Digital adoption platform Pendo gets $110M secondary investment

 Digital adoption platform Pendo gets $110M secondary investment
Okunuyor Digital adoption platform Pendo gets $110M secondary investment

Product analytics and digital adoption platform Pendo has received a $one hundred ten million investment from personal equity firm Thoma Bravo.

The information comes less than 4 months after Pendo announced a $a hundred and fifty million tranche of investment at a $2.6 billion valuation, however this cutting-edge funding won’t supply Pendo any cash — it constitutes what’s known as a secondary investment, which means Thoma Bravo bought current stocks from personnel and different early-stage backers.

Pendo gives various merchandise designed to help groups consisting of Okta, Salesforce, and Zendesk assist users of their very own software program products — this will be to onboard new customers via supplying in-app steerage and support or enhance adoption among employees at a organisation via beneficial prompts, schooling, and contextual overlays. On pinnacle of this, Pendo also serves up analytics to reveal how human beings are the use of and attractive with the products.

Thoma Bravo has a track record now not simplest of making an investment in corporations, but in obtaining them outright — within the beyond yr it has doled out properly over $20 billion to gather groups consisting of network security enterprise, Proofpoint, and real estate software program and facts analytics organisation, RealPage.

It’s doubtful whether this ultra-modern deal represents a minority or majority funding, but it serves to focus on the developing importance of product analytics and adoption tools at a time while each employer has efficiently come to be a software business enterprise. Getting new customers and users onboard — and keeping them there — in what is an more and more aggressive landscape is crucial, that is wherein Pendo and its peers are thriving.

“As digital transformation has escalated across all industries, efficient and smooth-to-use software is a enterprise vital,” Thoma Bravo companion Robert (Tre) Sayle cited in a press launch. “Pendo is a clear and validated leader, addressing the developing market want for super software program reports.”

Other extraordinary players inside the space include WalkMe and Whatfix, the latter having closed a $ninety million investment round only some months returned, whilst Reprise this week raised $62 million for a platform that facilitates organizations exhibit their merchandise with interactive demos.

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