RFPIO

RFPIO (RFPIO, Inc.) is a privately owned developer of cloud-based software that automates and streamlines the process of responding to a request for proposal (RFP) based in Beaverton, Oregon. The company also maintains a development office in Coimbatore, India.[1] Founded in 2015, the company has expanded rapidly and now has more than 80,000 users worldwide after tripling its user base in 2019 and sustaining growth during the global pandemic. RFPIO software has supported more than $20 billion in RFP responses.[2][3][4][5][6]

RFPIO
TypePrivately Held
IndustryCloud Computing - Software
Founded2015
HeadquartersBeaverton, Oregon
Key people
Ganesh Shankar, CEO; AJ Sunder, CIO; Sankar Lagudu, COO; Manish Bafna, VP of Technology
ServicesCloud-based request for proposal (RFP) automation software
Number of employees
175
Websitewww.rfpio.com


History
Original RFPIO Logo

The company was founded in 2015 by Ganesh Shankar, AJ Sunder, and Sankar Lagudu to streamline RFP processes for mid-to-large enterprises.[7] RFPIO was formed in response to the problems Shankar and his colleagues experienced gathering information and compiling responses for RFPs and being unable to find a suitable automation solution. By developing a cloud-based proposal management system, Shankar aimed to simplify and automate the RFP process and make it easier for cross-functional teams to collaborate.[8][9]

The company experienced rapid growth from the outset and reported having 50 employees in Oregon and India at the end of 2018.[10]

On 2 October 2018, the company obtained its first patent involving the conversion and presentation of proposal documents in a user-friendly format. US patent 10089285, "Method to automatically convert proposal documents"

In February 2019, Express Scripts selected the RFPIO response management platform as part of a long-term business transformation initiative.[11] RFPIO reported over 250% growth and more than 125 employees by the end of 2019.[3][4]

In January 2020, RFPIO expanded its executive team with the additions of Paul Nadeau, senior vice president of finance, Angela Earl, vice president of global marketing, and Mohan Natraj, vice president of customer success. Konnor Martin was also promoted to regional vice president of sales for North America.[12] In July 2020, the company reported a 150% increase in usage of RFPIO services, continuing the firm’s growth despite the COVID-19 pandemic.[6]

Financing

RFPIO’s first round of funding was secured in 2016 through Portland-based investment firm Elevate Capital and from the angel investment group TiE Oregon.[13] In October 2016, RFPIO received $100,000 at the Bend Venture Conference for the company’s performance in the Growth Stage competition. In December 2016, Stephen Marsh, founder of Smarsh, whose company was an early customer of RFPIO, invested $500,000 in the company through his investment vehicle Archivist Capital.[14]

In July 2018, the company secured a $25 million funding round from private equity firm K1 Investment Management to accelerate growth and cashed out some of its early investors.[10][15] This resulted in an early exit for Elevate Capital and produced significant returns.[16]

Services

RFPIO’s cloud-based software incorporates artificial intelligence, project management and collaboration capabilities and integrates with common sales management applications to help companies respond to RFPs. The platform also allows salespeople to create personalized, proactive selling documents and has built in e-signature functionality. Companies using RFPIO include ADP, Adobe, Britannica Digital Learning, Broadcom, DTI Global, Express Scripts, Google Cloud, Facebook, LinkedIn, Microsoft, Salesforce, Smarsh, Zoom and others from across multiple industry segments[2][14][3][6][17]

Awards and recognition

In 2020, RFPIO was ranked 14th in a list of the top 100 software products for 2020 out of the more than 57,000 software companies listed on G2 Crowd, a crowd-sourced software review service.[18] The company also received a Silver Stevie Award for Customer Service Department of the year, was named a top 10 tech startup in Oregon by The Tech Tribune, and listed 7th on a list of fastest-growing companies in Portland, Ore. by Growjo.[19][20][21] The company received the award for Best Project Management Cloud Service in the 2019-20 Cloud Awards.[22] CEO Ganesh Shankar won the EY Entrepreneur Of The Year 2020 Pacific Northwest Region Award and was listed 5th in Comparably’s list of top CEOs for diversity.[23][24] RFPIO was also named to Comparably lists for Top 50 Best Companies for Work-Life Balance, Top 50 Happiest Employees, and Top 50 Best Perks & Benefits.[25][26][27]


See also

References
  1. Spencer, Malia (6 November 2017). "A technology built on a simpler request". Portland Business Journal. Retrieved 2018-08-07.
  2. Soper, Taylor (24 July 2018). "RFP response automation software startup RFPIO raises $25M". Geek Wire. Retrieved 2018-08-07.
  3. Spencer, Malia (13 December 2019). "Fast-growing Beaverton software startup finds success with RFPs". Portland Business Journal. Retrieved 13 January 2020.
  4. Kuhlman, Cara (10 January 2020). "Tech Moves: CFO shuffle at RealNetworks; Avalara, RFPIO, Hiya add execs; and more". GeekWire. Retrieved 2020-01-15.
  5. MTS Staff Writer (April 16, 2020). "RFPIO Recognized Among Best Software Products for 2020". MarTechSeries. Retrieved 2020-10-21.
  6. Spencer, Malia (July 21, 2020). "Software maker RFPIO growing despite economic uncertainty". Portland Business Journal. Retrieved 2020-10-21.
  7. Newberry, Skip (30 July 2018). "Elevate Capital talks RFPIO investment, fall event for minority entrepreneurs". Portland Business Journal. Retrieved 2018-08-07.
  8. Spencer, Malia (30 September 2016). "Beaverton startup plans to add jobs after landing $1.5M". Portland Business Journal. Retrieved 2018-08-07.
  9. Newberry, Skip (28 March 2016). "Beaverton startup wants to fix the RFP process". Portland Business Journal. Retrieved 2018-08-07.
  10. Rogoway, Mike (24 July 2018). "Beaverton startup RFPIO raises $25 million, plans to triple its staff". The Oregonian/OregonLive. Retrieved 2018-08-07.
  11. Staff (12 February 2019). "RFPIO to Provide Enterprise-Wide Response Management Solution to Express Scripts". Portland Business Journal. Retrieved 2019-02-13.
  12. Spencer, Malia (January 7, 2020). "Fast-growing Beaverton startup names 4 new VPs". Portland Business Journal. Retrieved 2020-10-21.
  13. Rogoway, Mike (30 September 2016). "Beaverton startup RFPIO closes $1.5 million investment". The Oregonian/OregonLive. Retrieved 2018-08-07.
  14. Newberry, Skip (30 May 2017). "RFPIO gathers local investors and customers as it keeps growing". Portland Business Journal. Retrieved 2018-08-07.
  15. Kang, Jaewon (24 July 2018). "Rfpio Secures $25 Million From K1 Investment". Wall Street Journal. Retrieved 2018-08-07.
  16. Del Savio, Anna (14 October 2018). "Elevate Inclusive Fund Scores a Big Win With a Portland Software Startup -- The exit by RFPIO is a success story for an ambitious investment program". Willamette Week. Retrieved 2018-10-25.
  17. "RFPIO Adds Support for Proactive Proposals, e-Signatures". MarTechSeries. November 12, 2019. Retrieved 2020-10-21.
  18. "Best Software Products 2020". G2. April 16, 2020. Retrieved 2020-10-21.
  19. "2020 Stevie Award Winners". Stevie Awards. February 28, 2020. Retrieved October 21, 2020.
  20. "2020 Best Tech Startups in Oregon". The Tech Tribune. Retrieved 2020-10-21.
  21. "Fastest Growing Companies in Portland - 2020". Growjo. Retrieved 2020-10-21.
  22. "2019-20 Cloud Awards Category Winners Announced". The Cloud Awards. Retrieved 2020-10-21.
  23. "EY Announces Winners for the Entrepreneur Of The Year 2020 Pacific Northwest Region Award". Ernst & Young. October 7, 2020. Retrieved 2020-10-21.
  24. "Best CEOs for Diversity 2020". Comparably. Retrieved 2020-10-21.
  25. "Best Work-Life Balance 2020". Comparably. Retrieved 2020-10-21.
  26. "Happiest Employees 2020". Comparably. Retrieved 2020-10-21.
  27. "Best Perks Benefits 2020". Comparably. Retrieved 2020-10-21.
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