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Reston, Va.-based software company GoCanvas, which offers a platform for mobile forms, apps and work processes, has landed an investment deal valued at more than $150 million from California-based private equity firm K1 Investment Management, a press release states.
Previous reports stated that the software company was acquired by K1, who took over majority ownership. Weeks after the deal was first reported by Washington Business Journal, the companies have confirmed the funds will be used to bolster GoCanvas’ platform, expand global operations, increase brand awareness and grow worldwide sales activities. This use of the funds aligns with GoCanvas CEO and founder James Quigley‘s plan to grow GoCanvas more quickly by doubling the size of the company in the next two years through expanding its sales and marketing teams.
“We decided to partner with K1 because they are more than just a source of capital,” Quigley said in a statement. “They believe in our vision of helping customers ‘do more’ through workflow automation and data collection, and we both understand the importance of company culture to business success. Additionally, K1 has an impressive track record of helping growth-stage companies scale through its operations capabilities.”
GoCanvas has a portfolio of more than 6,000 customers, including Sprint, Red Bull, Post Consumer Brands, LendLease and more. As the software company expands, Quigley will still lead the 165-employee team from the Reston office.
“K1 is excited to partner with GoCanvas as both of our organizations have closely aligned visions – to help businesses grow through improvements in productivity and automation,” Neil Malik, managing partner and founder of K1 said in the press release. “GoCanvas solves more than 20,000 use cases across a variety of industries, resulting in revenue tripling over the past two years. We look forward to helping James and his team fulfill this vision of empowering businesses to ‘do more’ for their customers.”
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