A Bentonville-based software company has secured $12 million in investment financing, one of the largest investments ever in an Arkansas software firm.
Movista Inc., which develops cloud-based workforce management software for retailers and manufacturers, recently obtained $12 million in funding, in a financing round led by Level Equity, a New York-based growth equity firm.
According to a company press release, the investment funds will be utilized to “deliver new product features, enhance technology innovation, expand sales and marketing, bolster talent development and evaluate strategic opportunities.
The company’s flagship software – ONE by Movista – allows employers to manage their workforce with increased precision. Featuring GPS validation, photo capability and a clock-in/clock out function, employers can see in real-time that employees are completing tasks on schedule.
Due to the increased demand for cloud-based workforce software, Movista’s yearly revenue has increased by 300 percent since 2015, according to the press release. Approximately 40 companies currently use Movista’s software.
Moving forward, the company’s leadership is looking to increase the software’s usership. CEO and co-founder Stan Zylowski says the company has set a target of 1 million daily users within five years. “We will leverage the capital from this investment to expand and augment our product set, build a best-in-class business development team and share our story nationally,” he says.
The news of Movista’s financing comes on the heels of the company’s eighth anniversary in May. Movista was founded in Bentonville by Zylowski and April Seggebruch in 2010. The company has nearly 60 employees across six states.