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Nexthink, a platform businesses use to monitor software performance on their employees’ devices, has raised $180 million in a series D round of funding led by Permira. The Swiss company also reported a valuation of $1.1 billion.
The raise comes as companies across the spectrum have rapidly transitioned to remote work due to the global pandemic, creating a giant chasm between workers and the support they need to do their jobs effectively. While cloud-based tools have risen to the occasion in many regards, and infrastructure spending has grown exponentially over the past year, IT teams aren’t always aware of the challenges their employees face in terms of getting all their software-based tools working correctly. That’s where Nexthink comes into play.
Founded in 2004, Lausanne, Switzerland-based Nexthink distributes lightweight agents it calls “collectors” to every employee device on its network. These agents track all kinds of metrics, such as network connections, web requests, program executions, and more, to give tech teams insights into the daily experiences of each worker. This lets IT departments take a more proactive approach to solving technical issues and rely less on manual data collection.
Cloud-based enterprise tools are reaping the benefits of the global shift to remote work. Just last week, Splashtop, which offers businesses a remote access and support platform that enables IT teams to remotely log into workers’ devices to troubleshoot problems, raised $50 million at a $1 billion valuation. Nexthink solves a similar problem, in that it supports the distributed workforce from a technical perspective.
Nexthink had previously raised $156 million, including its most recent $85 million tranche in 2018. With this latest raise, which included existing investors Highland Europe and Index Ventures, the company said it’s well-financed to accelerate its growth and expansion, with a particular focus on the U.S. market. It also plans to add to its roster of high-profile customers, which currently includes Best Buy, Diageo, Western Union, Siemens, and Toyota. Nexthink currently claims 700 employees, with plans to expand its headcount by 200 across Europe, the U.S., and India by the end of 2021.
The funding round also sees Permira senior advisor Bruce Chizen, Adobe’s former CEO of 13 years, join Nexthink’s board of directors.
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