The Private Equity team advised Workfront® in connection with W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors’ minority stake in the company, worth approximately $280 million from existing equity holders through an organized secondary process. Existing investors Openview, Greenspring, and JMI Equity remain significant investors in the company. As part of the investment, Blake Heston, managing director at W Capital, and Martin Angert, director at Susquehanna Growth Equity, will join Workfront's Board of Directors.
Based in Utah, Workfront is a SaaS company that develops web-based work management and project management software that features enterprise work management, issue tracking, document management time tracking and portfolio management. Its work management platform enhances productivity across the enterprise by connecting people to work and accelerating organizational success. In 2018, the company achieved approximately $200 million in revenue with more than 3,000 customers across the globe, and more than 1,000 employees.
The Goodwin team was led by partners Joshua Klatzkin and Joseph Bernardi, associates Alese Bagdol, Elle Metzger and senior paralegal JT Roy with assistance from partners Jamie Hutchinson, Richard Matheny, Paul Jin, Sarah Bock, Kelsey Lemaster, Joel Lehrer, Fred Lim and Jennifer Fay, counsels Kirby Lewis, Todd Hahn and Jackie Klosek, associates Justin Pierce, Monica Patel, Tony Guan, Alex Plaum and Jamee Lewis.
For additional details on the investment, please read the press release.