Low-code process automation platform Creatio raises $68mn
Founded in 2013, Boston, Massachusetts-based Creatio offers a low-code platform for process and customer relationship management.
The low-code revolution
According to carried out by ResearchAndMarkets.com, the low-code development platform market is expected to be worth $187bn by 2030, having had revenues of $10.3bn in 2019. We’ve recently seen a proliferation of low- and no-code solutions that increase the accessibility of things such as data analytics, or in this case process management, to those without coding skills.
Creatio’s offering allows for the automation of processes both in the back end and those that are customer-facing, with customers in areas including financial services and manufacturing. The company partners with a range of integrators including Tata Consultancy Services, Amdocs and Virtusa.
“Our vision is a world where everyone can automate business ideas in minutes,” Katherine Kostereva, CEO and co-founder of Creatio. “Now is a critical time for digital and IT leaders to leverage tech and transform their organizations into low-code companies. This investment will allow us to keep building toward the vision of creating the new world, where any company can automate and change their business processes at speed and scale.”
$68mn in backing
“The market category of low-code platforms for process management and CRM has outstanding growth potential,” said Sean Cantwell, Managing Partner at Volition Capital. “Creatio’s offering, extensive partner base and commitment to customer success has enabled impressive organic growth and market traction. We see Creatio’s leadership position being further strengthened as companies embrace low-code solutions that close the IT delivery gap and empower any organization to become a low-code company,” said Roger Hurwitz, Managing Partner at Volition Capital.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”