Keeping in mind that only yesterday, France officially entered recession again, the announcement today that BonitaSoft has managed to raise another US$ 13 million in a Series C funding round led by the French government’s digital agency shows to some extent what is expected of the business process management vendor in the future.
The latest round was led by the French National Fund for Digital Society, a government initiative that invests in technology companies that are expected to go global. The funding round also includes its original investors: Ventech, Auriga Partners and Serena Capital.
Not that there was any doubt that BonitaSoft was going global. It already has three offices spread across Europe and the US and will be using some of the current funding to expand into South America.
You may recall that nearly two years ago, it also raised US$ 11 million that was to be used to expand the company.
It was also to be used for product development and to push its way to the top BPM spot over the likes of IBM and Oracle, as well as proprietary software vendors Tibco and Pegasystems.
It’s not hiding its ambitions in this respect. In its mission statement on the BonitaSoft website it says quite categorically that it intends to become the “undisputed global leader in open source Business Process Management (BPM)."
BonitaSoft’s Open Source BPM
It will achieve this by providing a flexible, open source BPM system that bypasses the lengthy, complex and high-end information system reengineering projects undertaken by many of its competitors. Open source BPM, it says, avoids this by being considerably more flexible than proprietary systems.
This process started in 2010 with what it called the "Democratization of BPM," with the release of its Bonita Open Solution 5.0 -- the democratization element being the fact that both large and small companies could afford it.
Clearly it’s a plan that has worked -- so much so that it has convinced investors of the wisdom of its vision to raise roughly US$ 28 million in funding since 2009.
There were no precise details in the announcement about this funding of what comes next for BonitaSoft, except to say that it has "... aggressive plans to increase its market share of the mid- and large-sized businesses ..." that are looking for an alternative to the cumbersome, aging systems currently in place.
Its figures over the past two years have been impressive with a growth in sales of 130% in 2012 pushed by a quadrupling of revenues in the US over the course of 2012. On the back of this, BonitaSoft says it will create 60 new jobs across three offices over the coming year. More on this as it happens.