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Geekwire: K2 raises more than $100M to help businesses build custom applications


K2 may not be the best known software company in the Seattle area. In fact, most people hearing the name probably first think of the Seattle-based ski manufacturer.

But in the shadow of companies such as Microsoft, Apptio and Concur, Bellevue-based K2 is growing fast. And the 430-person company — which helps a wide-range of businesses build applications on the fly — plans to assail new heights with a big cash investment of more than $100 million from private equity powerhouse Francisco Partners.

The investment — one of the largest in a privately-held software company in the Seattle area in the past year — marks just the second round of capital in the company since it was founded in South Africa 14 years ago by Adriaan van Wyk and Olaf Wagner.

K2 was bootstrapped for the first five years, with the company raising $16 million in 2006 from FT Ventures and Azure Capital. They remain investors in K2.

Francisco Partners will receive two board seats as a result of the investment, with the firm holding roughly half of the shares.

Read the complete article on GeekWire.