Ultimus, a provider of business process management (BPM) and workflow automation solutions, has secured a $10 million investment from Advent International and named James Scheuer as chief financial officer from SciQuest.
The investment will provide Ultimus the capital to take advantage of new growth opportunities across international markets and to strengthen its global team, the company says. Ultimus will focus on increasing sales, marketing, and service operations in both North America and several emerging growth areas in Asia Pacific, Latin America, Europe and the Middle East, where it recently opened an office in Dubai.
The funding is the first Ultimus has received.
“A significant investment from an astute leading investor such as Advent lends further credibility to Ultimus’ successful business model developed over nine years, our award-winning product, and the success of our customers in implementing BPM across their organizations,” said Rashid Khan, chief executive officer of Ultimus. “With Advent as a partner, we are in a much stronger position to enhance our position as a market leader.”
Reportedly, Ultimus will add staff at its Cary headquarters and overseas.
Advent Partner Michael Pehl and Kathleen O’Donnell, principal at the Boston-based firm, will join the board of directors at Ultimus, which is headquartered in Cary.
“BPM is poised to become the next big software category and is a significant investment priority for organizations across nearly every industry, as it enables companies to increase efficiency and decrease overall costs,” said Pehl. “At Advent, we invest in companies that can lead new and emerging markets. After evaluating the BPM landscape, we concluded that Ultimus has the proven management team, world-class product, track record of success, and the strong and growing customer base necessary to become the dominant player in this industry.”
Ultimus has a network of more than 85 partners in 60 countries, and more than 1,000 customers, including Carnival Cruise Lines, Citizens Bank, Microsoft, Newell Rubbermaid, Sony, and Siemens, who have deployed the Ultimus BPM Suite.
The company’s new CFO, Scheur, joins Ultimus from RTP-based SciQuest, where he held the same role. He managed early stage venture capital financing, lead the company to a successful IPO and managed all relationships with investors and financial analysts.
“We are excited to have Jim join our senior management team, as we aggressively expand our corporate presence and grow to meet increasing market opportunities for BPM,” said Khan. “With our plans for a greater world-wide footprint, Jim’s expertise and background in providing responsible financial planning within growing organizations will be a big asset to Ultimus.”
Prior to SciQuest, Scheur was CFO for Boise Marketing Services, a $100 million subsidiary of Boise Cascade Office Products, where he focused on increasing the efficiency and profitability of the organization. He has also held the CFO position at Hickory Farms Inc. and was a partner-in-charge of the Jacksonville, FL, office of Deloitte Haskins & Sells.
“I’m excited to join the Ultimus team at such a critical point in its growth,” said Scheuer. “With a strong product suite, a global customer base and significant market opportunity for BPM, Ultimus is well positioned for financial and corporate growth. I am eager to help the company pursue these opportunities by joining an already strong executive team.”