, as well as a range of startups flocking the market with innovative niche solutions. “There is tremendous transformation happening across the services industry. We look forward to partnering with professional services organisations, consultancies, and digital agencies in the UK and across Europe to enable them with the digital infrastructure required to succeed in today’s service level economy,” concluded Grainger.
