As companies undergo digital transformations, they are increasingly embracing new applications and business processes. Today’s typical enterprise runs more than 1,000 applications, and business users are left to hack together workflows to integrate them. With the proliferation of SaaS offerings, companies’ IT teams are increasingly backlogged and unable to handle all the workflow integration needs that businesses require to streamline operations.
Enter Workato. Workato is the operating system for today’s fast-moving business. It is the only intelligent automation platform that enables both business users and IT professionals to easily integrate their apps and automate even the most mission-critical workflows without compromising security and governance. We’re thrilled to have the opportunity to partner with Vijay Tella and his team, and today Norwest is excited to announce our investment in Workato’s Series C round.
Visionary Team with Enterprise Track Record
We have been following the integration platform-as-a-service (iPaaS) space for years when we first met Vijay and his co-founders eighteen months ago. Immediately we were impressed with the team’s passion for building world-class products, ability to mobilize a highly engaged community and mission to build an iconic company. Norwest is focused on partnering with talented, authentic founders who have built extraordinary teams, and Vijay and his team, who have a unique blend of integration and B2C experience, at Workato are no exception. Prior to Workato, Vijay served as the CEO of Qik (acquired by Skype) and was a founding SVP of Engineering at TIBCO, which he helped grow from $0 to $350M in revenue. At TIBCO, he met his co-founder and now Head of Product, Gautham Viswanathan, who previously served as VP of Product Management at TIBCO.
Empowering Business Users
Business applications are increasingly enabling nontechnical business users, such as marketing operations and business operations teams, to customize their workflows. Workato offers over 400K public, out-of-the-box integrations, or “recipes”, and has over 2M proprietary recipes. Workato’s ease of use combined with its machine learning capabilities, which helps users determine the most effective recipe by recommending the next set of actions to take, helps companies integrate and automate faster at a fraction of what it would cost to build those same integrations in-house.
In many customer conversations, we’ve heard them express their passion for Workato. They highlighted several strengths of Workato’s product and company: ease of use; capable of handling complex use cases across a broad base of users; a highly engaged and responsive user community; and a strong management team.
Massive Market Opportunity
The iPaaS market is rapidly expanding and projected to grow at a 40% CAGR in the next few years, according to the analyst firm Gartner Group. More than 6,000 of the world’s fastest-growing companies use Workato to automate business-critical processes like employee onboarding, order to cash, and lead management. We feel strongly that Workato offers a unique and simple yet powerful solution—and that’s a recipe for success.
We’re thrilled to welcome Vijay, Gautham, and the Workato team to the Norwest family.