Workfront®, an enterprise work management application platform company, today announced W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors acquired a minority stake in the company worth approximately $280 million from existing equity holders through an organized secondary process. As part of the investment, Blake Heston, managing director at W Capital, and Martin Angert, director at Susquehanna Growth Equity, will join Workfront's Board of Directors. Goldman Sachs & Co. LLC served as exclusive placement agent, and Goodwin served as legal counsel to Workfront. Existing investors Openview, Greenspring, and JMI Equity remain significant investors in the company.
Workfront is the first enterprise application platform for knowledge workers, helping people get their best work done by automating projects and processes, managing content, and providing company-wide collaboration in a single system of record.
In the past 12 months, Workfront also made major advancements to its enterprise work management application platform, with new products and capabilities that include Workfront Fusion, a comprehensive codeless integration platform that allows teams, departments, and enterprises to easily connect Workfront with virtually any application or enterprise system to support rich, cross-functional business processes;
Workfront Home, a configurable work environment designed to let each person in an organization view, manage, and complete work activities based on individual requirements; and Workfront Library, the first enterprise content management hub that connects all types of enterprise content to people and work, making it fast and easy to create, manage, find, use, and ultimately measure the impact of content companywide.
"Workfront is ideally positioned as the world's largest companies move quickly to support knowledge work with the same kind of purpose-built, enterprise application platform they already have in place for critical functions like human resources, sales, and support," said Alex Shootman, Workfront chief executive officer. "We are pleased to partner with W Capital, Susquehanna, and AB Private Credit to support the next phase in our growth and innovation mission, helping people around the world get their best work done."
"Workfront is rapidly establishing a category in enterprise work management, uniting collaboration, projects, resources, and content management in a single system of record," said Blake Heston, Managing Director at W Capital. "Workfront's groundbreaking platform, robust partnerships, and proven track record helping the world's largest companies transform the way work gets done create significant, long-term growth opportunities. W Capital Partners looks forward to partnering with the Workfront team to build a long-term, leadership position in the market."
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