Projectworks
Overview
Projectworks is a professional services automation (PSA) software company that provides cloud-based solutions to streamline project management, financial tracking, and workforce management for consultancy, engineering, architecture, and software services industries. The company was founded in New Zealand in 2015 by Julian Clarke, Matthew Hayter, and Doug Taylor. Projectworks is headquartered in Wellington, New Zealand, and has recently expanded to the United States with a significant presence in Silicon Valley. As of 2024, it raised a total of approximately $7.36 million in funding with a Series A round of $5 million, led by the Bridgewest Group.
Recent Developments
- October 2024: Projectworks successfully raised USD $5 million in a Series A funding round, valuing the company at approximately NZD $100 million. The funds will be used to accelerate their growth strategy in North America, particularly in Silicon Valley, by building a dedicated product and engineering team in the U.S.
- October 2024: Mark Orttung was appointed as the new CEO. With his extensive experience in the software and scalability domains, he aims to drive the company's expansion into the U.S. market.
- April 2024: Projectworks introduced new features, including changes to work weeks and user deactivation protocols, improving the flexibility and customization of their software as businesses expand into multiple regions with varied workweek structures.
- August 2024: Projectworks announced a brand refresh to align with its mission of reinforcing commitment to consulting, engineering, architecture, and software services. This included a new visual identity and strategic partnerships to enhance user experience.
- Inc. 5000 Recognition: Projectworks was ranked 557th on Inc. Magazine's 5000 list, highlighting its rapid growth in the PSA software industry.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2015 |
| Headquarters | Wellington, New Zealand |
| Founders | Julian Clarke, Matthew Hayter, Doug Taylor |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Bridgewest Group, Punakaiki Fund |
| Industry | Professional Services Automation |
| Number of Employees | Approximately 41 |
| CEO | Mark Orttung |
Early History
Projectworks was originally conceptualized as an internal tool at Provoke, a software service firm founded by Doug Taylor. The initial software was developed for in-house time tracking. As the demand for more robust project management tools grew, Julian Clarke and Matthew Hayter saw the potential to expand it into a full-fledged business management solution. Projectworks officially launched as a commercial product in 2016. By addressing a gap in the market for easy-to-use, subscription-based PSA software focused on the needs of mid-sized consultancies, Projectworks quickly captured significant interest.
Company Profile and Achievements
Projectworks operates with a critical focus on empowering professional service firms by automating client billing, time tracking, resource management, and revenue forecasting. Notable achievements include:
- Development of a comprehensive PSA suite integrating functionalities like budget management, invoicing, and capacity planning.
- Expansion of their operations to international markets, particularly aiming at growth in North America and other English-speaking countries.
- Securing significant investment rounds, allowing for reinvestment into software development and global market penetration.
- Consistently releasing feature updates that cater to emerging trends in flexible working conditions and international business operations.
- Recognition in the tech industry through awards like the Inc. 5000, validating their high growth trajectory.
Current Operations and Market Position
Projectworks continues to strengthen its position in the PSA software market by enhancing its service offerings and market reach. The company focuses on integrating AI-driven analytics to improve project predictability and financial management. It maintains a competitive edge by providing a unified solution that replaces multiple niche software products with a single, scalable platform. With over 500 consultancies using Projectworks, the company is seen as a key player in the professional services automation space.
Conclusion
Projectworks has proven itself as a robust player in the PSA software domain, leveraging its strong roots in professional service operations to build a platform that is both intuitive and comprehensive. With a promising expansion into North America and strategic hires like Mark Orttung, the company is well-positioned to capture a broader market share. The continued investment in R&D and user-centric enhancements signal an ambitious roadmap ahead, promising substantial growth and innovation in how consultancies manage and optimize their operations.