New Enterprise Associates backs software company Appian


software binary code computerVenture capital firm New Enterprise Associates (NEA) has invested $37.5m of Series B capital in business process management software provider Appian.

Appian sells Work Platform, which enables users to create numerous custom applications and use them in a unified environment.

The company currently has 3.5m users including Fortune 100 companies, mid-market businesses and SMEs.

NEA general partner Harry Weller said, “The market opportunity for custom applications for business processes is enormous — around one-third of total IT software spent — and Appian’s Work Platform is really setting the pace for innovation in a sector poised for explosive growth.

“NEA is excited to partner with Appian as they scale the business and capture this exciting opportunity.”

Copyright © 2014 AltAssets