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Xconomy: Business Software Provider K2 Raising $100M+ From Francisco


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.”

Read the complete article at Xconomy.