16 years ago, SysAid was founded to improve the lives of IT professionals. Our original team had spent years on the service desk and lived the challenges that SysAid ventured to solve. Here’s a little known fact: I was SysAid’s first IT admin and used our software to serve customers.
Bootstrapped, lean, and committed to IT professionals, we built SysAid with our own capital. We were diligent about listening to customers and creating what they needed. Unlike our venture capital-backed competitors, we had to run a profitable business. And we have. For 16 years.
Recently, though, we began to feel like our roadmap had a speed limit. We knew we could innovate and deliver faster if only we had access to more capital.
So, a year ago, we started searching for a partner who understood SysAid’s business and would respect our dedication to the IT service management (ITSM) community. Thankfully, we found Israel Growth Partners (IGP).
In November, IGP made a $30 million investment in SysAid, the fund’s largest investment to date. We welcomed IGP General Partners Haim Shani and Uri Erde to the SysAid board of directors.
This New Year, SysAid has never been better equipped to grow and innovate. Our resolution is to uphold SysAid’s steadfast dedication to IT professionals and the ITSM community. This investment is about you, our customers.
Today, I want to answer some questions about IGP’s investment. What does it mean for SysAid’s future? How will it affect you?
First, you probably know that we compete in a crowded space against VC-backed competitors whose goal is to get acquired. That’s not SysAid’s style. Serving IT professionals was and is our end goal. We partnered with investors in order to accelerate our growth and potential for innovation. Our mission continues.
Second, SysAid’s 10,000 customers are in 140 countries. For years, we’ve wanted to open offices in your backyard, where teams can work during your business hours and show up at your workplace when you need us most.
We opened our Toronto office in 2017, and it’s already grown to 12 people. Thanks to IGP’s partnership, we can expand our global footprint at a faster pace. Soon, you will be able to connect with SysAid teams in more offices in North America.
Third, we have accelerated our innovation process using Agile and DevOps principles, and we can do even better. Additional capital is helping us increase the velocity of our product roadmap. We now have the resources to develop and release technology significantly faster.
Fourth, SysAid is evolving its strategy in partnership with Haim Shani and Uri Erde, our extended team at IGP. Between 2001 and 2009, Haim Shani served as CEO of NICE Systems (NASDAQ: NICE), which grew from a $100m to $700m business under his leadership. Uri Erde has worked as a private equity investor and financial and legal advisor. They both understand what it takes to scale a world-class B2B software company.
To find investors was never the challenge, but to find great partners like Haim and Uri was a yearlong journey, and one well worth taking.
For 16 years, SysAid was a team of scrappy survivalists, outmaneuvering companies that seemed to have endless resources. Over time, bootstrapping the company began to limit our vision. That constraint is now gone. We are better equipped to serve you, our customers. Our resolution is to carry on with that mission.
We’re grateful that you’ve all been part of the SysAid family. You taught us how best to serve the IT community. In this new chapter, we are as committed to you as we have always been.
From everyone at SysAid, we wish you a prosperous 2019!