Workfront’s $280 Million Round Funding


Goodwin advised Workfront on the deal

W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors acquired a minority stake in Workfront ® worth approximately $280 million from existing equity holders through an organized secondary process. 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. Goldman Sachs & Co. LLC served as exclusive placement agent, and Goodwin served as legal counsel to Workfront. Existing investors Openview, Greenspring, and JMI Equity remain significant investors in the company.

Workfront completed another record year in 2018, with approximately $200 million in revenue, more than 3,000 customers across the globe, and more than 1,000 employees focused on helping people work better, faster, and smarter through its cloud-based application platform.

Workfront is the first enterprise application platform for knowledge workers, helping people get their best work done by automating projects and processes, managing content, and providing company-wide collaboration in a single system of record.

Workfront has achieved growth in large enterprise customers of more than 155 percent over the past three years. Workfront customers now include 50 of the Fortune 100 companies and 9 of Inc. Magazine’s Top 10 most valuable brands.

Goodwin advised Workfront with a team led by partners Joshua Klatzkin (Picture) 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.

Involved fees earner: Alese Bagdol – Goodwin Procter; Joseph Bernardi – Goodwin Procter; Sarah Bock – Goodwin Procter; Tony Guan – Goodwin Procter; Todd Hahn – Goodwin Procter; James Hutchinson – Goodwin Procter; Paul Jin – Goodwin Procter; Joshua Klatzkin – Goodwin Procter; Jacqueline Klosek – Goodwin Procter; Joel Lehrer – Goodwin Procter; Kelsey Lemaster – Goodwin Procter; Kirby Lewis – Goodwin Procter; Fredrich Lim – Goodwin Procter; Richard Matheny – Goodwin Procter; Jennifer Merrigan Fay – Goodwin Procter; Elle Metzger – Goodwin Procter; Monica Patel – Goodwin Procter; Justin Pierce – Goodwin Procter; Alexander Plaum – Goodwin Procter;

Law Firms: Goodwin Procter;

Clients: Workfront, Inc.;

Author: Ambrogio Visconti