Bristol-based tech innovator Solverboard bought by Sopheon
Solverboard, the Bristol-based tech innovation management platform has been bought by Sopheon, a leading international provider of software and services, for £750,000, which has its UK headquarters in Kent.
Solverboard's multi-tenant, SaaS product is used by innovators and product professionals, and is sold using an online, product-led growth model. Solverboard brings the innovation and product needs of professionals together so that they can focus on addressing front-end innovation challenges, increasing time to value by helping companies dynamically find, align, test and deliver the best innovation and product ideas from employees and customers. (editor - no, I am not entirely sure what this means either).
Sopheon plans to introduce new cloud-based applications this year, providing value to individual and workgroup users in the corporate ecosystem, alongside and integrated with the group’s Accolade enterprise software. These new applications are intended to drive lead generation for Accolade, as well as being stand-alone solutions that solve individual and workgroup productivity needs. The acquisition of Solverboard brings product-led growth capabilities into Sopheon more rapidly than previously planned. Sopheon will continue to offer a free version of Solverboard and a paid subscription with more advanced features.
An initial payment was made of £500,000 in cash and £250,000 in shares issued at £6 per share. An additional, contingent deferred earn-out of up to £1.55 million is payable over the next two years, linked to Annual Recurring Revenue targets.
Since inception, more than £3 million has been invested in the Solverboard business and products by Solverboard’s founders and management. A new platform was launched in September 2021, and has secured a number of customers to its free tier but is yet to generate material revenues.
Greg Coticchia, CEO of Sopheon said: “This acquisition is another step in our mission to provide the most comprehensive innovation system for the world’s best companies. As well as its functional capabilities in the front end of innovation, adding Solverboard’s expertise immediately brings us deep PLG go-to-market capabilities that were on our development roadmap. This is the second acquisition of a cloud-native, multi-tenant SaaS solution by Sopheon in the past six months. We look to the Solverboard and ROI Blueprints acquisitions to accelerate Sopheon’s shift to a pure play SaaS model and associated ARR growth.”
Solverboard founder and CEO Phil Atherton added: “It is very exciting to become part of Sopheon, a leader in the Enterprise Innovation Management space. Our companies are a perfect fit in vision, purpose and culture. Solverboard’s product-led “go to market” capability for innovation and product professionals is highly complementary to Sopheon’s market-leading sales-led enterprise go-to-market capability. We believe this combination will be pretty unique in our sector.”