Venture Capital News: Jitterbit Lands $20M
ALAMEDA, CA, Jitterbit, the leading provider of fast, agile integration solutions for the modern business, today announced that it has raised $20 million in a Series B round led by the global investment firm KKR.
The investment will enable Jitterbit to expand on the success of its next generation, hybrid integration solutions and extend the power of its leading cloud integration platform to more companies and industries that are struggling to bridge the digital gap between legacy systems and newer API, cloud and device-based services. Jitterbit has previously raised strategic funding from key partners including Salesforce, Autodesk and Primera Capital.
Integration is critical for companies that have to compete in today's digital world. Jitterbit's cloud integration solutions bring together legacy IT infrastructure with modern cloud applications so that professionals in IT, marketing, sales and other roles can focus on doing their jobs instead of managing disparate apps and information. By making it easy to connect and orchestrate the flow of data between thousands of cloud and on-premise applications, devices and databases, Jitterbit helps modern organizations, from manufacturers and educational institutions to software and healthcare providers, automate business workflows and connect apps that empower employees, partners and customers to do more.
'This investment jumpstarts a new era for Jitterbit as we grow to meet the expanding demands of companies around the world that need to connect legacy IT with new applications that are powering the modern digital economy,' said Jitterbit CEO George Gallegos. 'We're excited to partner with KKR to take the company to the next level and deliver innovative solutions designed to help professionals in any industry achieve more with technology.'
The $20 million investment deal follows Jitterbit's biggest year ever. In 2015, Jitterbit added over 11,000 new customers and more than 300 enterprise accounts including Chrysler, Jim Beam, Pinterest, Shell International, Tampa General Hospital, Time Warner, UCLA and Virgin. The company also grew its recurring revenues by more than 80 percent in the last fiscal year and marked the two-year anniversary of the launch of its Harmony cloud integration platform, the only cloud integration solution that offers data integration, process automation and API Management all on a single cloud platform.
The funding will enable Jitterbit to become a leader in the growing integration marketplace by tailoring cloud integration to meet the demands of the modern business. Along with upgrades to the Harmony platform's performance, speed and security, Jitterbit plans to build out new solutions for key industries and ecosystems. The company also expects to hire new talent across all departments to support continued growth while maintaining a strong focus on customer success.
KKR executive Vincent Letteri will join Jitterbit's board of directors, bringing deep experience to help guide the company through the next level of growth.
'We see strong growth potential in Jitterbit, which is uniquely positioned within a rapidly growing data integration market that is currently in a state of transition,' Letteri said. 'As more companies look to unify the data that sits across their various on and off premise systems, Jitterbit provides a great, easy-to-use tool to meet their needs. We look forward to working with the team to continue to grow the business.'
KKR has a long record of supporting technology companies, having invested more than $14 billion of equity in 60 companies across software, Internet, media and IT-infrastructure since 2000. Jitterbit is part of the firm's growth equity strategy, which is focused on market-leading, high-growth companies for which KKR can be a unique partner in helping reach scale and the next level of growth. KKR has recently made similar investments in DoubleDutch (mobile event management software), ClickTale (behavioral big data analytics software for web and mobile) and Ping Identity (identity management and security software), among others.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing worldclass people and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
About Jitterbit, Inc.
Jitterbit amplifies the value of enterprise applications with a modern, flexible and easy-to-use integration cloud platform. Designed for the technical business analyst, Jitterbit allows companies of all sizes to solve the challenges of application, data and business process integration between on-premise and cloud systems. Jitterbit's graphical 'clicks not code' approach and modern cloud platform accelerate and simplify the design, deployment and management of modern integration projects. Privately held, Jitterbit is headquartered in Alameda, CA. To learn more about Jitterbit's application integration, data integration and cloud integration solutions, visit www.jitterbit.com. To join the conversation, follow @Jitterbit on Twitter.
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