WorkRails Company Profile

Background

Founded in 2016 and headquartered in Huntington, New York, WorkRails specializes in providing Configure, Price, Quote (CPQ) solutions tailored for professional services organizations. The company's mission is to unlock the potential of every services organization by simplifying the sales process through automation, enabling teams to sell services more efficiently and accurately.

Key Strategic Focus

WorkRails focuses on streamlining the professional services sales process by offering a platform that automates service configurations, pricing, and quoting. The platform is designed to integrate seamlessly with existing tech stacks, including CRMs, PSAs, and ERPs, thereby enhancing operational efficiency and reducing sales cycle times. By standardizing service offerings and adding governance, WorkRails aims to build stronger alignment between sales and services teams.

Financials and Funding

As of 2024, WorkRails reported a revenue of $2.8 million with a team of 15 employees. The company has undergone several funding rounds:

Seed Round (October 2016): Raised $2.3 million.

Convertible Note (December 2017): Amount undisclosed.

Seed Round (March 2020): Raised $2.4 million.

Seed Round (September 2021): Amount undisclosed.

In November 2024, WorkRails was acquired by BigTime Software, a leading provider of time tracking and project management solutions for professional services businesses.

Technological Platform and Innovation

WorkRails offers a comprehensive CPQ platform with features such as:

Content Management System (CMS): Allows business users to manage services without programming or IT involvement.

Services Catalog and Decision Tree: Provides an eCommerce-style catalog and guided decision-making tools to assist in service selection.

Time & Materials/Fixed Fee Projects: Enables flexible pricing and project phasing.

Document Generation: Automates the creation of quotes and Statements of Work (SOWs).

Approval Workflows: Implements discount logic and approval processes to maintain profitability.

Integrations: Seamlessly integrates with platforms like Salesforce, Oracle, DocuSign, and Netsuite.

Leadership Team

Jamie Proctor: Co-Founder and Chief Executive Officer.

Steven Schneider: Co-Founder and Head of Operations and Business Development.

Bob Hausman: Head of Finance & Administration.

Jeffrey Leventhal: Co-Founder and Board Member.

Leadership Changes

In November 2024, following the acquisition by BigTime Software, WorkRails' leadership team continued in strategic roles to facilitate the integration of the two companies.

Competitor Profile

Market Insights and Dynamics

The CPQ software market is experiencing significant growth, driven by the increasing need for automation in sales processes and the demand for accurate and efficient quoting systems. Professional services organizations are particularly focused on solutions that can handle complex service configurations and pricing models.

Competitor Analysis

Key competitors in the CPQ space include:

PandaDoc: Offers an all-in-one tool for creating, editing, tracking, and eSigning proposals, with a focus on enhancing proposal quality and win rates.

iQuoteXpress: Provides a quoting tool designed to create accurate and appealing price quotes, proposals, and estimates quickly.

Scoro: Delivers an end-to-end professional service automation solution, including project management, work scheduling, and quoting capabilities.

QuoteWerks: Specializes in affordable quoting and proposal solutions with extensive integrations with CRM and accounting systems.

Bitrix24: Offers a free online CRM software with unlimited leads, deals, contacts, companies, quotes, and invoices, supporting multiple pipelines.

Strategic Collaborations and Partnerships

WorkRails has established integrations with various platforms to enhance its service offerings, including:

Salesforce: Certified ISV partner, providing bi-directional integration with Salesforce CRM and Salesforce CPQ.

Oracle, DocuSign, Netsuite: Integrations to complement existing tech stacks and streamline workflows.

Operational Insights

WorkRails differentiates itself by focusing exclusively on the professional services sector, offering a CPQ solution tailored to the unique needs of this industry. The platform's ability to integrate seamlessly with existing systems and its emphasis on automation and accuracy provide a competitive advantage in the market.

Strategic Opportunities and Future Directions

With the acquisition by BigTime Software, WorkRails is positioned to expand its reach and enhance its product offerings. The integration of WorkRails' CPQ functionality with BigTime's project management and time tracking solutions presents an opportunity to offer a comprehensive suite for professional services organizations, addressing needs from sales quoting to project execution.