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Seattle Times: Business app platform K2 raises $100 million


Bellevue software company K2 raised a whopping $100 million to accelerate its business making tools that other companies use to build apps.

The company started in 2001 and grew as an independent software vendor allied with Microsoft. But all along the plan was to become a full-blown software company, according to Adriaan van Wyk, co-founder and chief executive.

Now the company has more than 1,500 customers around the world using its platform to build business applications. Demand is being created in part by younger tech workers who expect app-like capabilities at companies using traditional enterprise systems. That’s putting pressure on corporate tech departments to keep up.

“We have a platform for companies to build modern business applications with very little code and we’ve seen tremendous adoption in that space,” van Wyk said.

K2 was bootstrapped and “spent money when we made money,” van Wyk said by phone during a visit to his native South Africa.

“We really wanted to reach a critical mass point before we started diluting shareholding in the business because we believed what we were building was something special,” he said.

Read the complete article at Seattle Times.