Workfront Going Strong with Recent $280 Million Deal

Scott Johnson wanted to build something special when he founded Workfront in 2001. Originally called AtTask, they offer a software-as-a-software platform that helps people see, measure, and analyze critical factors such as resources, outcomes, and priorities to clearly understand why their work matters.

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Despite the fact that his company produces software that is meant to, in many ways, manage productivity and transparency, Johnson believed that creating a positive corporate culture is important. Seen as one of the best places to work in Utah, Workfront set out to understand how to keep their employees happy and motivated over the long term.

As part of that commitment, they conducted a stress in the workplace study and found that having an established process in place for a support system; more employee involvement in decision-making; and the implementation of training programs for time-management contributed to more satisfied workers.

In 2007, they received $7 million in venture capital funding from OpenView Venture Partners and, in 2009, another $6.5 million. Their client list is as star-studded as they come with the likes of Disney, Tommy Hilfiger, Cisco Systems, ComCast, Trek and the Fossil Group calling Workfront their workflow management home.

In 2012, Scott Johnson hired Eric Morgan as CEO for what was then called AtTask so he could pursue other projects. Under Morgan’s leadership, they raised two more rounds of venture capital funding with Greenspring Associates leading the first round that raised $17 million in 2012 and JMI Equity leading a round which raised $38 million in 2014. The company formally changed their name to Workfront in 2015 and announced a 50 percent year-over-year growth in their subscription rates.

But they had no intention of stopping there. Workfront recently announced that they have secured another $280 million in secondary funding via the sale of a minority stake in their company to W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors. With 2018 totals coming in at $200 million in revenue and over 3,000 customers across the globe, they are in a good place for growth.

“Workfront is ideally positioned as the world’s largest companies move quickly to support knowledge work with the same kind of purpose-built, enterprise application platform they already have in place for critical functions like human resources, sales, and support,” said Shootman, Workfront chief executive officer. “We are pleased to partner with W Capital, Susquehanna, and AB Private Credit to support the next phase in our growth and innovation mission, helping people around the world get their best work done.”