Nexthink, a Swiss enterprise software firm founded 17 years ago, has reached unicorn status in a fresh funding round as the coronavirus pandemic significantly increased demand for its products.
The company, which specialises in digital employee experience (or ‘DEX’) management software, has secured $180 million in a Series D financing round at an enterprise valuation of $1.1 billion.
Permira led the round through its Growth Opportunities Fund I, with prior backers such as Highland Europe and Index Ventures participating. Nexthink raised $40 million back in April 2016, followed by a $85 million growth round in December 2018.
Nexthink was recently reported to have been preparing for an initial public offering, but then again the company itself said it was “gearing up for an IPO” back in 2016. With the new funding round, they might hold out a little while longer still.
(Check out our list of 30+ European tech companies likely to IPO this year)
In addition to the investment, the company is today announcing that Bruce Chizen, former CEO of Adobe and senior advisor at Permira, will join its board of directors.
“The rise in remote working has dramatically accelerated the need for Digital Employee Experience, as a big part of all the interactions that employees have with companies are now digital”, commented Pedro Bados, co-founder and CEO of Nexthink, on the financing round.
“We see a huge opportunity ahead of us to redefine the future way in which companies will provide digital workplaces to their workforce. Bruce is a terrific addition to the team. At Adobe he transformed the way people work by providing delightful experiences to millions of software users. Now we can do the same with the employees of thousands of companies around the world,” he added.
The company says it is currently close to 700 employees, with plans to reach 900 by the end of 2021, hiring in all major locations in Europe, India and the US.
“Nexthink is a clear global market leader, offering excellent support and services to its clients,” said Stefan Dziarski, a partner at Permira. “Using our experience and know-how in infrastructure software, particularly prior investments such as TeamViewer, we look forward to partnering with Pedro and his team to drive growth across the firm.”
Aside from TeamViewer, Permira’s fund has invested in the likes of Klarna, Mirakl, and Zwift.