W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors acquired a minority stake in Workfront, a Lehi, Utah-based enterprise work management application platform company, worth approximately $280m.
Existing equity holders sold their stakes 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.
Existing investors Openview, Greenspring, and JMI Equity remain significant investors in the company.
Led by Alex Shootman, chief executive officer, Workfront provides a cloud-based work management application platform for people to see, measure, and analyze critical factors such as resources, outcomes, and priorities to clearly understand why their work matters.
The company has served thousands of companies including BT, Cisco Systems, Comcast, Fender Musical Instruments Corporation, Fossil Group, TSB, and Trek. supporting their efforts in increasing revenue, improving customer experiences, and reducing cost,
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 easy to create, manage, find, use, and ultimately measure the impact of content companywide.