Wizeline has raised US$43 million in series B funding led by the US equity firm Apax Partners.
The new funds will be used to accelerate growth in the company’s development teams, sales and marketing functions, international expansion, and M&A, stated the software services provider in a press release.
“Software is the new frontier for all businesses,” said Wizeline’s CEO Bismarck Lepe, saying his company’s products and services are used by ‘tens of millions of people’ every single day.
“Wizeline’s approach of marrying global talent with technology platforms allows us to deliver transformative solutions to the largest companies in the world.”
Lepe first founded Ooyala, an online video platforms and workflow management services provider. In 2014, he sold Ooyala to Australian telecom firm Telstra for US$270 million, and founded Wizeline.
“My parents left Mexico because it was corrupt and dangerous and there weren’t opportunities,” Lepe told TechCrunch last year, explaining how transformed Mexico is today. Considering his comments, Mexico graduates 80,000 software engineers annually, and more than 100 venture capital funds are looking for invest opportunities in the country.
Although Wizeline is currently headquartered in the US Silicon Valley, a large majority of its workforce work out of its facilities in Guadalajara. Wizeline also has delivery centers in Mexico City as well as Ho Chi Minh City, Vietnam.
Over the past year, Wizeline’s workforce has doubled in size, with the startup posting a 200% increase in year-over-year revenue. With new technologies disrupting the technology market, Wizeline is increasingly focusing on automation and artificial intelligence (AI).
Its clients include News Corp., Nike, and Lands’ End, among others.
“Wizeline has earned an enviable position in the high-end digital transformation consulting space, through its differentiated product-focused offering, its world-class engineering team, and its growing international roster of blue-chip customers,” said Marcelo Gigliani, Managing Partner of Apax Digital.
The investment in Wizeline is the Apax Funds’ ninth IT services investment. Notable recent investments include GlobalLogic, ThoughtWorks, EVRY, Engineering, and Zensar.
Wizeline’s existing investors include Leap Global, Sierra Ventures, A Capital, SV Angel and Lowercase Capital.