SAP Ventures has invested $20 million in Scytl, which provides software for secure online voting and election modernization. With the investment, Scytl has raised $60 million this year and has the backing Vulcan Capital, Balderton Capital, Nauta Capital and Spinnaker Invest.
Scytl, the worldwide leader in secure online voting and election modernization, today announced that it has raised an additional $20 million from SAP Ventures, the independent venture capital firm affiliated with SAP SE, the worldwide market leader in enterprise applications, analytics and mobility solutions.
The proceeds from this financing will be primarily used to fund Scytl’s R&D efforts and strategic growth.
SAP Ventures invests in late-stage high-growth technology companies – such as Scytl – that have proven product and business models and are addressing large global market opportunities. SAP Ventures’ and Scytl´s shared focus on driving innovative and disruptive technology makes this an ideal investment; the new partnership will help further improve Scytl´s agility and help facilitate the Company’s access to SAP´s global enterprise ecosystem of customers and partners.
“We are extremely pleased to welcome SAP Ventures to the group of top industry investors backing our company with their investment, ecosystem, credibility and reach”, says Pere Valles, CEO at Scytl. “The trust put in Scytl by firms such as SAP Ventures allows us to continue to meet and exceed the demands of our customers in the secure election modernization space.”
Founded in 2001, Scytl is leading the transformation of the election industry by bringing software and internet based solutions into the election and governance space. Scytl’s end-to-end software platform covers every process within an election, from election planning and voter registration to online voting and election night reporting, allowing governments to improve the efficiency, accessibility, transparency and security of their elections. Scytl became profitable in 2006 and has since then grown its revenues at an average of 70% per year, becoming the worldwide leader in the election modernization market with offices in 15 cities and customers in over 35 countries.
“We are impressed with Scytl´s market leadership, rapid growth and consistent execution on delivering innovative and secure election modernization solutions to governments worldwide. The need for electoral organizations to embrace technology-driven modernization in their election processes is undergoing a much needed transformation and thus creates a huge market opportunity for Scytl. We are excited to partner with Scytl in their continued journey of bringing these processes securely into the 21st century,” concludes Andreas Weiskam, Managing Director at SAP Ventures.
After SAP Ventures’ investment, the funding raised by Scytl this year amounts to $60M. SAP Ventures strengthens Scytl’s existing shareholder base, which includes Vulcan Capital, Balderton Capital, Nauta Capital and Spinnaker Invest.
Scytl is the global leader in secure election management and electronic voting solutions. Specializing in election modernization technologies, Scytl offers the first end-to-end election management and voting platform, providing the highest security and transparency standards currently available. Scytl has capitalized on its more than 18 years of research to develop election-specific cryptographic security technology protected by more than 40 international patents and patent applications, positioning Scytl as the company with the largest patent portfolio of the industry.
Scytl’s solutions have been successfully used in 36 countries throughout the world over the last 10 years, including Canada, the United States, Mexico, Ecuador, France, Norway, Switzerland, Bosnia-Herzegovina, the UAE, India, Iceland and Australia. Scytl is headquartered in Barcelona, Spain with strategic offices the United States, Canada, Brazil, Peru and Greece as well as field offices in the UK, Ukraine, Malaysia, India and Australia. For more information, visit http://www.scytl.com.
About SAP Ventures
SAP Ventures, with more than US$1.4 billion under management, is an investment firm that seeks to partner with outstanding entrepreneurs and leading venture firms worldwide to build industry-leading businesses. SAP Ventures is an independent investment organization affiliated with SAP SE, the leading global enterprise software company. SAP Ventures leverages its relationship with SAP and its ecosystem for the benefit of its portfolio companies and underlying fund managers. SAP Ventures was founded in 1997 and has invested in more than 125 companies across five continents. For more information, please visit http://www.sapventures.com and follow us @SAP_Ventures.