Private equity firm Bridgepoint is acquiring a majority stake in LumApps SAS, a French startup with an internet platform used by about 5 million workers.

The companies said in their announcement of the deal on Monday that it’s worth $650 million. LumApps previously raised more than $100 million in funding from institutional investors. Four of those investors, namely Goldman Sachs, Eurazeo Growth, Bpifrance and IRIS, will sell their stakes to Bridgepoint as part of the transaction.

LumApps provides an intranet platform that organizations use to share information with employees. In the application’s interface, each worker receives access to a personalized news feed that displays company announcements and other updates. Marketing teams, meanwhile, can use a built-in analytics tool to identify which posts resonate the most with staffers.

Workers can not only view company content in LumApps but also create their own. As part of its feature set, the platform provides the ability to create department-specific hubs for sharing information. Workers can exchange feedback with colleagues as well as share business documents and other files.

The platform also provides a number of other features. There’s an automation tool that promises to reduce the amount of work involved in onboarding new hires. Additionally, a so-called micro-learning module allows companies to share training content with workers.

The company said that the newly announced investment from Bridgepoint will help it extend its platform’s feature set to additional areas. The development effort will place an emphasis on micro-learning and artificial intelligence.

LumApps has already built a number of AI features into its platform. Those capabilities enable users to automatically summarize business documents and generate images for marketing content. Additionally, the built-in search bar uses machine learning to personalize results for each user.

In parallel with the new product development push, LumApps plans to expand its international presence. The effort will place an emphasis on growing its market share in the U.S. LumApps says its customer base currently comprises about 700 organizations, including Airbus SE, publicly traded food delivery company Just Eat Takeaway.com NV and other large enterprises. 

“This strategic partnership with Bridgepoint represents a logical and significant step in LumApps’ growth trajectory, following our successful Series A, B and C rounds and achieving profitable growth,” said Chief Executive Officer Sébastien Ricard. “As we enter this next phase, we are poised to accelerate our growth and innovation across key areas of our business.”

While several institutional backers are set to sell their stakes through the transaction, LumApps stated that its founders and leadership team will remain “strongly invested.” The company expects Bridgepoint’s investment to close in July. 

Image: LumApps