Following a large round of funding earlier this year, Hoffman Estates-based software maker Vistex is opening a new office in downtown Chicago.
Vistex announced Wednesday that it's opening an 8,000-square-foot office space at 1 E. Wacker Drive. The office plans to hold 50 new employees in sales, marketing and engineering roles.
In January, Vistex landed a $105 million equity investment from Silicon Valley-based Accel-KKR, a tech-focused private equity firm. It was the first equity raise in Vistex’s history.
Founded 20 years ago, Vistex makes business software for companies like Kellogg’s, GM, Sony and Adobe, who use Vistex to better deploy their products and services through go-to-market programs.
The company has 21 global offices and 1,500 total employees. Vistex did almost $250 million in revenue in 2018. The company said in January that it plans to double its local headcount to 600 within the next three years.
“The infusion of equity capital from our partnership with Accel-KKR has accelerated our ability to invest in both talent and operations," CEO and founder Sanjay Shah said in a statement. "We are focused on continuing our exponential growth and pushing the boundaries of our capabilities, especially in cloud software.”
Shah has previously stated his desire to take Vistex public, telling the Tribune that the January funding is intended to allow Vistex to one day IPO and "build a larger company."
Shah is also known in Chicago for paying $17 million in 2014 for the penthouse at Chicago’s Trump Tower. The purchase was at the time a record for the priciest residential real estate purchase in Chicago history.
