Innovation is at the heart of technology and service. The ability for a company to grow, invest and pivot based on the needs of their customers is a critical skill for the success of any technology organization. And, Sweden, a small Scandinavian country with a population just above that of New York City – and where we, at Syncron, call home – is perfectly poised for that kind of innovation.

Second to only Silicon Valley, Stockholm produces the highest number of billion-dollar tech companies per capita than any other global city – thanks in large part to Sweden’s strong tech community built on the unique opportunities the country has to offer, like social and political stability and higher education standards, and the culture’s overall openness to new ideas.

And, in a tech landscape touting companies like Klarna, Spotify and Skype, Syncron is proud of the Swedish heritage that supports the innovation and creation behind our cloud-based after-sales service solutions. Our focus on empowering the world’s leading original equipment manufacturers (OEMs) to maximize product uptime and deliver exceptional customer experiences comes directly from our culture and core values.

Today, I’m excited to announce that our mission is being supported by Summit Partners, a global growth equity investor. Summit believes Syncron is well-equipped to lead manufacturers on their journey to servitization and is investing $67M to help support our continued growth and innovation.

Summit will be a minority shareholder, allowing for a collaborative approach for the market opportunities ahead. And, as the first Sweden-based investment in Summit’s history, we view this partnership as a major validation of our mission and vision for the future of service.

“We believe Syncron is uniquely positioned to support global OEMs on their journey towards servitization. Across automotive, industrial machinery, high-tech, aerospace and many other industries, sophisticated manufacturers are working with Syncron to drive after-sales service excellence.” – Antony Clavel, Summit Partners

Like Syncron, Summit has a truly global perspective. Summit’s investment team leverages the firm’s long history, extensive portfolio and deep network to uncover global trends that represent significant market and investment opportunities. In our case, the global trend is servitization, where manufacturers must evolve from selling products to selling the output or value that products deliver.

Servitization is forcing OEMs to evolve their (often sub-optimized) after-sales service operations from reactive, break-fix models focused on repair execution, to ones focused on repair prevention and maximizing product uptime. Ultimately, our goal is to enable manufacturers to make this shift, and thanks to Summit’s strong history of accelerating growth by leveraging the firm’s global reach, deep domain expertise and extensive operational resources, this partnership and investment fuels our ability to do so.

“Syncron is an impressive technology company serving some of the world’s most respected manufacturing brands. The Syncron team has delivered strong, profitable growth on a global scale and we look forward to supporting the company’s continued market leadership.” – Han Sikkens, Summit Partners

As a global organization, with proud Swedish roots, service and innovation are at our core. That’s why we are delighted to partner with Summit Partners to support our 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.