Teqtivity is a company that provides IT asset management and smart vending solutions. Pulse 2.0 interviewed Teqtivity CEO Hiren Hasmukh to gain a deeper understanding of the company.
Hiren Hasmukh’s Background
What is Hiren Hasmukh’s background? Hasmukh said:
“My journey in technology began in web design and multimedia, which led me to found my first company, Guerrilla Design & Advertising, in 2007. Building on that success, I launched Blackstorm in 2012, a Los Angeles-based agency offering comprehensive digital services from web development to branding.”
“The entrepreneurial path taught me valuable lessons about solving real business problems, which ultimately led me to identify opportunities in IT asset management and found Teqtivity in 2016. My background in design and user experience has deeply influenced our approach to making complex processes simple and accessible.”
Formation Of The Company
How did the idea for the company come together? Hasmukh shared:
“The company’s story is one of evolution. Our first solution was TeQube, a smart locker system that helped companies loan out devices to their employees more efficiently.”
“While working with our early customers, we realized they needed more than just a storage solution. They needed a way to know which employee had what device, when software needed updating, and how to manage all their technology efficiently. This led us to develop Teqtivity, an IT Asset Management (ITAM) software platform that helps companies keep track of all their technology, from the moment they buy it to when it needs to be replaced.”
“Despite the challenges of being a self-funded company, seeing how much this solved real problems for our customers confirmed we were on the right path. Today, we’re helping organizations better manage and protect their technology investments.”
Favorite Memory
What has been your favorite memory working for the company so far? Hasmukh reflected:
“One of my favorite memories has been watching our small but mighty team grow and evolve. Seeing them tackle complex challenges and deliver real value to our customers has been incredibly rewarding. I’m particularly proud of our transformation from a smart locker concept to a comprehensive ITAM solution that’s making a real difference for businesses.”
Core Products
What are the company’s core products and features? Hasmukh explained:
“Our core focus is comprehensive IT Asset Management. We help businesses track and manage their IT assets throughout their entire lifecycle. This includes automated asset monitoring, proactive maintenance scheduling, and integration with certified IT asset disposition partners.”
“We’ve designed our solution to bridge gaps between different departments – from IT to procurement to HR – making asset management accessible and relevant to everyone in the organization, not just IT teams.”
Challenges Faced
Has Hasmukh and the team faced notable challenges while building the company? Hasmukh acknowledged:
“Absolutely. One of our biggest initial challenges was pivoting from our original hardware solution to a software platform.”
“As a bootstrapped company, this was both financially and emotionally challenging. We also faced the challenge of building trust as a new player in a competitive market dominated by established companies.”
“Two years ago, we experienced a data breach affecting one of our customers – that was a significant learning experience that led us to implement additional security measures and certifications. These challenges have ultimately made us stronger and more focused on delivering value to our customers.”
Evolution Of The Company’s Technology
How has the company’s technology evolved since its launch? Hasmukh noted:
“We’ve come a long way from our initial concept as TeQube Smart Locker. Today, we’re a comprehensive ITAM solution that emphasizes simplicity and clarity in a complex industry.”
“We’ve expanded our platform to include advanced features for asset tracking, security monitoring, and cross-functional integration between departments. Our focus has remained constant throughout this evolution: making IT asset management accessible and understandable for everyone, not just IT professionals.”
Significant Milestones
What have been some of the company’s most significant milestones? Hasmukh cited:
“We’ve experienced significant team growth over the last year, and perhaps most importantly, we’ve established ourselves as a disruptor in the $1.97 billion ITAM industry by taking a different approach – focusing on simplicity and clarity rather than complexity.”
Customer Success Stories
When asking Hasmukh about customer success stories, he highlighted:
“While I need to maintain confidentiality about specific details, I’m proud to share that we work with a diverse range of companies – from innovative tech startups to Fortune 500 companies like Uber and AutoTrader, and fintech leaders like Mollie and MoonPay.”
“What’s particularly rewarding is seeing companies reduce costs and improve efficiency through our asset management platform. It’s exciting to see our customers achieve real business value while gaining better visibility into their IT inventory.”
Revenue
When asking Hasmukh about the company’s revenue and funding details, he revealed:
“Our current ARR is between $1 and $2 million. We’re a bootstrapped company, which has allowed us to maintain our independence and stay true to our vision. While this path can be challenging, it’s enabled us to focus on building real value for our customers rather than chasing rapid growth at any cost.”
Total Addressable Market
What is the total addressable market (TAM) size that the company is pursuing? Hasmukh assessed:
“We’re operating in the $1.97 billion ITAM industry, which is rapidly evolving with the rise of remote work and increasing cybersecurity concerns. The need for effective IT asset management has never been more critical.”
Differentiation From The Competition
What differentiates the company from its competition? Hasmukh affirmed:
“What sets us apart is our approach to simplicity. While our competitors often hide behind jargon and complexity, we keep things clear and accessible for everyone, not just IT departments. We’ve positioned ourselves uniquely in the market by offering a feature-rich, customizable solution at an affordable price point. Most importantly, we bridge gaps between departments – from IT to procurement to HR – making asset management valuable across the entire organization.”
Future Company Goals
What are some of the company’s future goals? Hasmukh emphasized:
“We’re focused on continued growth over the next 12-18 months, both in terms of our team and our product capabilities. Our ultimate goal is to maintain our position as an industry disruptor while making ITAM more accessible and relevant to everyone in an organization.”
Additional Thoughts
Any other topics you would like to discuss? Hasmukh concluded:
“I’m particularly passionate about discussing the future of sustainable IT practices and how proper asset management can contribute to both environmental and business goals. I also love sharing insights about how ITAM is evolving in response to remote work challenges and its crucial role in modern cybersecurity.”
“On a personal note, my work with the Huntington’s Disease Society of America is very close to my heart, and I’m always happy to discuss how businesses can contribute to their communities beyond their core missions.”
