Strategic financing aims to accelerate product development to meet demand for broader enterprise automation capabilities
FRISCO, Texas and LONDON, May 11, 2021, a leading provider of cloud-based business and IT process automation solutions, today announced a €315 million strategic investment from growth equity firm Turn/River Capital. The investment from Turn/River will enable Redwood to accelerate new feature development for its industry-leading IT and business process automation platform, which FeaturedCustomers recently recognizedas a rising star in the Spring 2021 RPA Software Customer Success Report. Redwood has a long history of providing its clients with powerful automation tools to meet all the needs of the modern enterprise.
Statistaestimates the global automation industry will generate $214 billion in 2021, with process automation exceeding $83 billion. "The modern enterprise needs sophisticated automation solutions to enable it to scale rapidly and still remain agile in the face of disruptions," said Dan Twing, President and Chief Operating Officer of analyst firm Enterprise Management Associates (EMA). "It's imperative that organizations adopt technology that can support the breadth of their business operations. Redwood provides the only cloud-based solution of its kind, purpose-built for the enterprise, setting it apart as a leader in the space."
Redwood Software is an established leader in leveraging powerful, low-code technology to automate industrial-scale enterprise processes across infrastructure management, finance automation, automated DevOps, supply chain management and more. As companies respond to recent market disruptions and invest heavily in technology to promote agility and collaboration, the growth financing from Turn/River will support the already "Rule of 60" company in advancing its capabilities to unlock new efficiencies in mission critical business processes and deepen its leadership in evolving automation tools for the modern workplace.
Founded in 1993, Netherlands-based Redwood Software serves thousands of global enterprise customers, including Coca-Cola, GM, Halliburton, Grainger, Wells Fargo, UBS, Mercedes-Benz, Airbus, Siemens, and Heineken. Among other accolades, Redwood was namedthe "Best SaaS Workload Automation Solution' in 2019 by EMA.
Tijl Vuyk, Redwood Software CEO and Founder, said of the investment, "We are thrilled to partner with Turn/River. Their team's go-to-market expertise combined with Redwood's best-in-class technology will create a highly complementary partnership, and further our goal of bringing modern automation to every enterprise."
Turn/River, a technology focused growth equity firm, partners with companies like Redwood by pairing flexible capital with an operational team that specializes in software go-to-market strategies. "Redwood is a technology leader that enables the world's largest companies to automate manual tasks and streamline complex business processes," said Dominic Ang, Founder and Managing Partner of Turn/River Capital. "We are beyond excited to provide growth funding and go-to-market support for the expansion of Redwood's mission critical software solutions."
Redwood was advised on the investment by HVG Law. Turn/River was advised on the investment by CMS, Orrick and Lincoln International.
About Redwood
Redwood Software delivers IT, finance and business process automation to help modern enterprises excel in the digital age. Redwood orchestrates and automates business processes across complex hybrid IT environments so enterprise organizations can focus on business agility, cost-efficiency, and customer experiences. Our automation solutions help thousands of organizations across 150 countries execute with speed and precision. Redwood is Where Automation Happens. Learn more at www.redwood.com.
About Turn/River Capital
Turn/River specializes in growth capital investments, founder liquidity, buyouts, spin-outs, and recapitalizations of technology, web, and SaaS companies. Its strategy is to combine rigorous, iterative marketing, sales, and operational execution with flexible capital to help companies double and triple their growth and build value for everyone. Turn/River Capital is headquartered in San Francisco. For more information, please visit www.turnriver.com.
Media Contact
Matthew Amico
matt@turnriver.com
Amede Hungerford
amede.hungerford@redwood.com
