Over the course of the pandemic, work processes have been reconsidered. Significant growth has been seen in workflow automation as employers wish to be more efficient and employees try to avoid the fatigue that comes from repetitive tasks.
Workato has been a platform that has been at the forefront of the workflow automation revolution and has prided itself on usability for non-technical employees. The company has now reached a staggering valuation.
The Mountain View-based company closed a Series E of $200 million, which brings its value to $5.7 billion.
The Series E was led by Battery Ventures; Insight Partners, Altimeter Capital, and Tiger Global also participated in the round.
Workato has now raised $421 million to date, and 2021 has seen a sharp valuation jump. In January, the company raised $110 million at a $1.7 billion valuation.
As the company has seen its value grow, its user base has also risen. At the start of 2021 Workato was working with 7,000 companies, it is now working with 11,000.
Not only that, but the company has also been part of a growing wave of automation products. The likes of Salesforce, ServiceNow, and IBM are all offering automated approaches.
The future of Workato
Despite fierce competition, Workato appears to have plenty of plans for the future.
Workato revealed it has acquired RailsData, which is a startup that built API-based technology to integrate apps, data, and devices. Workato had already been using RailsData’s product so it seems to be a good match.
The company also has plans to reach an initial public offering (IPO) in the future; Vijay Tella, Workato CEO and co-founder, told TechCrunch: “It’s our plan to eventually go public, but there is no official timeline set.
“Right now we’re focused on making Workato the company you think of when you think of Integration and Automation.
“We believe customers can benefit so much from wall-to-wall integration, and for that reason, our goal is for our customer usage to continue to grow over time and to stay on the revenue path we are already on.”
In terms of how the automation market will develop, investors are confident it will grow.
Pauline Yang, partner at Altimeter Capital, said in a statement: “The events of the past 10 months have made operational excellence more critical than ever, and businesses understand that enterprise automation is a cornerstone to achieving the heightened agility, innovation, and performance they need to succeed in any environment.
“The market for automation products will only continue to expand, and we believe that Workato has the best technology, partnerships, and leadership team in place to capitalize on this exciting opportunity.”
Given this evaluation, it is clear that workflow automation is seen as an area with huge potential.