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 60,000 users worldwide after tripling its user base in 2019. RFPIO software has supported more than $20 billion in RFP responses.[2][3][4]

RFPIO
Privately 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
125
Websitewww.rfpio.com

History

The company was founded in 2015 by Ganesh Shankar, AJ Sunder, and Sankar Lagudu to streamline RFP processes for mid-to-large enterprises.[5] 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.[6][7]

The company experienced rapid growth from the outset and reported having 50 employees in Oregon and India at the end of 2018.[8]

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.[9] RFPIO reported over 250% growth and more than 125 employees by the end of 2019.[3][4]

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.[10] 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.[11]

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.[8][12] This resulted in an early exit for Elevate Capital and produced significant returns.[13]

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. Companies using RFPIO include Adobe, Britannica Digital Learning, DTI Global, Express Scripts, Google Cloud, Facebook, LinkedIn, Microsoft, Salesforce, ServiceNow, Smarsh, Zoom and others from across multiple industry segments.[2][11][3]

gollark: There are a bunch of reasons to, I should sign up for one I guess?
gollark: Why shouldn't I?
gollark: ?urban apioform
gollark: Even the urban dictionary does!
gollark: It is SUBSTANTIALLY more than 5, and palaiologos knows "apioform".

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. Newberry, Skip (30 July 2018). "Elevate Capital talks RFPIO investment, fall event for minority entrepreneurs". Portland Business Journal. Retrieved 2018-08-07.
  6. Spencer, Malia (30 September 2016). "Beaverton startup plans to add jobs after landing $1.5M". Portland Business Journal. Retrieved 2018-08-07.
  7. Newberry, Skip (28 March 2016). "Beaverton startup wants to fix the RFP process". Portland Business Journal. Retrieved 2018-08-07.
  8. Rogoway, Mike (24 July 2018). "Beaverton startup RFPIO raises $25 million, plans to triple its staff". The Oregonian/OregonLive. Retrieved 2018-08-07.
  9. Staff (12 February 2019). "RFPIO to Provide Enterprise-Wide Response Management Solution to Express Scripts". Portland Business Journal. Retrieved 2019-02-13.
  10. Rogoway, Mike (30 September 2016). "Beaverton startup RFPIO closes $1.5 million investment". The Oregonian/OregonLive. Retrieved 2018-08-07.
  11. Newberry, Skip (30 May 2017). "RFPIO gathers local investors and customers as it keeps growing". Portland Business Journal. Retrieved 2018-08-07.
  12. Kang, Jaewon (24 July 2018). "Rfpio Secures $25 Million From K1 Investment". Wall Street Journal. Retrieved 2018-08-07.
  13. 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.
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