Vista Equity Partners has agreed to make a majority investment in San Jose, California-based Wrike, a collaborative work management platform for high-performance teams. No financial terms were disclosed. As a result of this transaction, Filev, Bain Capital Ventures and Scale Venture Partners will retain a significant stake in Wrike. William Blair served as financial adviser to Wrike on the deal while Harris Williams did likewise for Vista.
SAN JOSE, Calif.–(BUSINESS WIRE)–Wrike, the collaborative work management platform for high-performance teams, has signed a definitive agreement to receive a majority investment by Vista Equity Partners (“Vista”), a leading investment firm focused on software, data and technology-enabled businesses. The company’s strong track record of growth – which has landed Wrike on Deloitte’s Technology Fast 500™ list for the last four years – and customer service has made Wrike a leader in the rapidly growing collaborative work management market. This investment will provide additional funding for extensive R&D, breaking into untapped markets, and continuous expansion into new regions around the world.
“We’re thrilled to be partnering with Vista for the next phase of our company’s hypergrowth journey,” said Andrew Filev, CEO and founder, Wrike. “In addition to the unique resources it brings to Wrike, Vista provides unrivaled operational expertise. This partnership is both a huge win for our customers and a great endorsement of Wrike’s leadership. Vista’s investment is a testament to and a natural extension of the hard work that has built Wrike into the market leader it is today.”
Wrike helps organizations create new efficiencies, align work activity with the most important business objectives, and drive results. The company’s collaborative work management platform allows teams, departments, and whole organizations to plan, manage, and collaborate on projects and tasks in real-time. The Wrike platform operates across all functions to unify the enterprise in a single digital workplace with all the features, tools, and integrations needed to automate and complete work at scale.
“Vista seeks to partner with category-leading software businesses, such as recent investments in Marketo, Xactly, and Cvent. We are always looking for stand-out companies with an accelerating trajectory – we found just that in Wrike,” said Patrick Severson, principal, Vista Equity Partners. “Wrike is a rare combination of explosive growth, a strong and entrepreneurial management team, and a category leading product. As a result, the company had a lot of options for raising capital. We are thrilled the company chose to partner with Vista to help the team accelerate innovation and expedite growth.”
Existing investors in Wrike, including Filev, Bain Capital Ventures, and Scale Venture Partners, will retain a significant stake in the company. Bain Capital Ventures led the company’s Series A and Scale Venture Partners led the Series B round. Filev and Bain Capital Ventures Senior Advisor Indranil Guha will remain on Wrike’s board of directors.
“We feel fortunate to have invested in Wrike early on and to back Andrew’s founding vision for collaborative work management,” said Guha. “It’s a rare opportunity to participate in the initial creation of a new software category and then get to watch that startup emerge as a clear leader. Our great fortune has continued with Vista’s partnership. Vista has a tremendous track record of only picking winners, and we are excited for Wrike to now be included in that exclusive circle.”
William Blair served as the exclusive financial advisor to Wrike, and Harris Williams served as the financial advisor to Vista for this transaction. Orrick, Herrington & Sutcliffe LLP served as legal advisor to Wrike, and Kirkland & Ellis served as legal advisor to Vista.
Wrike is the collaborative work management platform for market leaders. The Wrike platform brings out the best in teams by giving them a single digital workplace with all the tools, features, and integrations they need to do transformative work. It connects the C-suite to front line work with business intelligence and insights, enabling operational excellence. Founded in 2006 and headquartered in Silicon Valley, Wrike is the partner of choice for 18,000 organizations, including Google, Tiffany and Company, and Edelman, and nearly two million users across 130 countries. For more information: www.wrike.com.
About Vista Equity Partners
Vista Equity Partners is a U.S.-based investment firm with offices in Austin, Chicago, New York City, Oakland, and San Francisco with more than $44 billion in cumulative capital commitments. Vista exclusively invests in software, data and technology-enabled organizations led by world-class management teams. As a value-added investor with a long-term perspective, Vista contributes professional expertise and multi-level support towards companies to realize their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity. For more information, please visit www.vistaequitypartners.com.