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CASE STUDY
Nitro, document productivity software

Nitro is a global, document-productivity software company, serving both individuals and enterprises with PDF workflow solutions as well eSignature and business intelligence (BI) tools.

Background:

In 2014, Battery Ventures led Nitro’s $15 million series B financing.

At the time, Nitro’s customer base was largely small- to medium-sized businesses, but the company’s enterprise segment represented its fastest-growing customer cohort. Battery recognized an opportunity for Nitro to move up-market and compete with Adobe for enterprise market share in the document-collaboration market. Further, Nitro’s newly launched cloud product created an opportunity to build a prominent cloud-based business serving the next generation of corporate workflows.

Battery’s Impact:

  • Alongside the launch of Nitro’s cloud offering, Battery helped Nitro move from a term-license to a subscription business model and orient its business around best-in-class metrics for recurring-revenue businesses.
  • Battery helped Nitro build an enterprise-grade, outbound go-to-market function to pursue aggressive growth in the enterprise market.
  • Battery assisted with the acquisition of doxIQ to deepen Nitro’s analytics offerings across its product suite.
  • Battery played an active role in helping with executive hiring, including recruiting the following roles: CFO, VP of sales, chief marketing officer, VP of engineering, VP of product and an independent board member ahead of the company’s initial public offering.

Outcome:

Originally founded Australia, Nitro completed its initial public offering on the Australian Securities Exchange (ASX) in December of 2019.

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Nitro Software Related ARTICLES

The presented case study investment was made in particular economic and market conditions. There can be no assurance that Battery Venture would elect, or be able, to exploit similar opportunities in a similar manner under similar or different economic and market conditions. More generally, there can be no assurances that the Battery vehicles will have comparable investment opportunities in the future. No assumptions should be made that any investments identified above were or will be profitable. It should not be assumed that recommendations made in the future will be profitable or comparable to the portfolio company described in this case study. For a full list of all Battery Ventures investments, please click here.

Details
Focus area
Application Software
INVESTED
2014
STATUS
ASX: NTO
Location
San Francisco, CA & Australia
STAGE
Growth
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