Redwood Software, a provider of cloud-based business and IT process automation solutions, announced a €315 million ($375 million USD) strategic investment from growth equity firm Turn/River Capital. The investment will enable Redwood to accelerate new feature development for its industry-leading IT and business process automation platform.
Redwood Software leverages 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.
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.”
Statista estimates 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 of 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.”
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.”
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