This is an exciting time for the services industry, and investors know it too. It is expected that firms within the creative and professional services sector — notably marketing agencies, IT services firms, management consultants, engineering firms, and architecture firms — will generate $3 trillion in 2016. And this market opportunity is growing rapidly, at least 2x the average GDP growth in the US.
Clearly, it’s a great time to be a service provider. However, taking advantage of the opportunity has proved challenging. Service providers are experiencing intense pressure to meet the increasing demand of their buyers; demands including greater speed, quality, and agility. At the same time, services providers are facing more external pressure than ever before, which is materializing as increased competition, compressed delivery timelines, and tighter margins. There is a tremendous amount of disruption and transformation happening within the services sector. Practices and approaches that used to work just fine have become inadequate. Services firms are finding themselves in a place where they need to adapt — or risk getting left behind.
That’s where we come in. Mavenlink is the digital infrastructure that enables firms to operate, scale, and thrive in today’s global services market.
Historically, technology has poorly served the service provider industry. These businesses have had to operate within fragmented business environments, where critical data stays isolated in CRM, resourcing, project management, collaboration, accounting, and other systems. Services leaders are stuck using old tools that are completely inadequate within today's competitive landscape.
Getting out of these siloed systems is critical: Service providers must move beyond spreadsheets and email if they are to thrive in the fast-paced, hyper-connected, hyper-specialized world of the Service Level Economy.
Mavenlink’s technology offers everything your services firm needs to succeed. You can grow and scale confidently, facilitate the management and mobilization of your resources, and expand your networks quickly while accessing the specific skills and resources needed, all on a project-by-project basis.
Our clients will tell you that Mavenlink is more than a set of tools – it’s a new philosophy. Increasingly, buyers want to work with providers they see adopting this more transparent, more trustworthy philosophy of business; they think, “If you believe in this way of working, I want to work with you.”
That’s why today we are excited to announce that we received $39 million from Goldman Sachs in a Series D financing round, totaling $84 million raised to date. This investment will allow us to better support our clients navigating the evolution of the services sector all around the world. It will accelerate global expansion efforts, enable us to move even faster on product innovation, and ultimately help us realize our vision of providing the digital infrastructure for the global services economy.
The investment from Goldman Sachs reinforces that what is required to compete today is reshaping services firms as we know them. While we are honored that they believe in our expertise and technology, this is not just about a vision for Mavenlink. This is a pivotal moment for the future of services delivery. We are finally ready to realize the potential of the Service Level Economy. We hope you join us on the journey.