The capital raising was led by Apax Digital, the growth equity team of Apax Partners, with participation from DTCP. Existing investor Summit Partners will retain an equity stake in the business.

As reported by iTWire in April, Signavio announced it had secured a deal with NBN Co, the builders of the national broadband network, to deliver a business process excellence capability across the organisation.

Signavio says that, along with acceleration of its international expansion, the funds from this latest capital raising will also be used for further investment in its product suite.

“Ten years ago, we set out on a journey to tackle the time-consuming practices that limit business productivity,” said Dr. Gero Decker, chief executive and co-founder of Signavio.

“This significant new investment further validates our approach to solve business problems faster and more efficiently, unleashing the power of process through our unique Business Transformation Suite.

“We are thrilled to welcome Apax Digital as our new lead partner, and look forward to building upon our success to date by leveraging our partners’ operating capabilities and global platforms for our international expansion.”

Concurrent with the investment, Daniel O’Keefe, managing partner, and Mark Beith, managing director, of Apax Digital, will join Signavio’s board of directors, with Summit Partners managing director Matthias Allgaier retaining a seat on the board.

“As businesses have become more global, and workforces more distributed, business processes have proliferated, and become more complex,” noted O’Keefe and Beith.

“Signavio’s cloud-native suite allows employees across an enterprise to collaborate and transform their businesses by digitising, optimising and ultimately automating their processes. We are tremendously excited to partner with the Signavio team and to support their vision.”