Nearshore IT services and software development provider Wizeline has raised US$43 million in Series B funding, led by US equity firm Apax Partners.
The new capital will be used to expand the company’s workforce, strengthen the sales and marketing functions, and widen its international footprint, according to a statement.
“Software is the new frontier for all businesses,” said Bismarck Lepe, CEO, claiming that his company’s products and services are used by ‘tens of millions of people’ every 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 founded Wizeline in 2014 after selling off Ooyala, an online video platforms and workflow management services provider, to Australian telecom firm Telstra for US$270 million.
Although the company is currently headquartered in Silicon Valley, a large majority of its workforce work out of its facilities in Guadalajara, on top of teams in Mexico City and Ho Chi Minh City, Vietnam.
“My parents left Mexico because it was corrupt and dangerous and there weren’t opportunities,” Lepe told TechCrunch last year, highlighting that Mexico graduates 80,000 software engineers annually, and more than 100 venture capital funds are looking for invest opportunities in the country.
Over the past year, the company’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), counting the likes of News Corp., Nike, and Lands’ End among its clients.
“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.