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Remote working boom sees Nexthink strike $1.1bn valuation thanks to Permira-led Series D investment round

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Employee IT experience management software business Nexthink has hit a $1.1bn valuation thanks to Series D investment round led by private equity house Permira.

Permira led the $180m Series D through its Growth Opportunities Fund, alongside existing investors including Highland Europe and Index Ventures.

Nexthink added that former Adobe CEO and Permira senior advisor Bruce Chizen would jion the company’s board of directors following the investment.

Nexthink co-founder and CEO Pedro Bados said, “The rise in remote working has dramatically accelerated the need for digital employee experience, as a big part of all the interactions that employees have with companies are now digital.

“We see a huge opportunity ahead of us to redefine the future way in which companies will provide digital workplaces to their workforce.

“Bruce is a terrific addition to the team. At Adobe he transformed the way people work by providing delightful experiences to millions of software users.

“Now we can do the same with the employees of thousands of companies around the world.”

Nexthink’s platform provides IT with a cloud-native solution that enables insight into employees’ daily experiences of technology at the device, application and network level.

Last year Nexthink crossed the $100m mark for annual recurring revenue, added 180 customers and reached 1,000 worldwide.

Permira raised $1.7bn for the final close of its first growth fund in 2019.

Previous tech investments from the firm include remote connectivity business TeamViewer, marketplace software-as-a-service company Mirakl and payments company Klarna.

Permira principal Pierre Pozza said, “Disruptive SaaS leaders that deliver clear productivity and employee experience benefits in today’s fast changing world are a key focus area for us at Permira.

“Nexthink is a great fit with the investment strategy of Permira’s Growth Opportunities Fund given its strong growth and technology focus.”

This deal is scheduled to close in Q1.

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