Business Wire

Workato Raises $200 Million Series E Funding at a $5.7 Billion Valuation to Accelerate Record Growth and Capitalise on Surging Demand for Enterprise Automation

Share

Workato, the leader in enterprise automation, today announced $200 million in Series E funding led by Battery Ventures, with equal participation from Insight Partners, Altimeter Capital and Tiger Global. Geodesic Capital and Redpoint Ventures also participated in this round of financing. The new funding values Workato at $5.7 billion and comes just nine months after its $110 million Series D. Workato has raised over $420 million in total funding to date.

The investment comes at a time of rapid growth for Workato and the automation market as a whole, as enterprises recognise the urgent need to increase their agility, innovation and efficiency against a backdrop of transformation and change. The pandemic has driven an even greater need for business excellence, and companies have responded by automating core workflows; seeking out low-code tools that empower employees to work quickly and autonomously.

Following the launch of its EMEA data centre in Frankfurt earlier this year, Workato plans to use the funds to further capitalise on the market opportunity in the region. The company has grown by 243% in Europe alone over the last 12 months as enterprises, in the wake of the pandemic have turned to workflow automation to boost business efficiencies; seeking out low-code tools that empower employees to work quickly and autonomously. Workato has increased headcount in the region by 273% and its customer base in EMEA has seen 2.14x growth this year and now includes enterprises such as Freenow and Adevinta.

The funds raised will go towards expanding its EMEA customer success team and senior leadership, holding the first user conference in Europe, setting up a customer advisory board in Europe and expanding its ecosystem of partners. The investment will also go towards boosting its European presence. The company currently has operations in Ireland, Spain, France, Germany, UK and Israel and is now looking to open additional offices in regions including Benelux and the Nordics to serve customers there.

A key hire made in response to Workato’s strong growth and expansion plans in Europe is that of Robert Ekstrom, who joins Workato as VP & GM EMEA, based in Munich. Robert brings over twenty years’ management experience within the enterprise software market, having held management roles at leading multinationals including Dell, EMC and Xerox. Prior to joining Workato, he was VP & GM at Blue Prism, an enterprise intelligent automation vendor.

The latest funding will also be used globally to further accelerate the company’s product roadmap and leadership in enterprise automation, in addition to continuing to drive the integration-led automation movement. Workato, already a leader in connecting and integrating applications, is launching the “10,000 Connector Initiative” with the acquisition of RailsData, which specialises in the connectivity of applications, databases, and devices using APIs. With thousands of applications used by an enterprise, connectivity is critical to achieving automation at scale.

Historically, companies have been forced to deploy a variety of integration and automation tools to optimise their processes at the data, process, API and UX levels. This model is highly inefficient, and companies have flocked to Workato because it provides all of these capabilities in a single, low-code platform that allows business users and IT departments to collaborate on process automation.

"Businesses are still struggling to achieve true transformation because RPA and integration tools cannot scale to address the needs of enterprises today," said Vijay Tella, Workato CEO and Co-founder. "Workato’s enterprise automation platform, a single platform for automation and integration that can be used by both Business and IT, addresses the challenges companies face when trying to automate at scale, enabling enterprises to achieve the speed and agility necessary for organisational transformation. We’re excited to put this new round of funding to work for our customers as they continue to push the boundaries of innovation.”

He added: “The European market is beginning to catch up in terms of adoption of Enterprise Automation as enterprises seek a means of driving business outcomes at scale as they recover from setbacks caused by the pandemic. We are pleased to be able to boost our operations in the region through this investment and enhance services for our European customers.”

“Since leading Workato’s Series B in 2018, we’ve been excited to see the steady growth of usage among Workato’s customers—many of them leaders in their respective industries—and Workato’s solidifying position as a leader in the automation market, one of the fastest-growing sectors in technology,” said Neeraj Agrawal, a general partner at Battery Ventures. “We’ve had a front-row seat to watch Workato truly transform many of its customers’ businesses, which is one reason why we and other existing investors in the company are excited to lead this new funding round.”

“The events of the past 10 months have made operational excellence more critical than ever, and businesses understand that enterprise automation is a cornerstone to achieving the heightened agility, innovation and performance they need to succeed in any environment,” said Pauline Yang, partner, Altimeter Capital. “The market for automation products will only continue to expand, and we believe that Workato has the best technology, partnerships and leadership team in place to capitalise on this exciting opportunity.”

Customers trust Workato as their automation platform of choice and three out four customers automate business processes across three or more business functions.

-ends-

Notes to editors:

More than 11,000 customers now use Workato’s enterprise automation platform to automate their critical business processes. In the past 12 months, Workato has:

● More than doubled new ARR, with growth accelerating every quarter

● Nearly doubled the customer base with additions like Freenow, Adevinta, Nokia, Stitch Fix, Gitlab, NYU and many others

● More than tripled the growth in business processes automated by customers and quadrupled the workload per customer

● Expanded in EMEA with a new GDPR-compliant data centre in Frankfurt

● Acquired RailsData to create an application connector factory; increasing the number of application connectors by over 10x in the next few years

● More than doubled employee headcount

● Been recognised as a leader in Gartner’s Enterprise iPaaS Magic Quadrant for the fourth year in a row - with the largest positive movement of any leader this year

● Hosted its first user conference, Workato Automate, which attracted more than 12,000 participants

● Been named to the Forbes Cloud 100, the definitive ranking of the top 100 private cloud companies in the world

● Been recognised in the Deloitte Fast 500 as one of the top 100 fastest growing companies globally

About Workato

The leader in enterprise automation, Workato helps organisations work faster and smarter without compromising security and governance. Built for Business and IT users, Workato is trusted by over 7,000 of the world's top brands like Broadcom, Intuit, Box, Autodesk, and HubSpot. Headquartered in Mountain View, Calif., Workato is backed by Altimeter Capital, Battery Ventures, Insight Venture Partners, Tiger Global, and Redpoint Ventures. For more information, visit www.workato.com or connect with us on social media:

● Blog: https://www.workato.com/the-connector/

● Business Systems Community: https://systematic.workato.com/

● Twitter: http://www.twitter.com/workato

● LinkedIn: https://www.linkedin.com/company/workato

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Contact:
Tyto PR for Workato
Pauline Delorme
Workato@tytopr.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

i2c Sets Industry Record with More Than 20 New Implementations Across 10 Markets in November7.12.2021 18:21:00 EET | Press release

i2c Inc., a leading provider of digital payment and banking technology, today announced it had deployed more than 20 new payment and digital banking programs for clients across 10 markets and four continents during the month of November alone. “The growth levels combined with the diversity of customers and programs we’re witnessing in our business today is a testament to our growth strategy and global team,” said Amir Wain, founder and CEO of i2c Inc. “We are thrilled to be the enabler of choice for visionaries in the payments and digital banking space as they work to accelerate financial innovation and expand access to millions of end users worldwide,” he said. i2c powers industry leaders in fintech, digital banking, cryptocurrency, as well as traditional financial institutions on a single, agile global platform. This fiscal half’s success includes new enterprise partners, as well as product and global program expansions for several U.S. and international programs, including: 1derful

Sunny Varkey Launches Tmrw, a New Learning Operating System (LearnOS) for Global Education to Bring a Quality Education Within Reach of Every Child7.12.2021 17:48:00 EET | Press release

Tmrw, a new and scalable Learning Operating System (LearnOS) for global education with a mission to help bring a quality education to every child, was launched this month. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211207005768/en/ Sunny Varkey, Chairman and Founder of Tmrw (Photo: Business Wire) Its interoperable All-In-One Integrated Platform is built to be accessible and affordable for Government funded schools operating in both the developed and developing world settings. In particular, it seeks to reach all students irrespective of their background or their ability to pay. It is designed to cater to the needs of every curriculum, context and mode of learning, whether brick and mortar, virtual or blended. Tmrw’s vision over time is to underpin learning, teaching, and the operational needs of K12 education, higher education and life-long learning. Sunny Varkey, who also founded the Global Teacher Prize, has ensured th

Nexo Expands Institutional Access to Crypto in Collaboration with Fidelity Digital Assets7.12.2021 17:30:00 EET | Press release

Nexo , the leading regulated institution for digital assets, today announced its collaboration with Fidelity Digital AssetsSM, a leading institutional focused execution and custody services platform provider, to revolutionize institutional access to digital assets by together offering best-in-class custodial and lending services, including the launch of innovative institutional-focused products. Nexo, a pioneer of cryptocurrency-collateralized credit, and Fidelity Digital Assets as custodian and collateral agent, will develop a comprehensive product suite and compliant infrastructure for institutional investors seeking exposure to digital assets. As a first step, the collaboration with Fidelity Digital Assets will expand Nexo’s ability to service and enhance its growing portfolio of assets under management and will provide an additional custody layer to Nexo’s military-grade security infrastructure. This latest development gives institutional investors who currently custody their digit

Percona Platform Unifies Open Source Databases, Supports Private Database-as-a-Service Deployments7.12.2021 17:20:00 EET | Press release

Percona, a leader in open source database software and services, today announced Percona Platform to bring together database distributions, support expertise, services, management and automated insights into a single product. Building on the company’s expertise with databases including MySQL, PostgreSQL and MongoDB, the new Percona Platform will simplify how users monitor, manage and optimize their database instances across any infrastructure. In addition, Percona Platform will enable developers and database administrators to run their own private Database-as-a-Service (DBaaS) instances. This launch will preview the Percona Platform, allowing users to unify the entire database experience from packages and backup to monitoring and management, with general availability in early 2022. Percona brings together distributions of MySQL, PostgreSQL and MongoDB including a range of open source tools for data backup, availability and management. It also includes Percona Monitoring and Management

Zencity Accelerates Collaboration Between Communities and Local Governments by Acquiring Civil Space7.12.2021 17:16:00 EET | Press release

Zencity, the leading global community engagement technology platform for local governments, announced the acquisition of cutting edge digital engagement startup Civil Space, based in Vancouver, Canada. The deal immediately adds to Zencity’s powerful suite the capability to create and capture deep, meaningful, equitable, two-way conversations between governments and their residents. With its acquisition of Civil Space, Zencity emerges as the most effective, inclusive and wide-reaching community engagement platform available for local governments, built around two core principles: Lowering the barriers to participation by meeting residents where they are and hearing many more voices; and Making it easier for governments to turn the resulting, broadened community input into action. The combination of Zencity’s analysis of broad community input with Civil Space’s direct engagement platform will enable local leaders to further enhance the feedback they are leveraging. The information will b

MCR Acquires Cloud-Based Hotel Management Platform Optii7.12.2021 17:00:00 EET | Press release

MCR, the 4th-largest hotel owner-operator in the United States and one of Fast Company’s 10 Most Innovative Travel Companies of 2020, has acquired Optii, the only predictive, cloud-based technology for improved hotel operations. Optii will continue to be a standalone company with its existing management team of CEO Katherine Grass, Founder and CSO Soenke Weiss and CRO Deborah Pevenstein. MCR’s portfolio of 140 branded and independent hotels will be arms-length customers of Optii, which will continue to offer its product to forward-thinking hotel companies. No data will be shared with MCR. MCR will mobilize its 4,000 hotel team members — who will utilize Optii for 20,000 guestrooms per day — to push for innovative product enhancements. Stayntouch property management system software, another standalone company owned by MCR, will integrate with Optii. A data-driven platform powered by artificial intelligence, Optii has revolutionized housekeeping technology, optimizing labor and cleaning

Alation Forges Strategic Partnerships With Bigeye and Soda7.12.2021 17:00:00 EET | Press release

Alation, Inc., the leader in enterprise data intelligence solutions, today announced formal partnership agreements with Bigeye and Soda, leading data observability vendors. The partnerships provide customers with the choice to select the best data observability partner for their organisation’s needs. Alation’s active data governance helps organisations drive data culture by providing all data users, regardless of technical skillset, with access to quality data. Bigeye’s data observability platform helps detect data quality issues and ensures reliable data pipelines. Soda’s data observability platform allows teams to discover, prioritise, and collaboratively resolve data issues. The platforms are invaluable for alerting technical users to deeper data quality issues, such as the trustworthiness of the data or its usability. Alation’s integrations with Bigeye and Soda provide all data consumers, from business users to data scientists, with a single-pane-of-glass view into the trustworthin

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom