After three office expansions and doubling its team and revenue multiple times in the past five years, Frisco-based software company Asset Panda has found its new growth vehicle: a platform that will allow the company to develop custom mobile applications in a matter of hours.
“We’re at the crux of our growth,” said Rex Kurzius, president and founder of Asset Panda. “We’re really starting to take off.”
The company, which employs 35 people and generates between $5 million and $10 million in annual revenue, is rolling out Pangata, which will allow customers to build custom mobile applications for tracking data. The new platform will use Asset Panda’s existing infrastructure that was built to track company assets. Asset Panda will charge customers based on the number of users or objects managed. Pangata will release next week.
“We can take their information, data, and environment, and push out an app in hours,” Kurzius said about the template-driven infrastructure.
The new growth vehicle also has created a need for new positions. The company plans to hire team members in sales, IT, implementation, support, and customer retention. The sales positions will be the first sales functions for Asset Panda. Since inception in 2012, the company has relied on inbound sales to land customers including Sephora, Dave & Busters, MTV, Sandals, and the Kansas City Royals.
The news comes just six months after the company experienced its latest expansion, in which it moved from a 3,000 square-foot space in Hall Office Park to a 6,000 square-foot space at the same development.
Kurzius, who previously sold Timberhorn IT Solutions to Charlotte-based ettain group, bootstrapped and launched Asset Panda in summer of 2012. It was initially developed to track residential assets. In 2013, the application transitioned into tracking business assets. Kurzius considers Pangata the next step for Asset Panda.
“It’s really the evolution of a product,” he said. “The evolution was pushed by our customer base.”