Team management and productivity SaaS company Tempo Software has acquired Toronto-based Roadmunk, which provides a platform allowing organizations to collaborate on their product roadmap.
Founded in 2012, Roadmunk has developed a roadmap visualization platform that is meant to promote transparency across the organization. The tools are meant to make it easy to visualize, understand, and align strategies in product development. It counts Slack, Adobe, Disney, and Amazon among its customers.
Crunchbase reports that Roadmunk has raised $1.7 million in total funding to date. The company secured $1.5 million in February 2017 from a funding round led by Golden Venture Partners, Felicis Ventures, and Garage Capital. BDC Capital, which previously invested in the company, also participated in the round.
The product mapping SaaS startup is also a graduate of Communitech’s HYPERDRIVE cohort from 2013, along with Apollonia Health, AvidTap, Commission Pitch, and others. In September 2018, the Canadian Innovation Exchange named Roadmunk in its top 20 innovative Canadian tech companies list.
Burlington, Massachusetts-based Tempo said Roadmunk’s addition bolsters its team management product suite, allowing teams to blend roadmaps and planning with financial and team capacity data.
“With Roadmunk’s powerful roadmapping and planning capabilities, Tempo is accelerating our vision to use data to help product organizations build products better,” said Mark Lorion, CEO, Tempo Software. “Together we will have a very unique and comprehensive perspective on the contribution that product organizations make to strategic planning and portfolio management.”
Lorion told BetaKit that Roadmunk will operate independently while the teams get closer together and map out the optimal integration plan. “Within the first year we expect the majority of integration to be completed,” he said.
Tempo as a product was launched on the Atlassian Marketplace in 2009, and then spun out of TM Software in 2015. It provides team time management and productivity-enhancing tools. It currently has a team of over 100 employees in offices in Boston, Montreal and Reykjavík and has built a network of more than 20,000 customers across a range of industries.
In December 2014, it also acquired FOLIO, a Montréal-based provider of financial project and portfolio management platform.