Credit Suisse Asset Management's NEXT Investors has invested an undisclosed amount in Indian software product company Sapience Analytics.
Credit Suisse Asset Management’s NEXT Investors has invested an undisclosed amount in Indian software product company Sapience Analytics. The investment will be primarily used to accelerate Sapience Analytics’ expansion into the US market. With this investment, the Pune-based company is moving its headquarters to the US. The deal size or company valuation has not been disclosed. The company was founded in Pune in 2009 by IT industry veterans with each of them having put in 25+ years in the IT industry. Sapience Analytics is a people analytics solutions company founded by serial entrepreneur Shirish Deodhar (CEO and co-founder), Swati Deodhar (chief product officer and co-founder), Madhukar Bhatia (CTO and co-founder) and Hemant Joshi (chief customer officer and co-founder).
It tracks employee productivity and promises a 20% improvement in productivity by using their analytics tool. “We are seeing rapid growth for Sapience in the US market. We stand to benefit from our relationship with the NEXT team and their rich industry network which will enhance our ability to accelerate further,” Shirish Deodhar said. “As a result of this investment, our headquarters will be relocated to the US, and we will continue to make strong management additions and add experienced board members to help capture a greater share of the large global enterprise market,” Deodhar said.
“Sapience is a unique people analytics solution, and unlike other products, is based on automated capture and inference of work trends rather than any external or subjective people data,” Deodhar said. Deodhar had earlier founded Frontier Software, outsourced product development company which was bought out by Symantec. This was followed by In-Reality Software which was sold to Symphony Services. After which Deodhar teamed up with Joshi, Bhatia and Deodhar for this software product venture. Among Sapience’s earliest customers were Indian companies, Zenar, KPIT and Tech Mahindra. Sapience Analytics provides enterprise workforce analytics and efficiency solution to improve employee productivity and offer top management visibility into work patterns and behaviour in an organisation.
Sapience has 70 customers and one lakh users using the tool. The Sapience platform is used by companies achieve improved efficiencies for staffing, workload optimization, process improvement, robotic process automation, and outsourcing governance. The company’s current client base comes from Fortune Global 200 enterprises, top 50 global IT services firms, engineering, finance, and business process outsourcing companies. The company had also got into the consumer market by offering this tool for individual use. The Sapience Buddy App, is an application for working professionals to better manage their time, focus and productivity.