US-based software engagement analytics platform developer Productiv completed a $20m series B round on Wednesday featuring Okta Ventures, the $50m corporate venturing vehicle launched by identity management technology developer Okta.
The round was led by investment firm Norwest Venture Partners with participation from venture capital firm Accel, which had previously led Productiv’s $8m series A round in March 2019.
Founded in 2018, Productiv markets an analytics platform that enables enterprises to evaluate how employees use the software-as-a-service (SaaS) products they subscribe to.
The platform assesses more than 50 application usage metrics in real-time to help the client judge each product’s effectiveness, enabling them to reconsider any SaaS licences that are being underutilised.
Productiv’s recent focus has been on augmenting its team with talent specialised in engineering, sales, marketing and customer support.
Monty Gray, senior vice-president for corporate developer at Okta, said: “Okta is committed to enabling any organisation to securely use the technologies that make them more productive and successful.
“For today’s modern organisations, this means adopting a number of cloud applications that support their digital transformation initiatives, and ultimately make them more efficient.
“Productiv solves a critical challenge for organisations by enabling them to understand the value delivered from each application they deploy and we are excited to see the benefit they bring to our current and future customers.”