PSPDFKit, the leading document processing and manipulation platform for developers and enterprise businesses, today announced its first strategic growth investment led by Insight Partners, a New York-based global venture capital and private equity firm focused on growth-stage software and technology companies. Insight’s investment, which totals more than €100 million, is expected to accelerate product growth and fund strategic acquisitions, further expanding the capabilities of PSPDFKit’s highly adopted document processing platform.
Nearly a billion end-users in over 150 different countries rely on PSPDFKit every day while using web and mobile applications that are built on the company’s platform, including industry leaders like Dropbox, DocuSign, SAP, IBM, Volkswagen, Fabasoft, Wolters Kluwer Deutschland, and the European Patent Office. With just a few lines of code, the company’s software development kits (SDKs) and hosted solutions empower software engineers to easily generate documents and enable viewing, markup, real-time collaboration, signing and more in their customers’ enterprise applications.
Jonathan Rhyne, Co-Founder and CEO of PSPDFKit, saw a clear, unfulfilled need for a platform that could build the tools developers need to replace paper with modern, user-friendly digital document solutions.
“The digital document space is crowded with outdated, legacy approaches focused on rigid specifications, and not the evolving needs and high degree of customization and flexibility demanded by software developers and end-users,” said Rhyne. “PSPDFKit empowers tomorrow’s engineers and businesses as they enter a new world where remote work and digital document workflows are now the norm and not the exception.”
Ryan Hinkle, Managing Director at Insight Partners, will be joining PSPDFKit’s board. The partnership with Insight will catalyze the expansion of PSPDFKit’s world-class document processing platform to serve more engineers and organizations as they invent and develop the next generation of applications and experiences.
“Software developers and engineers are on the cutting edge of work simply by the nature of their craft,” said Hinkle. “How they work and collaborate should be on the cutting edge, too. With PSPDFKit’s software development kits and hosted solutions, the company is revolutionizing document processing for enterprises and the developers they task with keeping the company at the forefront of innovation. Insight is thrilled to play a role in the company’s growth journey.”
Rhyne continues, “From day one, our ethos at PSPDFKit has been to put developers first. Developers have a tremendous impact on how we go about work, and our mission is to provide the best possible tools to help them deliver incredible solutions.”
As part of this next stage of growth, PSPDFKit co-founders Peter Steinberger and Martin Schürrer are stepping back from their full-time active roles in the business. They remain significantly invested in PSPDFKit after leading the company to this pivotal moment in its journey and look forward to its continued success.
Chapman and Cutler, LLP served as PSPDFKit’s legal counsel, DORDA Attorneys at Law served as Austrian Shareholders’ legal counsel, and NWT served as Austrian accounting advisor to PSPDFKit GmbH during this transaction.
District Capital Partners served as financial advisor, Willkie Farr & Gallagher LLP served as legal advisor, and Deloitte served as accounting advisor to Insight Partners during this transaction.
The transaction, which is subject to regulatory clearance and other customary conditions to closing, is expected to close in Q4 2021.