Apty is a Digital Adoption Platform that enables enterprise businesses to integrate new technology at scale. As emerging software makes workflows more efficient and more organized, one aspect that has not changed is the speed at which employees are able to learn and correctly adopt new software. Apty helps enterprises get more value out of their mission critical software investments by making it easier for employees to on-board and use the software as well as retrain on customization of the software based on evolving business workflows. In addition to serving enterprises seeking to improve adoption of third-party software for their own internal use, Apty also serves SaaS software developers looking for a tool to facilitate their new customer on-boarding and product training. In this case, the software vendor incorporates Apty within its delivered solution and pays Apty subscription fees based on implementations.
Our investment in Apty is a bet on the continued growth of the Digital Adoption Software Market. We further believe that Apty can carve out a leadership position for itself in the market. We assume the DAP marketing will continue to grow as cloud application software spending was $102 billion in 2020, according to Gartner, and is projected to grow to $145 billion by 2022. Enterprises will be seeking to extract more value from this additional $43 billions of SaaS spend, and DAP software solutions are well-positioned to solve this problem.