Software can be an incredibly beneficial tool for businesses to grow or resolve their pain points, but it can’t fix every situation. Denver-based Quantive understands this, which is why it acquired AuxinOKR on Thursday.
Founded in 2015, Quantive — previously known as Gtmhub — developed a platform to help businesses set and manage their objectives and key results, or OKRs. The platform integrates and gathers data from teams, then use the data to continue developing strategic OKRs to meet the company’s goals and growth plans.
Based in the United Kingdom, AuxinOKR provides consulting services for companies looking to implement strategic plans and OKRs. Quantive recently acquired AuxinOKR to launch its own consulting services.
“We understand that as a software company, we don’t always have everything that a customer needs. And in order to more effectively solve their problems, we need services to wrap around the technology so that we can both define the engagements with customers and also define a roadmap for each customer that makes sense based on their maturity and the type of industry that they operate in,” Bo Pedersen, Quantive’s chief strategy officer and co-founder, told Built In.
Before acquiring AuxinOKR, Pedersen said Quantive had worked with the U.K.-based business to better help its customers. The positive customer feedback Quantive received about AuxinOKR and its services motivated Quantive to acquire the company.
The acquisition coincided with Quantive’s release of new artificial intelligence tools for its platform. The tools leverage company data to provide clients with industry and role-specific OKRs and recommendations to drive growth. According to Pedersen, the new AI tools have been in the works for the past 12 months.
“The vision that we had when we set out on this journey was about making our customers successful,” Pedersen said. “By injecting intelligence into the solution, we can do a lot more things through the technology that are very exciting.”
Since launching, Quantive has acquired three companies and raised $160.6 million in funding. Quantive’s latest funding round closed at $120 million in December 2021. At that time, the company planned to double its headcount and add prescriptive and predictive capabilities to its platform.
