Nintex has today announced their acquisition of K2 Software, marking its third acquisition within the space of two and a half years.
Terms of the acquisition were not disclosed; however Nintex says it will generate over $200 million in annual recurring revenue after the deal has closed. The transaction is expected to close within the coming weeks.
“We are excited to be bringing together leading innovators in the digital process automation software market,” says Nintex CEO Eric Johnson.
“Upon closing, Nintex and K2 customers and partners will benefit from an even broader range of process management and automation solutions.
“The combination of our respective development teams will further accelerate our pace of innovation in this growing market.”
The acquisition will enhance Nintex’s position as in the digital transformation solutions market, especially within the realm of automation – a key strength of K2.
K2’s modern process applications and automated workflows will complement Nintex’s current suite, adding to its userbase the over 1.5 million users who have leveraged K2 software solutions.
“We are looking forward to delivering even greater value to our K2 customers by joining forces with Nintex,” says K2 CEO and president Evan Ellis.
“Combining Nintex’s solution portfolio with K2’s complementary technologies will further enhance what commercial enterprises and government agencies can achieve through the power of digital process automation.”
Aragon CEO Jim Lundy says the acquisition further enhances Nintex’s position as a leader in workflow and content automation.
“Nintex is demonstrating that it is built to last and one to watch in the world of process and automation,” says Lundy.
Similarly, IDC vice president for integration and process automation Maureen Fleming says the move is a strong indication that enterprises are re-thinking their automation strategy.
“Our forecast for intelligent process automation will reach $30.5 billion by 2024, and we expect to see newer and simpler types of modelling, workflow and case management cloud software factor more heavily into the portfolio mix.”
451 senior research analyst Carl Lehmann agrees, saying automation lives at the heart of many digital transformation initiatives.
“To industry-leading organisations, automation is more than just a means to reduce redundant and error-prone manual activities or do things faster by streamlining and reducing cycle times,” says Lehmann.
“Industry leaders are investing in automation initiatives that bring to bear new resources that can predict change, risk and opportunity, and respond to it rapidly.
“They seek to empower the workforce with newfound intelligence and deliver new forms of value recognised by customers as superior to rivals. When this occurs, digital transformation creates new competitive advantage.”