Syncron has confirmed a $67mn minority investment from global growth equity company, Summit Partners, in order to aid development of its Software as a service (SaaS) solutions and further accelerate its worldwide operations.

Syncron, the provider of cloud-based after-sales service solutions, are aiming to empower the world’s leading manufacturers in a bid to maximize product uptime and provide outstanding customer experiences.

With the introduction of servitization, which allows companies to evolve from selling one-off products to providing the output or value that products offer, it has encouraged manufacturers to evolve their after-sales service operations.

The Sweden-based company, Syncron, provides a fully integrated SaaS platform which allows for optimization of performance of the after-sales service supply chain and allows global manufacturers to transition to subscription-based uptime service models.

It is hoped the new partnership with Summit Partners will allow its SaaS applications to develop further.

Anders Grudén, CEO of Syncron, said: “We are delighted to partner with Summit Partners to support Syncron’s next chapter of expansion and our path to IPO readiness.”

“Summit’s deep experience collaborating with high-growth, enterprise SaaS companies will add valuable support to our vision of leading the transition from reactive, break-fix after-sales service to intelligently maximizing product uptime and customer loyalty.”