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Product analytics and digital adoption platform Pendo has received a $110 million investment from private equity firm Thoma Bravo.

The news comes less than four months after Pendo announced a $150 million tranche of funding at a $2.6 billion valuation, but this latest investment won’t give Pendo any cash — it constitutes what is known as a secondary investment, meaning Thoma Bravo bought existing shares from employees and other early-stage backers.

Pendo offers a range of products designed to help companies such as Okta, Salesforce, and Zendesk help users of their own software products — this could be to onboard new customers through providing in-app guidance and support or improve adoption among employees at a company through helpful prompts, training, and contextual overlays. On top of this, Pendo also serves up analytics to show how people are using and engaging with the products.

Above: Pendo: Digital adoption

Thoma Bravo has a track record not only of investing in companies, but in acquiring them outright — in the past year it has doled out well over $20 billion to acquire companies such as network security company, Proofpoint, and real estate software and data analytics company, RealPage.

It’s unclear whether this latest deal represents a minority or majority investment, but it serves to highlight the growing importance of product analytics and adoption tools at a time when every company has effectively become a software company. Getting new customers and users onboard — and keeping them there — in what is an increasingly competitive landscape is vital, which is where Pendo and its peers are thriving.

“As digital transformation has escalated across all industries, efficient and easy-to-use software is a business imperative,” Thoma Bravo partner Robert (Tre) Sayle noted in a press release. “Pendo is a clear and proven leader, addressing the growing market need for excellent software experiences.”

Other notable players in the space include WalkMe and Whatfix, the latter having closed a $90 million funding round just a few months back, while Reprise this week raised $62 million for a platform that helps companies showcase their products with interactive demos.

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