The new investment, into a comapany set up in 2001, has been made so that Scytl can continue with investing in research and development as well as closing additional strategic acquisitions.
Vulcan Capital has made the capital injection though its new growth equity fund, which targets companies making ‘transformational change’ in the internet and technology sectors.
As the multi-billion dollar investment arm of Microsoft co-founder Paul Allen’s Vulcan business, the firm makes transactions across venture capital, growth equity, leveraged buy-outs and public equity investments.
Pere Valles, CEO at Scytl, comments, ‘We are very pleased that Vulcan Capital is backing our company with their investment, credibility and expertise.
‘As the industry leader in the election modernisation space, we have a responsibility towards our customers to continue bringing technology, innovation and excellence into this space.’
According to a statement, Scytl become profitable in 2006 and has grown revenues by an average of 70 per cent a year since then. A previous funding round for the business came in 2010 when it raised $9.2 million from Balderton Capital and Nauta Capital. British investor Balderton has followed up that commitment by joining the new $40 million round.
Scytl has closed five acquisitions during the last two years, with two taking place in the US, two in Europe and one in Brazil.
Abhishek Agrawal, manning director at Vulcan Capital, says, ‘Scytl is playing a pivotal role in helping governments worldwide to further embrace technology-driven modernisation in their election processes, an area which will continue to undergo massive transformation in the coming years.
‘We are excited to partner with Scytl which is at the forefront of this with its full suite of election modernisation solutions which governments can adopt on a gradual basis.’