Software group gears up for expansion after $25m funding deal
Global software specialist AppLearn, which has a Manchester operation, has secured a $25m investment led by California-based K1 Investment Management, a leading investment firm focusing on high-growth enterprise software companies.
K1’s investment provides AppLearn with significant experience and resources to rapidly expand its global presence and further develop its innovative product suite known as its ADOPT platform.
ADOPT is an AI-powered digital adoption solution that helps world-leading organisations to optimise their investments in digital transformation.
By assisting users with complex business processes, infrequently performed tasks and change management activities, the software enables companies to maximise return on their digital investment, providing measurable benefits in productivity, accuracy and speed.
“Our vast experience in digital transformation, combined with the expertise and investment from K1, puts us in a very strong position to accelerate AppLearn’s growth plans,” said AppLearn chief executive Mark Barlow.
“The funding will fuel the delivery of our exciting product roadmap, as well as support further investments in sales and marketing to help us educate more global organisations about the role of digital adoption solutions.
“We will soon be expanding our global presence with an office in Boston as well as actively hiring roles in Manchester across all departments. We are thrilled to be partnering with K1 to realise our vision in the next phase of the company’s growth.”
Digital adoption solutions represent a growing market within enterprise software.
Research company Gartner recently introduced a new technology category for digital adoption solutions, recognising AppLearn.
Further, research completed by McKinsey revealed that the digital adoption market is an emerging space, driven by an increasing number of organisations struggling to make the best of their technology investments.
A recent report found that approximately 80% of executives say that their organisations have begun digital transformations, but just 14% say that their efforts have made performance improvements.
AppLearn’s solution is already enabling more than one million global users to realise the benefits of improved productivity, demonstrable ROI and increased employee engagement.
Kerri Kovac, vice president organisational effectiveness at Prudential Financial, Inc, said: “AppLearn ADOPT enables us to push communications to our employees, empowering them with the tools to quickly and easily access on demand, in-application help and learning.
“The analytics functionality is extensive and allow us to identify employee experience issues, trouble areas, waning levels of adoption and more. As a result, we can provide targeted support exactly where and when it is needed.”
Mike Velcich, principal at K1, added: “Since our first interaction with AppLearn we have been impressed by their approach and vision to enabling better use of technology in the workplace, including the product’s ability to drive impact at some of the world’s most recognised companies.
“We fully believe in AppLearn’s ADOPT technology and its pioneering approach to digital change and we’re excited to support the team to strengthen its position within a growing market.”