Germany-based Signavio, a cloud-based process modelling and management system, has closed its Series B on €15.5m.
Summit Partners led the investment, with the other backers not being disclosed.
The company provides cloud-based processing and modelling management systems for a range of industries, including banking, insurance, manufacturing, retail and utilities, among others. The company offers process management services and automated business workflow tools.
Banks can integrate the technology in order to optimise their processes and gain a better customer service, build a better understanding of their operations, uncover new opportunities, and identify risk.
Insurers are able to optimise processes such as claims resolution, while shortening cycle times. Firms can also locate touchpoints during customer journeys, to bolster their experiences, and ensure everything is compliant.
Equity from the round will be used to expand its international presence. Over the past couple of years, Signavio has extended its geographical footprint from three to eight office locations, growing its staff from 75 to 230. The company’s growth has been driven by high-demand for business process management globally.
Signavio CEO and co-founder Gero Decker said, “Signavio’s Business Transformation Suite strength lies in its dynamic management system, enabling businesses to pivot their strategy using real-time data which can be translated into actionable insights. Our products for modelling, analysis, and business optimization allow our clients to deliver process improvements significantly faster than traditional approaches.”
Summit Partners have had a very active start to the year, with the firm recently leading the majority recapitalisation of financial reporting business Trintech. Earlier in the year, the firm also sold its stake in the enterprise scaling software developer Perforce Software to private equity firm Clearlake Capital Group.
Business process management companies have also seen a slew of activity this year. MetaSource, a BPM and automation software designer completed debt refinancing and dividend recapitalisation by LaSalle. While, robotic process automation company UiPath bagged $153m in a Series B led by Accel.
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