Signavio, a Berlin- and New York-based provider of business transformation solutions, today revealed that it closed (pending regulatory approvals) a $177 million growth equity round led by Apax Digital, with participation from DTCP. The capital infusion, which follows the 10-year-old company’s $17.5 million series B last March, brings Signavio’s total raised to nearly $230 million.
Cofounder and CEO Dr. Gero Decker said the funds will accelerate international expansion and software development. “Ten years ago, we set out on a journey to tackle the time-consuming practices that limit business productivity,” he added. “This significant new investment further validates our approach to [solving] business problems faster and more efficiently, unleashing the power of process through our unique business transformation suite.”
Signavio was founded by Decker and a team of alumni from Hasso Plattner Institute in Potsdam, Germany in 2009. The startup offers a suite of decision-making tools that enable organizations to mine, model, monitor, manage, and maintain business processes. The platform’s architecture is inspired by a web-based modeler for business process model and notation, dubbed Oryx, an open source project to which many of Signavio’s cofounders previously contributed.
Signavio’s Process Manager collates ongoing work and decisions that have been made (or are yet to be made) within a single dashboard, documenting and recording processes for posterity. These inform the collaborative and cloud-based Workflow Accelerator, which transforms the aforementioned processes into systems that can be applied companywide. Before, after, or during those phases, Signavio’s Process Intelligence mines models from IT systems to provide insight into potential risks and opportunities for improvement.
So far, Signavio has managed to proficiently navigate the roughly $8 billion global business process management market. It has inked deals with over 1,300 customers, including recognizable brands like SAP, DHL, Liberty Mutual, Deloitte, Veritas, Comcast, Hugo Boss, Puma, World Economic Forum, 1&1, and Bosch, and it claims that its over 1 million users drove revenue growth of over 70% in the last year.
“As businesses have become more global, and workforces more distributed, business processes have proliferated and become more complex,” said Apax Digital’s Daniel O’Keefe and Mark Beith, both of whom will join the company’s board of directors. “Signavio’s cloud-native suite allows employees across an enterprise to collaborate and transform their businesses by digitizing, optimizing, and ultimately automating their processes. We are tremendously excited to partner with the Signavio team and to support their vision.”
In addition to its Berlin and New York headquarters, Signavio has offices in the U.K., France, the Netherlands, Switzerland, Singapore, and Australia. It plans to expand its operations in India and Japan and to increase its overall head count over 50% by 2020.