Nexthink raises $180m Series D round at $1.1bn valuation

8 Feb 2021

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The new funds will be used to expand further into the US as a former chief executive of Adobe joins the Nexthink board.

Swiss employee management platform Nexthink has raised $180m in a Series D round that values the company at $1.1bn.

The company, which is headquartered in both Switzerland and Boston, develops software for employee management and analytics, or ‘digital employee experience’ (DEX) management. The fresh round of funds will be used to expand the company’s presence in the US market.

According to Nexthink, it reached $100m in annual recurring revenue in 2020 with 1,000 customers. It employs almost 700 people in Europe, the US and India, and plans to be at 900 people by the end of the year.

The round was led by London investment firm Permira, through its Growth Opportunities Fund I, with participation from previous investors Highland Europe and Index Ventures.

Pedro Bados, chief executive of Nexthink, said the shift to remote working over the last year has accelerated the need for digital employee experience software. A recent survey by Nexthink suggested that employee management has become more cumbersome since 2020 and IT departments need more effective tools to manage remote teams.

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

As part of this new investment, Bruce Chizen, former CEO of Adobe and now senior adviser to Permira, will be joining Nexthink’s board of directors.

“Bruce is a terrific addition to the team,” Bados said. “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.”

“With the move to remote and hybrid digital workplaces, digital experience is everything in the enterprise and it is a critical component to employee satisfaction,” Chizen added. “With this latest round, Nexthink is poised to reimagine the role of IT for the world’s largest brands and give them the platform they need to deliver the best experiences at work.”

Jonathan Keane is a freelance business and technology journalist based in Dublin