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WalkMe Acquisition, Valuation, Funding & Investors
WalkMe was acquired by SAP for $1.5B in June 2024, a 5.6x multiple on $267M of revenue.
WalkMe revenue at acquisition
$267M
Last twelve months · Jun 2024
WalkMe revenue multiple at acquisition
5.6x
EV/Revenue · Jun 2024
Cumulative funding WalkMe raised
$301M
across 7 funding rounds
About WalkMe
WalkMe is a Digital Adoption Platform acquired by SAP that automates user guidance across enterprise applications. Its suite includes app overlays, workflow analytics, and generative AI for proactive support in tools like Salesforce and SAP systems. Deployed by clients including IBM, Nestlé, Thermo Fisher Scientific, and the U.S. Department of Defense, the Tel Aviv-headquartered company processes billions of user sessions annually to optimize software utilization.
Founded
2011
HQ
Website
Status
Acquired
Customer focus
B2B & B2G
Revenue model
Subscription
Revenue
$100M (Dec 2019)
Valuation
$2B (Dec 2019)
WalkMe Acquisition
WalkMe was acquired by SAP for $1.5B on 4 June 2024.
The acquisition price implies a 5.6x revenue multiple on $267M of revenue.
Before the acquisition WalkMe had raised $301M across 7 funding rounds.
WalkMe Ltd. (NASDAQ: WKME), a Tel Aviv-based leader in digital adoption platforms (DAPs), provides AI-powered guidance, automation, and e-learning solutions like SmartTips, Smart Walk-Thrus, ActionBots, and WalkMeX to help organizations accelerate user adoption, execute workflows across applications, reduce training costs, boost productivity, and maximize ROI from software investments. Customers include IBM, Nestle, ThermoFisher Scientific, and the US Department of Defense. SAP SE (NYSE: SAP), the German enterprise software giant, completed its acquisition of WalkMe in September 2024 after announcing a definitive agreement on June 5, 2024. SAP acquired WalkMe in an all-cash transaction at $14.00 per share, representing approximately $1.5 billion equity value and a 45% premium to WalkMe's closing price on June 4, 2024. The deal, advised by Orrick for SAP and Paul Hastings/Goldman Sachs for financing, received approvals from SAP's Executive and Supervisory Boards, WalkMe's board, and shareholders, along with regulatory clearances. Trading of WalkMe shares was suspended and delisted from Nasdaq post-closing, with the transaction having immaterial impact on SAP's 2024 non-IFRS EPS. Strategically, the acquisition enriches SAP's Business Transformation Management portfolio alongside Signavio and LeanIX, integrating WalkMe's adoption capabilities with SAP's AI copilot Joule for context-aware, proactive workflow assistance and people-centric transformation. SAP CEO Christian Klein emphasized enhancing end-user support for rapid adoption of new features to maximize IT investments, while WalkMe CEO Dan Adika highlighted access to SAP's ecosystem for product enhancement, market expansion, and innovation. The move follows SAP's pattern of DAP investments to address enterprise challenges in AI, cloud, and digital transformation amid reports of firms losing over $1M weekly from inefficient tech use.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 4 Jun 2024 | Strategic M&A | $1.5B | 5.6x |
WalkMe Valuation
WalkMe is currently valued at $2B, based on its Series G in December 2019.
The $90M round was led by Vitruvian Partners, with participation from Insight Partners.
WalkMe's valuation has grown 5.0x from $400M at its Series E in May 2016 to $2B in December 2019, across 5 priced rounds.
WalkMe valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2019 | Series G | $2B | 20.0x |
| Nov 2018 | Series F | $1B | 3.7x |
| Sep 2018 | Series F | $1B | 3.7x |
| Jul 2017 | Series E | $935M | 3.5x |
| May 2016 | Series E | $400M | - |
WalkMe Revenue
WalkMe's latest recorded revenue is $100M, as of its Series G in December 2019. At a $2B valuation, that implies a 20.0x revenue multiple.
Revenue moved from $270M in July 2017 to $100M in December 2019, while the revenue multiple moved from 3.5x to 20.0x.
WalkMe revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2019 | $100M | $2B | 20.0x | Series G |
| Nov 2018 | $270M | $1B | 3.7x | Series F |
| Sep 2018 | $270M | $1B | 3.7x | Series F |
| Jul 2017 | $270M | $935M | 3.5x | Series E |
* 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.
WalkMe Funding History
WalkMe has raised a total of $301M across 7 funding rounds.
WalkMe's first fundraising round was a $11M Series C in April 2014. The most recent completed round was a $90M Series G in December 2019.
WalkMe funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2019 | Series G | Vitruvian Partners (lead); Insight Partners | $90M | $2B | WalkMe is a leading digital adoption platform (DAP) that helps organizations optimize software usage, automate processes, and drive digital transformation by providing in-app guidance, analytics, and workflow automation. Founded in 2011 in Israel with U.S. headquarters in San Francisco, it serves over 2,000 customers globally across offices in New York, Raleigh, London, Paris, Berlin, Tel Aviv, Singapore, Sydney, and Tokyo. The platform enables efficient software interactions for employees, process re-engineering for business owners, and data insights for CIOs managing digital complexity. In December 2019, WalkMe closed a $90 million Series G funding round led by Vitruvian Partners with participation from Insight Partners, bringing total funding to over $307 million. This round valued the company at approximately $2 billion post-money, nearly doubling from the prior year's $1 billion valuation after a 2018 Series F. The investment supports scaling operations, global expansion into markets like Latin America, rapid platform development to meet customer demand, and workforce growth to over 800 employees. At the time of the round, WalkMe demonstrated strong traction, crossing $100 million in annual recurring revenue (ARR) in Q2 2019, with new business bookings doubling year-over-year in Q3 2019. User base expanded to 750 million end-users worldwide, up 50% year-over-year. The company positioned itself as the category leader in the fast-growing Digital Adoption Solutions market, backed by investors like Vitruvian (from its €2.4 billion fund) and Insight Partners. WalkMe continued growth post-round, surpassing $100 million in annual revenues in 2019 (reaching estimates of $130-140 million the following year with positive cash flow), and pursued IPO plans at $4 billion valuation in 2021 though it went public later. In 2024, SAP agreed to acquire it for $1.5 billion equity value. |
| Nov 2018 | Series F | EDBI (lead) | $10M | $1B | WalkMe, an Israeli digital adoption platform software company founded in 2011, provides an AI and data analytics-powered engagement platform to help enterprises adopt digital solutions and improve employee efficiency. The company raised a $50 million Series F financing round, including $40 million led by Insight Venture Partners and Mangrove Capital Partners in September 2018, followed by $10 million from EDBI on November 13, 2018, at a $1 billion company valuation. This brought WalkMe's total funding to $217.5 million. EDBI's investment supports WalkMe's expansion and localization of its digital adoption offering in the Asia Pacific market through Singapore, where the company already has offices in Australia and Japan. At the time, WalkMe served nearly 2,000 customers, including over 30% of the Fortune 500 such as Delta, HP, T-Mobile, and Microsoft, and employed 660 people worldwide, more than half in Israel. The funds enable continued hyper-growth in Asia Pacific and Europe, building on recent acquisitions like DeepUI for deep learning analytics on user interfaces. |
| Sep 2018 | Series F | Insight Partners (lead); Mangrove Capital Partners | $40M | $1B | WalkMe is a digital adoption platform that helps enterprises achieve successful digital transformation by simplifying user experiences with software applications. In September 2018, the company raised a $40 million Series F funding round led by Insight Partners with participation from Mangrove Capital Partners, bringing total funding to $207.5 million to date. Later financials from SEC filings show revenue growth from $105.1 million in 2019 to $148.3 million in 2020, with ARR increasing from $131.2 million at end-2019 to $164.3 million in 2020. WalkMe went public in 2021, highlighting strong SaaS metrics like dollar-based net retention rates differentiated by customer size, and progress toward profitability with reducing cash burn. The platform operates in a competitive enterprise software market focused on user onboarding and adoption, positioning against tools aiding digital transformation amid evolving market demands. |
| Jul 2017 | Series E | Insight Partners (lead) | $75M | $935M | WalkMe, a digital adoption platform providing AI-based on-screen guidance to help users navigate software, raised $75 million in a Series E funding round on July 26, 2017, led by Insight Partners with participation from undisclosed investors, bringing total funding to nearly $168 million. Funds were intended to expand product vision, particularly in data-driven features to analyze software usage, pursue strategic acquisitions, strengthen global reach, and hire top talent. This investment built on WalkMe's prior $50 million round also led by Insight Partners, with earlier backers including Mangrove, Scale Venture Partners, and Giza Venture Capital. The company, founded in 2011, had demonstrated strong enterprise traction by 2017. WalkMe's platform addressed digitization challenges by guiding employees and customers in technology adoption, positioning it as a leader in on-screen guidance technology. Subsequent rounds included a $40 million Series F in September 2018 led by Insight Partners, reaching $207.5 million total raised and nearly 2,000 customers including 30% of Fortune 500, and a $90 million round in December 2019 led by Vitruvian Partners at approximately $2 billion valuation, when ARR first crossed $100 million. The 2017 round aligned with other Israeli startup fundings like Iguazio ($33M) and SimilarWeb ($47M). |
| May 2016 | Series E | Insight Partners (lead); Greenspring Associates; Scale Venture Partners | $50M | $400M | - |
| Jun 2015 | Series D | Greenspring Associates (lead); Scale Venture Partners; Giza Venture Capital; Flint Capital; Gemini Israel Ventures | $25M | - | WalkMe is an enterprise-class guidance and engagement platform founded in 2011 that helps users navigate software, websites, and business applications through self-guided, intuitive interfaces. The platform bridges user experience with company processes, offering features for internal help assistance, external customer care, and driving user adoption and actions on digital properties. In June 2015, WalkMe announced a $25 million Series D funding round led by venture capital firm Greenspring Associates, with participation from existing investors Scale Venture Partners, Giza Venture Capital, and Gemini Israel Ventures. This round brought total funding raised to $42.5 million. The capital was deployed to accelerate customer acquisition and operational momentum, with plans to expand U.S. operations, open a New York office alongside the San Francisco headquarters, and pursue strategic acquisitions in analytics to extend platform capabilities. By this time, WalkMe had secured a growing roster of Fortune 500 customers including SAP, MasterCard, Kimberly Clark, Delta Airlines, and AT&T, with the business roughly split between three areas: 40 percent internal help assistance (B2B), 30 percent external customer care (legacy product), and 30 percent driving adoption and actions on sites. The company was intentionally operating in growth mode rather than pursuing profitability, with management indicating plans to take the company public within approximately two years. Post-money valuation at the Series D round was not publicly disclosed but was believed to be in the lower hundreds of millions, specifically under $500 million. |
| Apr 2014 | Series C | Scale Venture Partners (lead); Giza Venture Capital; Mangrove Capital Partners; Gemini Israel Ventures | $11M | - | - |
Who has invested in WalkMe?
9 investors have backed WalkMe across its funding rounds, including Insight Partners, Scale Venture Partners, Greenspring Associates, Mangrove Capital Partners, Gemini Israel Ventures and Giza Venture Capital.
Lead investors include Vitruvian Partners, EDBI, Insight Partners, Greenspring Associates and Scale Venture Partners.
WalkMe Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2016 | ||
| 3 | Lead | Apr 2014 | ||
| 2 | Lead | Jun 2015 | ||
| 2 | Participant | Apr 2014 | ||
| 2 | Participant | Apr 2014 | ||
| 2 | Participant | Apr 2014 | ||
| 1 | Participant | Jun 2015 | ||
This data is available for Pro users. Sign up to see all 9 WalkMe investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by WalkMe
WalkMe has acquired 5 companies to date.
Last acquisition by WalkMe was on January 1st 2022. WalkMe acquired Simpo for undisclosed valuation.
Latest Acquisitions by WalkMe
| Description | Simpo is a predictive software engagement platform used by enterprises including Walmart, DuPont, Jet, and Monday.com. The tool allows product managers to deploy interactive demos, tours, and onboarding flows without coding, integrating with SaaS products for user activation. Backed by investors like Redpoint Ventures, Simpo operates from San Francisco with global reach. | Zest is a productivity platform unifying internal knowledge sources for knowledge workers, reducing time spent searching across apps. New York-based, it integrates documents, databases, and tools into a single interface, reclaiming up to 20 percent of daily workflows for productive tasks. | DeepUI.ai is a stealth-mode startup based in Boston that offers patented machine learning for GUI understanding without APIs. Launched in 2022, its technology parses business software interfaces for automation and testing, supporting 500 enterprise apps. DeepUI.ai raised $8 million from Bessemer Venture Partners for pilot programs with Fortune 100 banks. | jaco is a no-code usability analytics platform delivering real-time session replays of customer interactions for product and analytics teams. Launched to eliminate integration barriers, the Tel Aviv-headquartered service activates within five minutes of signup, capturing user behaviors on web and mobile applications without engineering support. It supports SaaS providers and e-commerce sites by visualizing navigation paths, rage clicks, and friction points to optimize user experience. | |
| HQ Country | |||||
| HQ City | San Francisco, CA | Tel Aviv | San Francisco, CA | San Francisco, CA | |
| Deal Date | 1 Jan 2022 | 20 Apr 2021 | 20 Jun 2018 | 4 Apr 2017 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all WalkMe acquisitions and their M&A valuation multiples. Start Free Trial | |||||
WalkMe Competitors
WalkMe competitors include listed companies like Intapp and Topicus, and private ones like fabric, Zenoti, eSign and Maya.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Private | $35M | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.4B | - | ||
| Publicly listed | $578M | ($16M) | $2.8B | 4.5x | ||
| Publicly listed | $1.8B | $393M | $5.4B | 3.0x |
WalkMe Public Comps
WalkMe is no longer listed, but its public comps include RWS Holdings, CS Disco, Intapp, Hibino, Xp Industrial FII, GetBusy, Valtes Holdings, Dye & Durham, Intellinetics and Topicus.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $435M | $60M | 0.6x | 0.6x | 4.3x | - | |||
| $9M | - | 10.0x | - | - | - | |||
| $30M | $2M | 2.1x | 2.0x | 35.2x | 32.5x | |||
| $77M | $6M | 0.6x | 0.6x | 7.4x | - | |||
| $316M | $116M | 3.0x | 3.3x | 8.2x | 7.1x | |||
This data is available for Pro users. Sign up to see all WalkMe competitors and their valuation data. Start Free Trial | ||||||||
Common questions about WalkMe
| When was WalkMe founded? | WalkMe was founded in 2011. |
| Where is WalkMe headquartered? | WalkMe is headquartered in San Francisco, CA, United States. |
| Is WalkMe publicly listed? | No, WalkMe was acquired by SAP in June 2024. |
| Who acquired WalkMe? | WalkMe was acquired by SAP in June 2024. |
| How much was WalkMe acquired for? | WalkMe was acquired for $1.5B in June 2024, a 5.6x revenue multiple. |
| What is WalkMe's valuation? | WalkMe was last valued at $2B in its Series G in December 2019. |
| How much funding has WalkMe raised? | WalkMe has raised $301M across 7 funding rounds. |
| What was WalkMe's last funding round? | WalkMe's last funding round was a $90M Series G in December 2019, led by Vitruvian Partners. |
| Who are WalkMe's investors? | WalkMe's investors include Insight Partners, Scale Venture Partners, Greenspring Associates, Giza Venture Capital, Mangrove Capital Partners, Gemini Israel Ventures, Flint Capital, EDBI and Vitruvian Partners. |
| What is WalkMe's revenue? | WalkMe's latest recorded revenue is $100M (December 2019). |
| What is WalkMe's revenue multiple? | WalkMe's latest valuation implies a 20.0x revenue multiple ($2B valuation on $100M of revenue). |
| Which companies are comparable to WalkMe? | Companies comparable to WalkMe include fabric, Zenoti, eSign, Maya, Intapp and Topicus. |
| How many companies has WalkMe acquired? | WalkMe has acquired 5 companies, including Simpo, Zest, DeepUI.ai, jaco and Abbi.io. |
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