The private equity funding helps Conexiom reach $170M in total funding. Here are the top-line bullets you need to know.
Conexiom, a workflow automation software provider, has raised $130M in private equity funding from Warburg Pincus, Luminate Capital Partners, and ICONIQ Growth.
How’s the company performing?
- Canada-based Conexiom’s workflow automation platform automates the processing of invoices, quote requests, order acknowledgments, and other documents for manufacturers and distributors.
- The company has grown more than 6x year-over-year since 2018 and processes over $100B in B2B transactions annually.
- Conexiom’s headcount grew 2x in 2020.
- The company’s customers include Prysmian, Rexnord, USESI, Grainger, and Genpak.
Why does the market matter?
- The workflow automation market is projected to grow at a CAGR of 23.68% and reach a value of $39.49B by 2027, according to Verified Market Research.
- Technological innovation and the increasing demand for automation amid Covid-19 are contributing to market growth.