Syncron Announces $67 Million Growth Investment from Summit Partners to Fuel Manufacturers' Journey to Servitization
Investment supports Syncron's vision to empower manufacturers to shift from reactive, break-fix after-sales service to a new paradigm focused on maximized product uptime
STOCKHOLM and ATLANTA, 16 Oct. 2018 - Syncron™, a provider of cloud-based after-sales service solutions focused on empowering the world's leading manufacturers to maximize product uptime and deliver exceptional customer experiences, today announced a $67 million minority investment from global growth equity firm Summit Partners. The partnership with Summit Partners will support Syncron's continued development of its category-leading enterprise SaaS solutions and further expansion of its global operations.
Servitization - where organizations transition from selling one-off products to selling the output or value that products deliver - is leading manufacturers to evolve their after-sales service operations from reactive, break-fix models focused on repair execution, to a new paradigm focused on dynamic repair prevention and maximizing product uptime.
Syncron offers a fully integrated SaaS platform to optimize the performance of the after-sales service supply chain and enable global manufacturers to evolve to subscription-based uptime service models, which is critical on the journey to servitization. The Syncron Service Cloud applies machine learning to multi-echelon logistics and IoT data designed to deliver predictive insights and drive enhanced customer experiences, greater efficiency and brand loyalty. Headquartered in Stockholm, Sweden, Syncron powers the after-sales service organizations of many of the world's leading manufacturers, including Electrolux, Hitachi, JCB, Mazda, Siemens and Toyota. Syncron has more than 330 employees across 10 global offices and is a recipient of the Great Place to Work® award.
"We are delighted to partner with Summit Partners to support Syncron's next chapter of expansion and our path to IPO readiness," said Anders Grudén, CEO of Syncron. "Summit's deep experience collaborating with high-growth, enterprise SaaS companies will add valuable support to our vision of leading the transition from reactive, break-fix after-sales service to intelligently maximizing product uptime and customer loyalty."
"We believe Syncron is uniquely positioned to support global OEMs on their journey towards servitization," said Antony Clavel, a Principal at Summit Partners who will join the Syncron Board of Directors. "Across automotive, industrial machinery, high-tech, aerospace and many other industries, sophisticated manufacturers are working with Syncron to drive after-sales service excellence."
"Syncron is an impressive technology company serving some of the world's most respected manufacturing brands," added Han Sikkens, a Managing Director with Summit Partners who will also join the company's Board of Directors. "The Syncron team has delivered strong, profitable growth on a global scale and we look forward to supporting the company's continued market leadership."
Summit Partners manages over $14 billion in capital and has invested over $2 billion in European-headquartered growth companies. Syncron represents Summit Partners' first investment in Sweden.