Berlin tech firm Signavio plans to double the size of its UK business after closing a $177 million funding round.

The business transformation specialist, which has more than one million users across industries and geographies, raised the money from Apax Digital, which led the round, and DTCP. Existing investor Summit Partners will retain an equity stake in the business.

Signavio’s platform enables more than 1,300 customers to effectively mine, model, monitor, manage and maintain their business processes.

It has grown its revenue by more than 70 per cent in the last 12 months.

Geraldine Teboul, global SVP marketing at Signavio, told BusinessCloud: “The UK is currently one of Signavio’s top three strategic countries, with the US and Germany.

“The UK is one of our key markets where we expect a strong expansion. Our objective is to grow 100 per cent over the next year.”

GP Bullhound acted as the exclusive financial advisor to Signavio and its shareholders on the investment.

Dr. Gero Decker, CEO and co-founder of Signavio, said: “Signavio took a major leap forward after the investment of Summit in 2015 when GP Bullhound supported us on our first deal.

“We are happy that GP Bullhound advised us again on this major transaction. We are now thrilled to welcome Apax Digital and DTCP as our new partners, to help us build upon our success to date by leveraging our partners’ operating capabilities and global platforms for our international expansion.”

Julian Riedlbauer, partner at GP Bullhound, commented: “We are extremely happy to have advised Signavio finding the right partners for the next chapter of their story in Apax Digital and DTCP.

“Working with Signavio for the second time, we are confident that the team has a bright future ahead of it and will be able to substantially accelerate its already rapid international growth.”