Celonis Determined to Go It Alone

In a market downturn in which previously free-flowing capital has tightened significantly, it’s becoming easier for startups to seek out an acquisition by larger corporations. Although it has attracted the attention of such potential buyers, Celonis — a process-mining SaaS company with an $11 billion valuation — is determined to stay independent. This persistence is led by Co-Chief Executive Officer and Co-Founder Alex Rinke, who truly values his company’s independence — enough, in fact, to turn down big-league offers from SAP and ServiceNow, according to insider sources.

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Based in Munich, Germany and New York City, Celonis is a buzz-worthy startup whose Execution Management System platform examines an organization's processes, reveals its inefficiencies, and unlocks optimized performance. The company previously had a close working partnership with SAP, until the latter acquired Celonis rival Signavio in 2021. In the wake of that apparent dust-up, ServiceNow boasts a close relationship with Celonis.

But with a solid financial foundation and a self-proclaimed 60-80% market share in process mining, Rinke and company see no reason to panic. Large vendors have struggled to incorporate process mining capabilities into their own portfolios, so there’s no telling when, if ever, Celonis will give up its independence.