Automation firm Impact has secured £56 million funding to accelerate its growth.

Partnerships are now seen as a significant source of growth and new revenue streams alongside the traditional primary drivers of sales and marketing.

Impact is a leading partnership automation SaaS provider which was founded in California in 2008 and has grown to over 400 employees and 10 offices across the United States, Europe and Asia.

The investment round was led by Providence Strategic Growth, the growth equity affiliate of Providence Equity Partners, while existing investor Silversmith Capital Partners also participated.

The new funding will accelerate platform development, further go-to-market and regional expansion, and fuel both organic and inorganic growth.

“Impact’s platform allows us to create and scale direct partnerships to drive new revenue more efficiently than in the past,” said Dan Armstrong, Ticketmaster, SVP & GM, Distributed Commerce.

“We’ve enabled discovery and purchase of the largest ticket inventory in the world through unique partnerships with social media platforms, music streaming services and major publishers on a global scale. Impact helps us understand the value we create through these partners, allowing us to focus more of our time on innovation.”

Impact CEO David A. Yovanno said: “There’s been an explosion of innovation around new types of partnerships being forged to grow enterprise revenue.

“Beyond Ticketmaster building native software integration partnerships with social media platforms, Impact enables a marketplace of hospitality services to establish partnerships with airlines.

“A fashion-forward sportswear brand to partner with YouTube influencers; a major direct-to-consumer mattress brand to establish partnerships with chiropractors; Barkbox, another fast growing direct-to-consumer business, to establish partnerships with animal shelters, veterinary clinics, dog walkers and pet hotels for their pet care subscription boxes.

“The types of emerging partnerships supported by Impact’s Partnership Cloud are virtually limitless.”