Nexthink Acquisition, Valuation, Funding & Investors
Nexthink was acquired by Vista Equity Partners for $3B in October 2025, a 8.6x multiple on $350M of revenue.
Nexthink acquisition price
$3B
Acquired by Vista Equity Partners · Oct 2025
Nexthink revenue at acquisition
$350M
Last twelve months · Oct 2025
Nexthink revenue multiple at acquisition
8.6x
EV/Revenue · Oct 2025
Cumulative funding Nexthink raised
$337M
across 4 funding rounds
About Nexthink
Nexthink is a Lausanne-headquartered leader in digital employee experience management, deploying SaaS analytics across endpoints for enterprises like Airbus and General Mills. The platform monitors device performance, application responsiveness, and user sentiment in real time, enabling IT remediation via automation scripts. Publicly listed on Nasdaq since 2023, Nexthink processes trillions of IT events daily from Fortune 500 deployments.
Founded
2004
HQ
LausanneWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$250M (Feb 2021)
Valuation
$1.1B (Feb 2021)
Nexthink Acquisition
Nexthink was acquired by Vista Equity Partners for $3B on 27 October 2025.
The acquisition price implies a 8.6x revenue multiple on $350M of revenue.
Before the acquisition Nexthink had raised $337M across 4 funding rounds.
Vista Equity Partners agreed in October 2025 to acquire a majority stake in Nexthink, a Swiss-American digital employee experience (DEX) management platform, in a transaction valuing the company at approximately $3 billion. Nexthink monitors and analyzes digital experiences across employee devices, applications, and networks to help enterprises improve IT performance, productivity, and workplace satisfaction. The company serves over 1,500 enterprise customers representing more than 25 million employees globally and has been recognized by Gartner and Forrester as a leader in the DEX segment. Vista's investment reflects strong momentum in the DEX market driven by emerging agentic IT capabilities and enterprise demand for AI-powered employee experience solutions. The deal combines Nexthink's deep analytics, automation, and modern data architecture with Vista's operational expertise and strategic network. Nexthink founder and CEO Pedro Bados confirmed the process involved both direct and exploratory discussions with Vista and other SaaS-focused sponsors over several years, with 2025 representing a natural evolution of those conversations as the DEX segment gained broader recognition among Fortune 1000 companies. Qatalyst Partners served as financial advisor to Nexthink, with Ropes & Gray and Lenz & Staehelin providing legal counsel. Vista was represented by Kirkland & Ellis. The transaction was announced October 27, 2025, and was expected to close in the first quarter of 2026 subject to customary regulatory approvals and closing conditions. Following the transaction, Bados and the existing management team were to continue leading Nexthink through its next growth phase.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 27 Oct 2025 | PE buyout | $3B | 8.6x |
Nexthink Valuation
Nexthink is currently valued at $1.1B, based on its Series D in February 2021.
The $181M round was led by Permira, with participation from Index Ventures and Highland Europe.
Nexthink's valuation has grown 2.0x from $558M at its Series C in December 2018 to $1.1B in February 2021, across 2 priced rounds.
Nexthink valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2021 | Series D | $1.1B | 4.4x |
| Dec 2018 | Series C | $558M | - |
Nexthink Revenue
Nexthink's latest recorded revenue is $250M, as of its Series D in February 2021. At a $1.1B valuation, that implies a 4.4x revenue multiple.
Nexthink revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2021 | $250M | $1.1B | 4.4x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Nexthink Funding History
Nexthink has raised a total of $337M across 4 funding rounds.
Nexthink's first fundraising round was a $21M strategic investment round in June 2014. The most recent completed round was a $181M Series D in February 2021.
Nexthink funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2021 | Series D | Permira (lead); Index Ventures; Highland Europe | $181M | $1.1B | Nexthink is a leader in digital employee experience (DEX) management software, providing a cloud platform that combines real-time analytics, automations, and employee feedback to help enterprises optimize IT and employee-centric operations. Founded in Lausanne, Switzerland, and dual-headquartered in Boston, the company serves over 1,000 customers and 18 million employees, enabling better digital experiences to boost satisfaction and productivity. On February 8, 2021, Nexthink announced a $180 million Series D financing round led by Permira through its Growth Opportunities Fund, with participation from existing investors Highland Europe and Index Ventures. The round valued the company at $1.1 billion post-money and was set to close in Q1 2021, with proceeds aimed at accelerating innovation, growth, and US expansion. Bruce Chizen, former Adobe CEO and Permira senior advisor, joined the board. At the time of the investment, Nexthink reported over $250 million in ARR, reflecting strong demand for its DEX platform. Permira highlighted Nexthink's position as a global market leader in disruptive SaaS for productivity and employee experience benefits. The investment built on prior backing and aligned with Permira's focus on growth-stage technology firms. Permira's subsequent exit in October 2025 involved selling its stake to Vista Equity Partners at a $3 billion valuation, after Nexthink tripled its ARR and achieved profitability through SaaS transition, AI enhancements, and high customer retention across 25 million endpoints. |
| Dec 2018 | Series C | Index Ventures (lead); Galeo-Ventures; Forestay Capital; Highland Europe; TOP Funds; Olivier Pomel | $86M | $558M | Nexthink is a Swiss digital employee experience management software provider that offers real-time insights into IT performance across endpoints, helping enterprises monitor device performance, security, and user experience to proactively resolve issues. The company enhanced its platform with integrations like the Nexthink Splunk Connector for real-time endpoint data on security and operations. The funding supported global expansion, including plans to double its U.S. workforce and open a new North American headquarters in Boston, as the company ended 2018 with over 400 employees, more than 1,000 customers, and 7 million endpoints covered. Key achievements included servicing major clients like Express Scripts, SEGA HARDlight, Tiffany & Co., and Western Union, closing several deals exceeding $1 million in annual contract value, achieving net retention of 118 percent, customer renewal rates over 90 percent, and a net promoter score of 61. Subsequent developments saw Nexthink surpass $100 million ARR by December 2020 ahead of a $180 million Series D at $1.1 billion valuation led by Permira, reflecting continued hypergrowth in the digital employee experience market. |
| Apr 2016 | Series B | Highland Europe (lead); Galeo-Ventures; Forestay Capital; Auriga Partners; B-FLEXION | $49M | - | Nexthink, a provider of End-user IT Analytics software originating from an artificial intelligence research project at EPFL in Switzerland in 2004, raised $40 million (also reported as $48.9 million) in its Series B funding round on April 7, 2016, led by Highland Europe with participation from Waypoint Capital, Auriga Partners, and Galeo Ventures. This round brought total capital raised to $65 million. The funds were earmarked for innovation in end-user IT analytics, product roadmap expansion, global market growth, and opening a US sales headquarters in Boston. Nexthink had over 600 customers worldwide managing more than 2.4 million endpoints, addressing IT departments' need for real-time end-user infrastructure visibility. The company reported record quarterly growth in 2015 for the ninth consecutive year, with annual growth over 50% globally—157% in North America, 170% in Northern Europe, and over 60% in the DACH region. This Series B followed earlier rounds including a $20.8 million corporate round in 2014 from Auriga Partners. Later rounds included a Series C in 2018 ($86.4 million led by Index Ventures) and Series D in 2021 ($180 million led by Permira at $1.1 billion valuation with $100 million ARR), but these are unrelated to the 2016 round. |
| Jun 2014 | Strategic investment | Auriga Partners (lead) | $21M | - | Nexthink is a Swiss software company providing end-user IT analytics (ITOA) solutions to help IT organizations monitor and optimize end-user experience, applications, networks, and services in real-time, particularly for enterprises adopting mobility and cloud technologies. The company, founded around 2004, progressed through multiple early funding rounds including a pre-seed in 2004 ($119K), seed in 2006 ($1.3M from VI Partners), corporate rounds in 2007 ($3.3M with Auriga Partners) and 2010 ($4.9M Series A led by Auriga Partners), Series C in 2012 ($5.5M led by Auriga Partners, Venture Incubator, and Mannai Corporation, totaling $13.1M raised to date), and the targeted June 26, 2014 corporate round of $20.8M solely from Auriga Partners. Subsequent rounds included a Series B in April 2016 ($48.9M led by Highland Europe) and larger growth financings. The 2014 round built on prior investments, with Auriga Partners as a consistent backer since 2007, funding expansion into global markets, cloud computing, and mobility-focused product development amid growing ITOA market demand, as noted by Gartner projections of 100% spend growth in 2014. By early 2015, Nexthink announced a $14.5M Series D extension led by Auriga Partners with Gilles Queru and existing investors VI Partners and Mannai Corporation, bringing total funding to $29M for international scaling and ITOA enhancements. Nexthink earned accolades like Gartner Cool Vendor in APM and ITOA for 2014, CRN recognition, and Red Herring Top 100 Europe. The ITOA space offered rapid growth opportunities tied to end-user productivity analytics. |
Who has invested in Nexthink?
9 investors have backed Nexthink across its funding rounds, including Highland Europe, Index Ventures, Auriga Partners, Forestay Capital, Galeo-Ventures and Permira.
Lead investors include Permira, Index Ventures, Highland Europe and Auriga Partners.
Nexthink Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 3 | Lead | Apr 2016 | |
| Geneva | 2 | Participant | Apr 2016 | |
| London | 2 | Lead | Dec 2018 | |
| Geneva | 2 | Participant | Apr 2016 | |
 Paris | 2 | Lead | Jun 2014 | |
| London | 1 | Lead | Feb 2021 | |
| Geneva | 1 | Participant | Dec 2018 | |
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Start Free TrialAcquisitions by Nexthink
Nexthink has acquired 1 company to date.
Last acquisition by Nexthink was on January 30th 2024. Nexthink acquired AppLearn for undisclosed valuation.
Latest Acquisitions by Nexthink
| Description | AppLearn is a digital adoption platform headquartered in London that helps enterprises maximize software investments through its Adopt solution. The company delivers in-app guidance, analytics, and training for SaaS applications used by global businesses. It tracks user outcomes rather than mere usage, supporting alignment of people, processes, and objectives in digital transformation projects across industries. |
| HQ Country | |
| HQ City | London |
| Deal Date | 30 Jan 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Nexthink acquisitions and their M&A valuation multiples. Start Free Trial | |
Nexthink Competitors
Nexthink competitors include listed companies like Datadog, ServiceNow, Presight AI and SenseTime Group, and private ones like Dream Security and Forter.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 United States | Publicly listed | $3.4B | ($588K) | $85B | 19.4x | |
| United States | Publicly listed | $13B | $2.6B | $143B | 9.6x | |
 UAE | Publicly listed | $825M | $214M | $5.7B | 5.4x | |
 China | Publicly listed | $748M | ($70M) | $6.2B | 5.8x | |
 Tel Aviv | Private | $100M | - | $3B | - | |
| New York City, NY | Private | $200M | - | $3B | 15.0x |
Nexthink Public Comps
Nexthink is no longer listed, but its public comps include Shenzhen Intellifusion, Infleqtion, Fermi, Teradata, Freshworks, SoundHound, Intsig Information, CorVel, Shanghai DZH and Geovis.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $200M | ($3M) | 14.3x | 14.6x | (952.5x) | (1086.5x) | |||
| $29M | ($52M) | 92.3x | 64.5x | (50.9x) | (60.0x) | |||
| - | ($490M) | - | 281.8x | (7.5x) | (63.2x) | |||
| $1.7B | $285M | 1.4x | 1.5x | 8.4x | 5.3x | |||
| $839M | $41M | 3.2x | 2.9x | 65.7x | 11.3x | |||
| $169M | $19M | 14.6x | 11.3x | 132.5x | (35.5x) | |||
| $270M | $83M | 7.8x | 6.6x | 25.2x | 23.6x | |||
| $959M | $175M | 3.5x | - | 19.1x | - | |||
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Common questions about Nexthink
| When was Nexthink founded? | Nexthink was founded in 2004. |
| Where is Nexthink headquartered? | Nexthink is headquartered in Lausanne, Switzerland. |
| Is Nexthink publicly listed? | No, Nexthink was acquired by Vista Equity Partners in October 2025. |
| Who acquired Nexthink? | Nexthink was acquired by Vista Equity Partners in October 2025. |
| How much was Nexthink acquired for? | Nexthink was acquired for $3B in October 2025, a 8.6x revenue multiple. |
| What is Nexthink's valuation? | Nexthink was last valued at $1.1B in its Series D in February 2021. |
| How much funding has Nexthink raised? | Nexthink has raised $337M across 4 funding rounds. |
| What was Nexthink's last funding round? | Nexthink's last funding round was a $181M Series D in February 2021, led by Permira. |
| Who are Nexthink's investors? | Nexthink's investors include Highland Europe, Galeo-Ventures, Index Ventures, Forestay Capital, Auriga Partners, Permira, TOP Funds, B-FLEXION and Olivier Pomel. |
| What is Nexthink's revenue? | Nexthink's latest recorded revenue is $250M (February 2021). |
| What is Nexthink's revenue multiple? | Nexthink's latest valuation implies a 4.4x revenue multiple ($1.1B valuation on $250M of revenue). |
| Which companies are comparable to Nexthink? | Companies comparable to Nexthink include Datadog, ServiceNow, Presight AI, SenseTime Group, Dream Security and Forter. |
| How many companies has Nexthink acquired? | Nexthink has acquired 1 company, including AppLearn. |
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