Deal To Watch: Automating Repeatable Workflow Processes

Key Stats:

Summary

Tallyfy has been selected as a “Deal To Watch” by KingsCrowd. This distinction is reserved for deals selected into the ​top 10% of our deal diligence funnel​. If you have questions regarding our deal diligence and selection methodology, please reach out to ​hello@kingscrowd.com​.

Problem

In addition to wasting valuable time and increasing frustration, inefficient workflows can eat up to 30% of a company’s revenue.  Much of manual workflow that has the potential for automation stems from recurring or repeatable processes. For example, client onboarding, social media publishing, expense claims, and website updates, to name a few. 

Not only are these tasks tedious and time consuming, they do not lend themselves to client-facing transparency. Additionally, this lack of transparency and the time-consuming nature of these tasks leads to gaps in standardization across companies, especially as employees come and go.

These problems are particularly salient when it comes to repeatable workflow—any task done on a regular basis, essential to running a business.

Solution

Tallyfy is workflow automation platform with a focus on repeatable tasks (client onboarding, social media publishing, expense claims, and website update, vacation requests, issue tracking, content approval, etc.). The software allows the user to create a blueprint for almost any repeatable, company-related task from which one or more employees can launch “workflows.” The process can be tracked on a dashboard in real time for ultimate transparency. In addition, Tallyfy pairs with popular CRMs and chat platforms to make integration into existing workflow tools more seamless.

In creating a workplace automation platform, Tallyfy aims to disrupt the fast-growing workplace-transformation market, expected to reach $22B by 2023. It should be noted that only a portion of this large market is addressable, and the addressable market is quite crowded. 

However, secondary factors leading to market growth, for example “increasing adoption of new technologies such as Bring Your Own Device (BYOD) and enterprise mobility solution & service by organizations” are trending, suggesting an upward trajectory and backing a CAGR of ~17%.

Despite any market concerns, Tallyfy boasts some significant early traction. Since launching, Tallyfy has over 100k signups, prompting the elimination of the free plan in favor of recurring revenue models. In addition, Tallyfy’s software has been implemented in a variety of well-known businesses, Ebay, Dell, Bose, Paypal, and Adidas, for example. Put simply, its gaining traction and there is a clear and present market demand for this product offering. 

Business Model

Tallyfy operates on a tiered subscription model. To date, two programs are offered, Pro and Basic. Pro, the most popular plan, costs $25 per member per month, verses $12.50 for the Basic plan. As previously mentioned, significant traction allowed for the elimination of a previously offered free plan in favor of a 14-day free trial as of August 2019.

Competition

The workplace automation market, though large, is both crowded and broad. Tallyfy does partially overlap in the workflow/productivity space with some already well-established competitors. Trello and Slack for example, are immensely popular in the world of productivity, though scarcely overlap with Tallyfy in terms of workplace automation. In fact, Tallyfy collaborates with many of these platforms.

Integrify is one far more pertinent competitor in the space. The software has been adopted by several large customers, including BP and the City of Baltimore and appears to be customized for specific goals of each client. Services include process building, form designing, process reporting, and process integration.

Management

Co-founder and CEO, Amit Kothari, previously founded moonri.se, an art platform, and Quotations Book, a platform that provides a quote of the day, which is still active to date. Most recently, he served as Managing Director at Blue Sheen, a technical consulting company. He holds a degree in Computer Science from the University of Bath.

Co-founder, Pravina Pindoria, previously served as Managing Director at Momento Services. She holds a Bachelor’s degree from City University London.

Eli Covell, Head of Sales, has taken two companies public, CRIO and WSS, now IBM and ADOBE, respectively.

Why We Like it

• Trending Market: Measures to increase workplace productivity are trending, especially as startups and startup culture grow in popularity. For example, productivity methodology such as agile and scrum, are becoming increasingly popular and lend themselves to this automated, transparent work model. In addition, technological advancements, including the IoT, not only support these measures, but encourage them.

• Product Differentiators: Tallyfy’s focus on repeatable processes, with the ability to customize is both unique and in demand. Other workplace productivity models have not perfected automation of recurring tasks specifically. In addition, the transparency aspect mirrors what draws companies to platforms like Trello. Finally, though this solution is niche, it solves a number of problems, from new employee onboarding to client transparency, all while saving money and time.

• Proven Market Fit: Last fiscal year, Tallfy had $80k in revenue. The team has also amassed over $2M from notable investors. This early traction, so much so that the free plan was eliminated in favor of stable recurring revenue, proves a market pain point and consequent market fit with the Tallyfy product.

• Experienced Management: The Tallyfy team is comprised of several startup veterans, one with exits to IBM and Adobe.

The Rating: Deal To Watch

Tallyfy is a Deal To Watch. 

The large and growing market is actively trending, though crowded. This would be a major concern provided Tallyfy did not sport as much traction as it currently has. In addition, Tallyfy clearly differentiates itself from several other existing platforms, operating in a space of its own by focusing on repeatable processes.

The management team is quite experienced, including several successful prior exits, grounding trust in the product. Again, the space is large, and trending; Slack, a popular workplace productivity chat channel, was valued at $23B at IPO. Trello, a visual collaboration tool with the transparency element of Tallyfy, was acquired by Atlassian in 2017 for $425M. A positive acquisition in the space is definitely possible, if not for the product, for the technology.

One final concern for the product is the market fit and likelihood of customer acquisition. Many of these target companies likely have a system for repeat workflow, whether automated or not. Getting these potential clients to switch over to a new platform in the absence of a free plan could prove challenging. In addition, a 14 day free trial may not be enough time for all productivity benefits to become apparent by the time employees are trained on the platform. This concern is mitigated by the fact that early traction and customer reviews have been quite promising and serve as powerful testimonial.