El Segundo-based private equity firm K1 Investment Management invested $150 million in GoCanvas Inc., a privately held provider of mobile applications and forms needed for data collection and sharing.

GoCanvas recently opened a second office in Sydney, Australia, and is ramping up operations through hiring, and establishing business ties to sell its mobile applications forms to small and medium-sized businesses, a spokeswoman said.

GoCanvas is a mobile platform that helps businesses automate how work is done, replacing outdated processes and expensive paperwork.

“We decided to partner with K1 because they are more than a source of capital,” said James Quigley, chief executive officer and founder of GoCanvas.

“First and foremost, we recognize a deep cultural alignment between GoCanvas and K1,” Quigley said. “K1 has an impressive track record of helping growth-stage companies scale through its operations capabilities.”

Finance reporter Pat Maio can be reached at [email protected] or (323) 556-8329.