![]() ![]() ![]() ![]() Wells Fargo has been an increasingly active corporate investor in technology startups, investing in at least 14 company financings since the beginning of 2015. We are excited to be an equity investor in Sitetracker and support this exceptional leadership team in their next phase of growth. Sitetracker is modernizing how enterprise project and asset management is practiced across major industries. Wells Fargo invested in Sitetracker to provide funding for the firm to continue development on its offerings as well as increase its sales and marketing outreach.Īs Matthew Raubacher, Managing Director of Wells Fargo Strategic Capital, stated in the deal announcement, Including the current funding, Sitetracker has raised $35 million in investment since inception. Investment valuation wasn’t disclosed, which is typical for a Series B round. Major competitive vendors that provide EAM include:Īlong with Wells Fargo Strategic Capital, other investors in the current round included lead investor New Enterprise Associates, Salesforce Ventures ( CRM) and others. North America is the fastest region to adopt EAM due to a significant transition by enterprises in adopting cloud-based solutions. The main drivers for this expected growth are increased life-aging infrastructure, reduced maintenance and procurement costs, increased tracking ability of assets in an organization, and improved return on assets. This represents a CAGR of 11.9% between 20. Market and CompetitionĪccording to a 2017 market research report by Markets and Markets, the total enterprise asset management (EAM) market was valued at $3.4 billion in 2017 and is projected to grow to $6.1 billion by 2022. Significant customers include Verizon, Nokia, Fortis, Alphabet, Central Hudson and Gas, and Panasonic, among others. Management is headed by Giuseppe Incitti, who has been with the firm since 2016 and was previously Vice President of Worldwide Operations at MongoDB ( MDB).īelow is an overview video of how the company’s software benefits enterprises: Palo Alto, California,-based Sitetracker (previously known as SiteTraker) was founded in 2014 to provide enterprise project managers with the means to more effectively manage large, complex and dynamic capital projects and assets. I expect WFC to continue to invest at an increased pace in startups across a range of activities as the firm responds to the pace of change affecting its various business lines. Sitetracker provides enterprise project and asset management solutions for distributed project environments. Wells Fargo ( NYSE: WFC) has made an investment in Sitetracker’s recent Series B funding round of $24 million. ![]()
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