K2, a 15-year-old business software company formed in South Africa and based in the Seattle area since 2004, said it is raising more than $100 million from private equity investor Francisco Partners.
The company, a Microsoft partner that provides software and services to help businesses build and run a range of custom applications, will invest the capital “across all fronts” of its business, including research and development, possible acquisitions, and marketing, said co-founder and CEO Adriaan van Wyk.
“Some liquidity is being provided for existing shareholders,” he said in an e-mail interview.
Francisco Partners is the only investor in what van Wyk said is K2‘s Series C funding round, set to close this quarter. “There were not a lot of sellers in the business,” he said. “Our existing investors”—including Azure Capital Partners and FTV Capital—”decided to maintain positions, supporting the future of the business.”
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