Austin-based BP3 Global, which builds software for Fortune 500 companies, has raised $10 million to ramp up product development.
BP3 received the funding from Petra Capital Partners, a Nashville-based private equity firm.
Founded in 2007 by Austin software industry veterans Lance Gibbs and Scott Francis, BP3 provides business process management consulting and software.
The company has completed 800 projects for customers including Wells Fargo, Kaiser Permanente, Carlsberg Beer, Costco, and a number of federal agencies.
The funding marks the first outside investment received by the company, which has been profitable since inception, said chief strategy officer Amit Malhotra.
The funding will go to speed up the development of BP3's Brazos platform, which collects and analyzes data and acts on the findings by making changes in business processes.
"The big disconnect in the analytics space is that, while software can can give companies a view into their operations, managers don't have the tools to act on those insights," said Scott Francis, BP3 CEO.
The Brazos platform lets customers go beyond receiving data about products, processes and services to converting the findings into action, Francis said.
Rob Smith, co-founder of Petra Capital, said, "In spite of having raised no outside capital prior to our investment, the team at BP3 has built a world class, high growth organization and has developed proprietary software and solutions that deliver tremendous value to its customers."
The company has 120 employees, including about 50 in Austin.