Ensighten, the Cupertino-based provider of enterprise tag management solutions, today announced a $40MM Series B by Insight Venture Partners, where Jeff Horing will join the Board of Directors. The valuation was not disclosed but brings the total funding to $55.5MM. According to the Silicon Valley Business Journal, revenues apparently doubled last year and are expected to double again this year and CEO Josh Manion said the funds will be used to grow the team (currently 120 employees) and international expansion.
The Company’s tag management platform replaces hundreds of lines of code per web page with a single line of code and allows marketers to to gain more control over web analytics tags or advertising conversion tracking pixels. Direct competitors include BrightTag, Tealium, Tag Man, and Impact Radius while larger players Adobe, Oracle, Salesforce, IBM, and Google also have products as part of a broader marketing cloud solution. One potential differentiator is that Ensighten doesn’t directly provide tags but instead provides a single interface where marketers can easily deploy and manage all third-party tags from a single Web interface, as well as to collect, own and use on-site, off-site and offline data. As VentureBeat quotes from Manion,
“Our independence and focus on building this as sort of a customer-centric platform is a huge value to our customers, because we’re not biased in the sense of trying to sell all this tag-based technology to them, but instead we’re trying to give them the ability to choose which provider to work with.”
Ensighten serves 24% of the Fortune 50, and 30% of the top 20 Web retailers as ranked by IRCE, representing more than $30Bn in e-commerce transactions, processing tag requests from 30,000 Web domains across 150 countries. Demonstrating the stickiness and expansion of the product within an organization, on average, existing customers have grown the relationship with Ensighten by 98% since the initial engagement — no doubt a big reason Insight chose to invest.