Do directories provide any meaningful value to SEO and would google penalize if each directory provided the same description about our site?

You'd want unique descriptions on each directory. Google wouldn't necessarily penalize you if 50 directories had the same description of your site, but those listings/links would be less valuable in Google's eyes and it's likely only one of them would be indexed.

The more work you put in the more value you'd get. My advice concentrate on the top 10 to 20 directory sites and give each a thoughtful, unique description.

Happy to provide further insights if you want to have a call.

I only do SEO as part of other business duties, so I can guarantee you'll find some better qualified opinions. But, before I was too much time or any resources trying to get into directories, I check their Google page rank using a site like http://www.prchecker.info/check_page_rank.php

While I'll never turn down a free listing and I do always try and vary the description, directories with high Google page ranks are a priority for me in trying to move towards the front page of search results.

Getting listed on local online business directories (like Yelp, Merchant Circle, etc.) still hold credibility with the search engines -- especially if you are a LOCAL business. You want to make sure you fill out everything COMPLETELY (include description, hours, payments accepted, photos, etc.) and make sure that your NAP is consistent across ALL directories (NAP = name, address and phone number)

Good luck!

When you say "We only need it for SEO". That's what Google doesn't want.
Directories do provide value other than SEO, if you can find the directories that actually provide a service for your industry, like organizing and ranking suppliers for a specific niche. Then those directories do provide.

Using a bulk directory submission strategy is a waste of time, money and could be considered spammy.

Frankly speaking. Don't waste your time with low quality backlink generation.like directory.

You can do relation building and generate high quality backlink from good PA web.

Good luck!!

It depends on the directory and how you're using it.

If you're using mass submission directories without even looking at it, then it's a complete waste of time.

At times, directory links can be good for local SEO (i.e. localized directories) but clearly, your site isn't interested in that.

I took a look at your site and you need to target large, powerful press websites. You've got a product that would do well from outreach to sites like Forbes, TechCrunk and Entreprenuer.com. Crafting a simple outreach campaign for editors and reporters would do you guys a lot of good.