"This was a very attractive alternative for us," he said. "One that would allow us to be more flexible in how we invest and how we attack the next 24 and 36 months without having the public looking over the shoulder of the business."
This kind of massive, late-stage financing is a relatively new phenomenon. It has given other Seattle-area companies including Apptio, Payscale and DocuSign an option to raise big bucks for expansion without forcing them to turn to the public markets before they're ready.
K2 has been around since 2000, but previously had only raised about $15 million.
The company offers IT departments a platform to build business apps without the need to write code. As more internal company processes become automated, v an Wyk said there's been incredible demand for this kind of platform to help IT departments keep up with the software solutions their companies need.
K2 has ridden the exploding market to 1.5 million users across 80 countries, counting companies like Shell and Microsoft among its customers.
Read the complete article on Upstart Business Journal.