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Mavenlink Says Growth Continues During Coronavirus

Irvine-based Mavenlink Inc. says it’s hearing from clients that its software for streamlining companies’ workflows is even more important now during the COVID-19 pandemic.

“The resource management is probably the most critical piece,” Chief Financial Officer Steve DeSantis said. “If you think of the time that we’re in right now with COVID and people working virtually, our customers have told us that they need Mavenlink now more than ever because their resources are spread out.”

Mavenlink’s software allows services businesses and teams to improve their performance by tracking time and expenses, managing finances, tracking projects, and communicating with one another.

DeSantis joined Mavenlink in September and the company, which makes cloud-based project management software, made the formal announcement of his appointment on June 30.

The CFO summarizes the company’s role as follows: “We help consulting firms and professional services firms manage their resources better, in ways that they hadn’t been able to do in a manual sort of way.”

Mavenlink’s offerings also include integration with popular third-party services such as Google apps and Salesforce.

40% Plus

DeSantis said clients currently don’t necessarily have as much “control and visibility” over available resources.

“Knowing where their resources are, when they’re available, when they’re scheduled on projects, when they roll off projects, when certain skill sets are now available for the next projects. All of that sort of stuff is things that we help coordinate for organizations,” he told the Business Journal on July 6.

He emphasized the company has been growing at a rate of more than 40% a year for the last several years running.

“We’re doing incredibly well. We expect a great year for us again.”

The company’s plans start at $39 a month.

Private equity-backed Mavenlink has raised a total of $111.5 million in funding to date with the latest funding round taking place in April 2019. One of those early backers was Newport Beach-based Carrick Capital Partners, which invested $7 million in 2013 (see story, page 36).

$1B Goal

Last September, company founder and CEO Ray Grainger won a Business Journal Innovator of the Year award.

Grainger “just really loves the stage that the company is at right now,” according to DeSantis, who has taken two companies public—Irvine-based ShiftPixy Inc. in 2017 and TCI Solutions in South Dakota in 2004.

DeSantis said there is no goal for Mavenlink to go public, adding that the company has a lofty goal of a valuation of over $1 billion on annual sales topping $100 million.

“When we do that there will be all sorts of options available to us, whether it be an IPO or an acquisition strategy where we acquire other companies,” DeSantis said.

Inclusion

DeSantis has a wide-ranging role including overseeing essential business functions and guiding organizational growth.

He said the company will be launching leadership programs, as well as “diversity and inclusion programs to make sure that Mavenlink is part of the solution to some of the challenges that we’ve been facing in the economy currently.”

“We want to be one of those companies that open opportunities up to everybody who’s qualified.”

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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