Highland Europe Celebrates Nexthink's Acquisition by Vista Equity Partners, Valuing the Company at Approximately $3 Billion

Swiss-born digital employee experience leader, whose Series B was led by Highland Europe in 2016, exemplifies Europe’s ability to build category-defining global software companies

LONDON and GENEVA – October 28, 2025 – Highland Europe today congratulates Nexthink on its landmark acquisition by Vista Equity Partners, valuing the company at approximately $3 billion. As one of the most significant European software exits of 2025, the transaction showcases the strength of the Swiss and European technology ecosystem.

Highland Europe led Nexthink’s $40 million Series B in 2016, when the company showed exceptional product-market fit and began expanding from its Swiss roots into global markets. Since Highland’s investment, Nexthink has scaled revenues more than tenfold while maintaining profitability and capital discipline, the hallmarks of mission-critical software built to last. Highland continued backing the company through its $180 million Series D in 2021, which valued Nexthink at a unicorn status of $1.1 billion.

Founded in Lausanne, Switzerland, in 2004 from research at the prestigious École Polytechnique Fédérale de Lausanne (EPFL), Nexthink has become the global leader in digital employee experience (DEX) management. Led by Co-founder and CEO Pedro Bados, the company serves more than 1,300 customers and 21 million employees worldwide.

“What Pedro and the team built, from a research lab all the way to a true sector leader, is a testament to the Swiss and European way of building software companies: technical rigour, profitable growth, and long-term thinking,” said Fergal Mullen, Co-Founder and Partner at Highland Europe. “Nexthink has created and validated an entirely new category, scaled internationally with discipline, and done it all while staying true to their roots. With Vista’s support, the company is poised to have an even greater impact in its mission to redefine how enterprises deliver digital experiences to their employees.”

The transaction reinforces the strength of the European software ecosystem and its capacity to produce world-class, category-defining businesses. From its origins in Swiss academic research to growth across Europe, the US, and beyond, Nexthink proves that European-rooted companies can compete and win on the global stage while building lasting, valuable businesses.

“Vista is the gold standard in software investment and operational excellence,” said Pedro Bados, CEO and Co-Founder of Nexthink. “Partnering with them marks an extraordinary milestone in our journey to elevate digital experiences for every enterprise. This is an unprecedented valuation within the DEX industry and emphatically highlights the ROI we provide to customers worldwide. With Vista’s support, we’ll bring even greater innovation, speed, and intelligence to clients, empowering them to deliver the experiences, productivity, and performance their businesses depend on.”

This exit builds on a strong track record for Highland Europe in backing software companies across the continent that achieve significant scale. The firm’s portfolio includes European success stories across the ecosystem, including Adjust (Germany), ContentSquare (France), GetYourGuide (Switzerland/Germany), Wolt (Finland), n8n (Germany), Talentsoft (France), and WeTransfer (Netherlands).

About Nexthink

Nexthink is the leader in digital employee experience management software. The company provides IT leaders with unprecedented insight allowing them to see, diagnose and fix issues at scale impacting employees anywhere, with any application or network, before employees notice the issue. Through agentic AI and cutting-edge solutions, Nexthink enables its more than 1,300 customers to provide better digital experiences and enhanced employee productivity to more than 21 million employees. Headquartered in Lausanne, Switzerland and Boston, Massachusetts, Nexthink has 9 offices worldwide.