Utah's AtTask raises $17 million in new capital
AtTask, a Utah online software provider that helps managers better organize their employees' work, is looking to hire up to 100 people after it received a $17 million infusion of capital to fund a new growth spurt.
The venture capital investment was led by Baltimore-based Greenspring Associates, which has been a shareholder of AtTask of Lehi since December 2009. Greenspring was joined by the University Venture Fund in Salt Lake City and Domo founder and CEO Josh James, the cofounder and former CEO of Omniture.
"The company's been growing the last five years or so in excess of 40 percent a year," said President and CEO Eric Morgan. "In order to continue to grow and scale, both domestically and internationally, we are investing significantly in the business."
James is best known in Utah for having recently sold Omniture Inc. to Adobe for $1.8 billion.
"AtTask is extremely well positioned to take advantage of some of the most disruptive trends and market opportunities today," James said in a statement.
AtTask delivers its software for project and work management over high-speed connections in what's called cloud-based services.
"Cloud services are a $109 billion business today and projected to only get bigger," James said.
Morgan said James will not become a member of the AtTask board, but will act as an adviser.
Proceeds from the investment will be used to accelerate the acquisition of market share by expanding the sales, marketing, development and service teams within AtTask, the company said.
It plans to hire 80 to 100 people, Morgan said, bringing the company's workforce by the end of next year to 360 to 380, most of them in Utah, where the company has almost 250 people.
The Lehi firm has about 1,500 clients among large- and medium-sized businesses, Morgan said, among them Domo, Adobe, Nike, Cisco, ABC, ESPN, 3M, REI and Trek.
AtTask announced in August 2011 that Morgan would become CEO and president. Earlier this month, he named a handful of new members to his management team, and the company is set to announce new board appointments soon.