Syncron said Oct. 16 that Summit Partners has made a $67 million minority investment. Syncron, of Stockholm, provides cloud-based after-sales service solutions for manufacturers.
Syncron Announces $67 Million Growth Investment from Summit Partners to Fuel Manufacturers’ Journey to Servitization
Investment supports Syncron’s vision to empower manufacturers to shift from reactive, break-fix after-sales service to a new paradigm focused on maximized product uptime
STOCKHOLM and ATLANTA, 16 Oct. 2018 – Syncron™, a provider of cloud-based after-sales service solutions focused on empowering the world’s leading manufacturers to maximize product uptime and deliver exceptional customer experiences, today announced a $67 million minority investment from global growth equity firm Summit Partners. The partnership with Summit Partners will support Syncron’s continued development of its category-leading enterprise SaaS solutions and further expansion of its global operations.
Servitization – where organizations transition from selling one-off products to selling the output or value that products deliver – is leading manufacturers to evolve their after-sales service operations from reactive, break-fix models focused on repair execution, to a new paradigm focused on dynamic repair prevention and maximizing product uptime.
Syncron offers a fully integrated SaaS platform to optimize the performance of the after-sales service supply chain and enable global manufacturers to evolve to subscription-based uptime service models, which is critical on the journey to servitization. The Syncron Service Cloud applies machine learning to multi-echelon logistics and IoT data designed to deliver predictive insights and drive enhanced customer experiences, greater efficiency and brand loyalty. Headquartered in Stockholm, Sweden, Syncron powers the after-sales service organizations of many of the world’s leading manufacturers, including Electrolux, Hitachi, JCB, Mazda, Siemens and Toyota. Syncron has more than 330 employees across 10 global offices and is a recipient of the Great Place to Work® award.
“We are delighted to partner with Summit Partners to support Syncron’s next chapter of expansion and our path to IPO readiness,” said Anders Grudén, CEO of Syncron. “Summit’s deep experience collaborating with high-growth, enterprise SaaS companies will add valuable support to our vision of leading the transition from reactive, break-fix after-sales service to intelligently maximizing product uptime and customer loyalty.”
“We believe Syncron is uniquely positioned to support global OEMs on their journey towards servitization,” said Antony Clavel, a Principal at Summit Partners who will join the Syncron Board of Directors. “Across automotive, industrial machinery, high-tech, aerospace and many other industries, sophisticated manufacturers are working with Syncron to drive after-sales service excellence.”
“Syncron is an impressive technology company serving some of the world’s most respected manufacturing brands,” added Han Sikkens, a Managing Director with Summit Partners who will also join the company’s Board of Directors. “The Syncron team has delivered strong, profitable growth on a global scale and we look forward to supporting the company’s continued market leadership.”
Summit Partners manages over $14 billion in capital and has invested over $2 billion in European-headquartered growth companies. Syncron represents Summit Partners’ first investment in Sweden.
Syncron empowers the world’s leading manufacturers to maximize product uptime and deliver exceptional after-sales service experiences, while driving significant revenue and profit improvements. From industry leading investments in research and development, to providing the fastest time-to-value, Syncron’s award-winning, cloud-based service parts inventory, price and uptime management solutions are designed to continually exceed customer expectations. Top brands from around the world trust Syncron to transform their after-sales service operations into competitive differentiators. For more information, visit syncron.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 475 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Notable technology and industrial technology companies financed by Summit Partners include Avast, Darktrace, Elatec, Flow Traders, McAfee, OnRobot, SmartSheet, Trintech, WebEx and Welltec. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visitsummitpartners.com or on Twitter at @SummitPartners.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.