Workfront Raises $33 Million in Latest Funding Round
Capital to be used for Business Development and Growth Initiatives
SILICON SLOPES, Utah — Workfront, the leading provider of cloud-based Enterprise Work Management solutions, announced that it has closed on a $33 million growth round of capital. The funds are being used to execute on the company’s business development and growth initiatives. The funding round was led by JMI Equity, a growth equity firm focused on investing in leading software and services companies. JMI also led Workfront’s prior round of funding in February 2014.
“Workfront has experienced significant growth over the past several years, and our intentions are to continue to make bold strategic moves to accelerate that growth,” said Eric Morgan, Workfront CEO. “This round of funding will support the sales, marketing, and product strategy we have defined, with the objective to be the dominant provider of enterprise work management solutions. We are extremely pleased to have JMI lead this round of funding. With its successful track record of building world-class SaaS organizations, JMI will continue to help us capitalize on our market opportunity while expanding our offerings and support for our enterprise clients.”
“Our continued investment in Workfront demonstrates our commitment to contribute to the next phase of the company’s business development success,” said Peter Arrowsmith, General Partner at JMI. “We’re looking forward to furthering our relationship with Eric and his team to continue Workfront’s successful track record of growth and market leadership.”
Workfront is a cloud-based Enterprise Work Management solution that helps marketing, IT, and other enterprise teams conquer the chaos of excessive email, redundant status meetings, and disconnected tools. Unlike other tools, Workfront Enterprise Work Cloud is a centralized, easy-to-adopt solution for managing and collaborating on all types of work through the entire work lifecycle, which improves team productivity and executive visibility. Workfront is trusted by thousands of global enterprises, like Cars.com, Cisco Systems, Comcast, iProspect, Schneider Electric, and Trek. To learn more, visit www.workfront.com or follow us on Twitter @Workfront_Inc.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software and services companies. Founded in 1992, JMI has invested in over 115 businesses in its target markets and has raised more than $3 billion of committed capital. Combining domain expertise and active partnership, JMI works with management teams to build market-leading businesses and create long-term shareholder value. Realized investments from JMI funds include Autotask, Axeda, BigMachines, Eloqua, Gemcom, PowerPlan, and ServiceNow. www.jmi.com