Private equity firm Summit Partners has invested $37 million in Appway, a provider of business process automation software in the financial services vertical market. Appway's software automates such tasks as customer onboarding and customer lifecycle management.
Appway is headquartered in Switzerland and has eight offices around the globe. Ten out of 25 of the largest wealth managers leverage Appway for onboarding of new clients, managing changing client circumstances and regulatory reviews. Key adopters include Credit Suisse, HSBC, J.P. Morgan, LGT, LPL Financial and Deutsche Bank.
AppWay's partner ecosystem includes:
- Strategic alliances: Microsoft and Salesforce;
- Value-added resellers: Refinitiv and Tegra118;
- ISVs: Deloitte Managed Services and id4;
- IT consulting firms: Accenture, Deloitte, Protiviti;
- Systems integrators: BearingPoint, Cognizant, Fincons Group, Isobar, Synpulse; and
- Technology firms: Accuity, DocuSign and Sysmosoft, among others.
Summit Partners Invests In Appway: Executive Perspectives
In a prepared statement about the private equity backing, Appway CEO Hans Peter Wolf said:
“Since its very first day, the Appway team has been driven by our mission to connect people, systems and data to automate workflows across teams and touchpoints. We look forward to leveraging Summit’s extensive experience scaling global software businesses in the financial services industry to expand our vision of ’Connecting the Disconnected’ and help more institutions embrace their digital future.”
Added Steffan Peyer, a principal at Summit Partners who will join the Appway Board of Directors:
“Over the past decade, financial institutions have had to adapt core business processes to comply with increasingly rigorous regulations and oversight related to customer identity verification (e.g., KYC), onboarding, risk and compliance. We believe that Appway has developed a versatile and scalable platform, helping its customers to onboard clients faster, automate regulatory compliance processes and reduce costs.”
Concluded Dr. Matthias Allgaier, a managing director at Summit Partners who will also join the Appway Board of Directors:
“Unlike general purpose low-code development platforms, Appway seeks to address core pain points in the financial services industry by automating the flow of work to revolutionize the customer experience and drive digital transformation across organizations. We believe the company has delivered impressive, consistent capital efficient growth, and we are thrilled to partner with Hans Peter Wolf, his co-founder Oliver Brupbacher and the entire Appway team.”
Summit Partners: Business Automation Software Investments
Private equity firm Summit Partners has extensive experience in IT automation and business automation software. Noteworthy investments include Jamf and NinjaRMM. Earlier investments and exits included Continuum (now owned by ConnectWise, a Thoma Bravo-backed company).