The recent acquisition by Salesforce of Apromore, a provider of process intelligence software, is a testament to the value created through trans-global institutional partnerships. Ironically, the deal comes at a time when the university business model is itself being challenged through the advancement of technology.
Apromore sprung from over a decade of joint research led by academics across universities in both Australia and Estonia. At the heart of the venture is software that allows businesses to use data science algorithms and artificial intelligence to gain vastly better insights into their existing business processes, through “agentic automation”. The company was co-founded by University of Melbourne professor Mercello La Rosa and University of Tartu professor Marlon Dumas, with investment support from Tin Alley Ventures and Main Capital.
The transaction comes at a time when universities are themselves re-examining how their business and academic models will function in a cloudy future where students can create assignment answers in seconds using ever-powerful generative AI technology. Universities also face increasing scrutiny from public funders of research demanding greater economic returns. Cross-institutional collaborations, investment and direct industry partnerships are now providing a more powerful way forward than traditional pipeline approaches to intellectual property, sometimes over-managed by technology transfer offices.
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Tin Alley Ventures is a joint venture between Tanarra Capital and the University of Melbourne comprising a unique $125 million fund designed specifically to bridge the gap between the University of Melbourne’s research and global markets. Because Apromore was a core project of the university’s engineering faculty, Tanarra acted as the local “steward” for the technology, while Main Capital acted as the European accelerator. Main Capital is a leading European software investor that made a strategic investment in Apromore through their portfolio company GBTEC, a business software vendor based in Germany. Following a 2024 $15M series B co-investment, GBTEC assisted Apromore to expand its footprint into the European market.
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