Private equity firm Luminate Capital Partners has made a strategic growth investment in Axonify, a SaaS solution that offers remote training to frontline workers. The company will continue to be led by CEO and Co-founder Carol Leaman.
Luminate bought out earlier backers JMI Equity, Harmony Partners and BDC Capital — whose combined stake totals approximately 70% — for $250 million, in a deal that now values Axonify at about $350 million, according to The Globe and Mail.
Axonify currently serves more than 160 global enterprise customers in 150+ countries around the world, including Walmart, Levi’s and new client Dollar General. The solution delivers personalized, bite-sized bursts of learning directly into the flow of work for a few minutes every day, in order to promote behavioral changes among employees and drive improved business results.
The company plans to use the new investment to accelerate new product innovations and other growth initiatives. In March 2021, Axonify acquired rival digital learning platform MLevel, and Leaman told The Globe and Mail that more acquisitions are on the horizon.
“This milestone was achieved thanks to the Axonify team’s dedicated focus on empowering frontline workers and our fantastic investment partners JMI Equity, Harmony Partners and BDC Capital, as well as the hundreds of customers that we proudly serve as their frontline training and communications solution,” said Leaman in a statement. “We are thrilled to partner now with Luminate as they have a superb track record of guiding growth-oriented SaaS organizations.”