Nexthink, a platform used by businesses to monitor software performance on their employees’ devices, has raised $180 million in a series D round of funding led by Permira. The Swiss company also reported a valuation of $1.1 billion.
The raise comes as companies across the spectrum have rapidly transitioned to remote work due to the global pandemic, creating a giant chasm between workers and the support they need to do their jobs effectively. While cloud-based tools have risen to the occasion in many regards, and infrastructure spending has grown exponentially over the past year, IT teams won’t always be aware of the challenges that their employees face on the ground in terms of getting all their software-based tools working correctly. And that is where Nexthink comes into play.
Founded in 2004, Lausanne-based Nexthink distributes lightweight agents, which it calls “collectors,” to every employee device on its network. These agents track all kind of metrics, such as network connections, web requests, program executions, and more, to give tech teams insights into the daily experiences of each worker. In effect, this lets IT departments take a more proactive approach to solving technical issues, rather than reacting to worker issues as they arise, and relies less on manual data collection.
Myriad cloud-based enterprise tools are reaping the benefits of the global shift to remote work. Just last week, Splashtop, which serves businesses with a remote access and support platform that enables IT teams to remotely log-in to workers’ devices to troubleshoot, raised $50 million at a $1 billion valuation. Nexthink solves a similar problem, insofar as it helps support the distributed workforce from a technical perspective.
Nexthink had previously raised $156 million, including its most recent $85 million tranche back in 2018, and with its latest financing that included existing investors Highland Europe and Index Ventures, the company said will be well-financed to accelerate its growth and expansion, with a particular focus on the U.S. market, and add to its roster of high-profile customers which include Best Buy, Diageo, Western Union, Siemens, and Toyota. The company currently claims 700 employees, with plans to grow its team by more than 200 by the end of 2021 across Europe, the U.S., and India.
Additionally, the funding round also sees Permira senior advisor Bruce Chizen, Adobe’s former CEO of 13 years, join Nexthink’s board of directors.
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