Funding round led by Warburg Pincus with participation from SoftBank Vision Fund 2

SAN JOSE, Calif., September 25th, 2024 – Whatfix, a global leader among digital adoption platforms (DAPs), today announced it has secured $125 Million in a Series E funding round, led by Warburg Pincus with participation from existing investor SoftBank Vision Fund 2. The company is raising the new round at a significant premium, reinforcing its dominance as the leader in Digital Adoption Platforms (DAPs) and expanding into DAP adjacent offerings.

The investment will enable Whatfix to expand its category leadership and enhance its integrated product suite through organic growth and strategic acquisitions. The company also aims to expand its market presence in the US, EMEA, and APAC regions to strengthen its footprint in the global public sector.

Since its funding round in 2021, Whatfix has achieved remarkable growth, solidifying its position as a leader in the newly established DAP category. The company serves a marquee global clientele, including Arrow Electronics, Schneider Electric, and Avnet, along with partners like Microsoft, Salesforce, Infosys, and Accenture, who trust Whatfix to accelerate ROI on their technology investments. Supporting 80+ Fortune 500 companies, Whatfix registered top-decile performance with a 4.5X increase in annual recurring revenue (ARR) since its 2021 round, with new products contributing 15% of revenue.

Pioneering the concept of “Userization,” Whatfix shifts responsibility to technology, ensuring it adapts to users, not the other way around. By integrating GenAI throughout its product suite, offering digital adoption, product analytics, and application simulation, Whatfix accelerates this user-first approach, building an experience layer across the enterprise software stack. This empowers enterprises to maximize technology ROI while allowing employees to build greater efficiency.

“Enterprises are grappling with the complexities of digital transformation and the ever-increasing pressure to deliver exceptional user experiences,” said Khadim Batti, CEO and co-founder of Whatfix. “Whatfix’s innovation is evident through the launch of four new products since 2021, securing five US patents with 18 more in the pipeline. This investment will add more fuel to the tank, accelerating a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption.”

As per Gartner’s 2023 Market Guide, 70% of organizations are projected to use DAPs by 2025, highlighting the critical role digital adoption platforms play in driving enterprise success. Leading this transformation, Whatfix has been the top DAP on Deloitte Tech Fast 500™ for three consecutive years and is the only DAP vendor to receive Customer’s Choice in the Gartner Peer Insights 2024 Voice of Customers for DAP report. Additionally, Whatfix is consistently recognized as a market leader in DAP reports from Gartner, Forrester, IDC, and the Everest Group.

“As organizations rapidly adopt an evolving array of AI-enabled technologies, Digital Adoption Platforms (DAPs) have become essential for successfully navigating digital transformation,” said Amy Loomis, Research Vice President, Future of Work at IDC. “DAPs provide valuable insights, empower users to be more agile, and drive significant business outcomes by accelerating application adoption and optimizing workflows. DAPs will evolve to address a broader range of enterprise needs, including AI-specific challenges, solidifying their role as a preferred approach to maximizing software ROI. By 2027, IDC predicts that 80% of G1000 organizations will rely on DAPs to mitigate technical skills shortages.”

Narendra Ostawal, Managing Director, Head of India Private Equity, Warburg Pincus, said, “Whatfix’s unique digital adoption platform is revolutionizing how organizations implement digital transformation programs, create outstanding user experiences, and empower users to fully leverage software functionalities and enhance productivity. As a partner of choice for top global enterprises across industries, we believe Whatfix has immense potential to capitalize on the tailwinds and solidify its position in the high-growth DAP market. We are delighted to partner with the Whatfix team led by Khadim and Vara, as they steer the company towards its vision and goal.”

Narendra Rathi, Investment Director, from SoftBank Investment Advisers, added, “Since our initial investment in 2021, we are pleased to see Whatfix’s strong growth and sustained innovation. Their role in the digital transformation journeys of Fortune 500 companies is a testament to their customer focus. We are excited to continue backing Khadim and Vara as they enter their next phase of growth.”

“From day one, Whatfix has truly put us, the customer, first,” said, Jochen Heidner, Project Manager of Purchasing Systems at Mercedes-Benz and Whatfix customer for the CERTUS CC project. “Their digital adoption platform (DAP) has been instrumental in the CERTUS digital transformation journey, simplifying complex processes and empowering our teams to achieve more. What’s truly remarkable is their exceptional customer support—they’ve been helpful, and genuinely nice and supportive every step of the way.”

Adam P. Burden, Global Innovation Lead from Accenture LLP, said, “Software is more user-centric than ever, and Whatfix is at the forefront of this innovation in user enablement. With Whatfix, you can tailor applications to each user’s workflow, optimize efficiency and create great outcomes. By using Whatfix’s AI-powered product suite—including application simulation, analytics, and digital adoption—our clients can better leverage both their existing and new technology investments. With the capabilities of Whatfix, we’re able to build products where the software serves the user, not the other way around. We look forward to our continued success together.”

Whatfix has been contributing to the industry by developing over 4,100 DAP experts since 2021 and remains committed to cultivating more in the years to come.

About Whatfix:

Whatfix is advancing the “userization” of application technology, by empowering companies to maximize the ROI of digital investments across the application lifecycle. Powered by GenAI, Whatfix’s product suite includes a digital adoption platform, simulated application environments for hands-on training, and no-code application analytics. Whatfix enables organizations to drive user productivity, ensure process compliance, and improve user experience of internal and customer-facing applications. With seven offices across the US, India, UK, Germany, Singapore, and Australia, Whatfix supports 700+ enterprises, including 80+ Fortune 500s like Shell, Microsoft, Schneider Electric, UPS Supply Chain Solutions, and Genuine Parts Company.

Backed by investors such as Warburg Pincus, Softbank Vision Fund 2, Dragoneer, Peak XV Partners, Eight Roads, and Cisco Investments, software clicks with Whatfix. For more information, visit the Whatfix website.

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.

Our partner company Whatfix, a global leader among digital adoption platforms (DAPs), today announced their $125 million Series E funding round, led by Warburg Pincus, with participation from existing investor SoftBank Vision Fund 2.

Our India Ventures team first invested in Whatfix in 2019 as part of their Series B round along with our U.S. based sister fund F-Prime Capital. Through the years we have continued to double down over subsequent funding rounds and today we have made a partial exit.

Khadim Batti, CEO & Co-founder of Whatfix said, “Enterprises are grappling with the complexities of digital transformation and the ever-increasing pressure to deliver exceptional user experiences. Whatfix’s innovation is evident through the launch of four new products since 2021, securing five US patents with 18 more in the pipeline. This investment will add more fuel to the tank, accelerating a new era of innovation for our industry, bolstering the unparalleled value we bring to our customers, and reshaping the future of software adoption.”

The investment will enable Whatfix to expand its category leadership and enhance its integrated product suite through organic growth and strategic acquisitions. The company also aims to expand its market presence in the US, EMEA, and APAC regions to strengthen its footprint in the global public sector.

Since its funding round in 2021, Whatfix has achieved remarkable growth, solidifying its position as a leader in the newly established DAP category. The company serves a marquee global clientele, including Cisco, Arrow Electronics, Schneider Electric, Avnet, Microsoft, Salesforce, Infosys, and Accenture, to name a few, who trust Whatfix to accelerate ROI on their technology investments.

Read more about the fundraise here

A new addition to Axon’s Italian portfolio: the Growth Equity fund specializing in investments in innovative companies is a Co-Lead Investor, along with the Italian fund BlackSheep and the Azimut Digitech Fund, under the advisory of FNDX, and Azimut Eltif – Venture Capital – ALIcrowd III of Azimut, in Kleecks’ €6.5 million round. Kleecks is an Italian startup that has developed a cutting-edge enterprise SaaS platform for optimizing website performance, helping maximize customer engagement. Kleecks already boasts an excellent track record and successful case studies, having worked alongside leading international brands, particularly in the luxury and fashion sectors, to optimize their digital channels.

With this investment, BlackSheep, Axon, and Azimut’s VC funds will support Kleecks in further developing its platform, consolidating its presence in target markets, and expanding into new business opportunities. Thanks to the funds’ established expertise in the software, marketing, and advertising sectors, as well as their managerial skills and international network, will actively contribute to implementing Kleecks’ growth plan, ensuring a rapid, solid, and strategic development.

With offices in London and Milan, Kleecks serves clients worldwide and has achieved excellent results in competitive markets such as the UK, France, the United States, and Japan. The platform handles significant volumes, managing over €1.5 billion in transactions for its clients and serving more than 8 million daily users.

Kleecks has developed an innovative platform based on advanced artificial intelligence and machine learning technologies, designed to optimize website and e-commerce performance without requiring back-end modifications. The platform operates directly on the front-end, enhancing critical aspects such as SEO, accessibility, site speed, and user experience. Through continuous 24/7 analysis in 50 languages, Kleecks constantly monitors competitors’ strategies, with a particular focus on keyword strategy, enabling brands to close any competitive gaps. The platform operates on the front-end, generating digital assets and providing data and insights to optimize content and performance. This ensures better search engine indexing, increased organic traffic, and higher conversion rates.Kleecks, which currently has around 30 employees, has shown year-over-year growth of over 70%, thanks to stable partnerships with more than 100 brands, including prominent international companies like Fendi, Bulgari (Luxury), Western Union (Finance), Gabel (Retail), Poliform, and Natuzzi (Design), among others.

Marco Bezzi, CEO and Founder of Kleecks: We are excited to continue our ambitious growth journey with the support of new strategic partners, including Axon and BlackSheep, with whom we share values and goals. This investment not only validates Kleecks’ value but also strengthens our belief that we can make a significant impact in the market. We are confident that together we will take Kleecks to a new level, reaching new markets and business opportunities, enabling us to offer increasingly effective solutions and positioning ourselves as a true game changer in the market

Francesco Terraneo, Head of Italy at Axon Partners Group stated: We are excited to announce our partnership with BlackSheep in the investment in Kleecks. We firmly believe that Kleecks has an exceptional future ahead, driven by an outstanding team. The international collaboration between the funds will support the company in further expanding its reach and positioning itself as a leading international player in the industry.

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Sixth Street to acquire minority interest in EdgeConneX

Broadened investor base adds new resources and expertise, supporting EdgeConneX’s long-term ambition as a leading global data center and AI infrastructure provider

EQT and Sixth Street are pleased to announce that the EQT Infrastructure IV and EQT Infrastructure V funds (“EQT Infrastructure”) have signed an agreement to sell a minority stake in EdgeConneX to funds managed by Sixth Street. Having been invested in the company since 2020, EQT Infrastructure will remain the largest shareholder following the closing of the transaction.

EdgeConneX is a leading global provider of data center capacity focused on energy-efficient and sustainable designs optimized for AI and large-scale cloud deployments. Since 2020, EdgeConneX has more than tripled its built data center capacity and expanded its reach into Asia, Latin America and new European markets. Today, EdgeConneX has a global footprint of 80 data centers in operation or development in more than 50 markets across North America, Europe, APAC and South America.

The stake sale marks a strategic milestone in EdgeConneX’s journey, welcoming a strategic partner to help accelerate the company’s ability to deliver capacity and cutting-edge solutions to its customers.

“With this transaction, EQT believes EdgeConneX is well-equipped to deliver scalable, high-performance data center solutions that will power the next generation of AI,” said Jan Vesely, Partner within EQT Infrastructure’s Advisory Team. “As AI continues to drive significant changes and create new opportunities across industries, EQT remains committed to being at the forefront of developing the required datacenter, connectivity and energy infrastructure needed for AI and to ensuring that EdgeConneX and our partners across EQT Infrastructure will continue to capitalize on this powerful industry tailwind.”

Sixth Street’s investment is a result of cross-platform collaboration between the firm’s dedicated digital infrastructure and global real estate platforms, which offer scaled capital solutions for companies and assets across their respective sectors.

“We’re pleased to bring our team’s deep experience in digital infrastructure and real estate asset investing to this partnership and join EQT in supporting EdgeConneX’s strategic growth,” said Julian Salisbury, Co-Chief Investment Officer at Sixth Street. “EdgeConneX is well-positioned for future success with the scale, high-quality performance, and expanding capabilities required to meet the increasing global demand for data center capacity and services.”

The transaction is subject to customary conditions and approvals and is expected to close in Q4 2024.

Morgan Stanley & Co. LLC served as lead financial advisor, Goldman Sachs served as financial advisor and Simpson Thacher & Bartlett provided legal counsel to EQT Infrastructure. Centerview Partners LLC served as exclusive financial advisor and Debevoise & Plimpton provided legal counsel to Sixth Street.

Contact

EQT Press Office, press@eqtpartners.com

Sixth Street Press Office, media@sixthstreet.com

About

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Sixth Street

Sixth Street is a global investment firm with over $80 billion in assets under management and committed capital. Sixth Street uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 650 team members including over 200 investment professionals operating around the world. For more information, follow Sixth Street on social media and visit www.sixthstreet.com.

About EdgeConneX

Backed by EQT Infrastructure, part of the global investment organization EQT, EdgeConneX provides a full range of sustainable data center solutions worldwide. We work closely with our customers to offer choices in location, scale, and type of facility, from Hyperlocal to Hyperscale. EdgeConneX provides anytime, anywhere, and any scale data center services for a diverse portfolio of industries, including Cloud, AI, Content, Networks, and more. With a mission predicated on taking care of our customers, our people, and our planet, EdgeConneX strives to Empower Your Edge.

More info: www.edgeconnex.com

EQT Private Equity, together with its co-shareholders, to sell Open Systems to Swiss Post

Under EQT’s ownership, Open Systems transformed from a founder-led managed security services provider to a leading integrated network and cyber security company

Since EQT’s acquisition in 2017, Open Systems has almost doubled its revenues and more than tripled its EBITDA, while significantly expanding its product offering to support customers on their network transformation and cybersecurity journey

EQT is pleased to announce that the EQT Mid Market Europe fund (“EQT”), together with its co-shareholders, have agreed to sell Open Systems (“Company”) to Swiss Post.

Headquartered in Zurich, Switzerland, Open Systems delivers network and cyber security capabilities in a single cloud-based platform known as Secure Access Service Edge (SASE). Open Systems’ innovative SASE Experience eliminates the complexity of secure global connectivity and network management, while providing seamless global 24×7 support. The Company plays a pivotal role in supporting customers globally in their network and cyber security transformation by offering a fully integrated, single-pane-of-glass cloud and software platform and supporting services.

EQT acquired a majority stake in Open Systems in 2017. During EQT’s ownership, the Company almost doubled its sales and more than tripled its EBITDA, while making substantial investments into its technology platform and transforming from a network-focused managed security services provider to a leading SASE player with extensive cyber security capabilities. Open Systems also built a Managed Extended Detection and Response (MXDR) division, which was carved out in 2023 and now operates as a standalone company under the brand Ontinue, which will be retained by EQT. Organic growth was complemented by three strategic add-on acquisitions, including Sqooba, a Swiss provider of data science, AI, cloud, and cyber services founded by the current Open Systems CEO Daniel Neuhaus.

As part of Swiss Post, Open Systems will continue its growth journey under the leadership of Daniel Neuhaus. With the acquisition, Swiss Post strengthens its role as provider of digital communication services by increasing its competences and know-how to support digitally connected businesses in Switzerland.

Daniel Neuhaus, CEO of Open Systems: “I would like to thank EQT for their support over the years and their hands-on involvement in our development. Swiss Post’s investment is a validation of our long-term strategy to become a leading SASE software provider with the best customer experience. With Swiss Post, we have found a sustainable partner in Switzerland who shares our values and will support us in continuously delivering best-in-class technology and services to our customers while continuing to drive innovation.”

Philipp Woerner, Director within EQT Private Equity’s Advisory Team: “We have been continuously impressed by Open Systems’ track record of technological innovation in the network and cyber security space. Thanks to the dedication and commitment of the management team led by Daniel, Open Systems delivers attractive technology and services from Switzerland to its customers globally. We could not have imagined a better future home for Open Systems than Swiss Post to support continuing the strong development.”

Nicole Burth, CEO of Swiss Post Communication Services, said: “Open Systems strongly complements our existing offerings in the area of cybersecurity. The Company is an excellent cultural fit and supports our strategy to bring cybersecurity to our Swiss customers. This makes the network and communication of businesses more efficient and secures it with the unique cloud security solutions Open Systems provides.”

The completion of this transaction is pending customary regulatory approvals and is anticipated to take place in Q4 2024.

Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Open Systems
Open Systems is a leading provider of native, managed SASE solutions that enable organizations to simply connect and secure hybrid environments to meet their business goals. Backed by our Service Experience Promise, Open Systems’ SASE Experience helps reduce risk, improve efficiency, and accelerate innovation with a comprehensive, easy-to-implement and use combination of SD-WAN and Security Service Edge delivered as a service with a superior user experience. SASE Experience combines SD-WAN, firewall, SWG, CASB, and ZTNA into a framework that supports secure connectivity across cloud and hybrid environments and locations. It provides a comprehensive SASE solution through an easy-to-use customer portal, underpinned with a unified data platform to drive future innovation, all delivered as a 24×7 managed service.

More info: www.open-systems.com
Follow Open Systems on LinkedIn and X/Twitter

About Swiss Post
Swiss Post is a diversified company operating in the communication, logistics, retail financial and passenger transport markets. In the logistics market, its services comprise the delivery of letters, parcels and newspapers, direct marketing and courier, express and goods logistics services, both on the domestic market and abroad. It also offers tailored and comprehensive logistics solutions. In the communication market, it offers digital information solutions for the healthcare sector, authorities and companies. In the retail financial market, its subsidiary PostFinance Ltd offers extensive services for payment transactions, savings, investments, retirement planning and financing solutions, and has had a banking licence since 2013. In the public passenger transport market, its subsidiary PostBus Ltd operates regional, municipal and urban bus services. Swiss Post employs around 46,000 members of staff in Switzerland and generated turnover of 7.279 billion francs in 2023. That same year, it was named the “world’s best postal service” by the Universal Postal Union for the seventh time in a row.

More info: www.swisspost.ch