TCV-Led Funding Round Will Further Accelerate Development and Adoption of Customer-Centric ERP
SAN FRANCISCO, CA -- (Marketwired) --
- The investment is led by Technology Crossover Ventures (TCV), a provider of capital to growth-stage private and public technology companies
- Tim McAdam, General Partner at TCV, to join the company's Board
- Salesforce Ventures, Salesforce's global corporate investment group and an existing investor in FinancialForce.com, has also invested in this round of funding
- This round is in addition to the $50 million committed by Advent International in April of 2014
- The investment will enable continuing growth in all facets of the business including product development, sales, marketing, alliances and customer support
- FinancialForce.com recently reported a 91 percent annual subscription run rate growth and a $50 million revenue run rate in 2014
- Built on the Salesforce1 Platform, FinancialForce ERP includes Financial Management, Professional Services Automation (PSA), Supply Chain Management (SCM) and Human Capital Management (HCM)
FinancialForce.com, a leading cloud ERP provider on the Salesforce1 Platform, announced today that it has raised $110 million in funding led by Technology Crossover Ventures (TCV). Salesforce Ventures, an existing investor, is also participating in this round of funding.
FinancialForce.com intends to use the funds to fuel innovation and growth. The investment will help expand all facets of the business including product development, sales, marketing, alliances and customer support. Morgan Stanley acted as sole placement agent on the deal.
The company also announced the addition of Tim McAdam, General Partner at TCV, to its Board. McAdam has been in the venture capital industry since 1991 and has a strong track record in scaling cloud software businesses.
This announcement follows a banner year for FinancialForce.com, having recently reported a 91 percent annual subscription run rate growth and a $50 million revenue run rate. It also increased its global headcount by more than 80 percent, from 250 employees at the end of 2013 to more than 450 at the end of 2014.
- "FinancialForce.com exemplifies the type of market-defining cloud software innovator that is central to our investment strategy. The company uniquely allows end-users to gain a unified, informed view of the customer experience across the entire organization. Already the market's fastest growing cloud ERP provider, FinancialForce.com is now poised to transform the future of back-office applications. We are delighted to partner with Jeremy and the FinancialForce.com team to help the company accelerate its growth and market penetration, and achieve its objective to reshape the world of enterprise software." -- Tim McAdam, General Partner, TCV
- "Our goal has always been to transform the ERP market in the same way that Salesforce has for CRM. As our growth indicates, the industry is responding to our customer-centric approach to ERP where our apps, built natively to run alongside the Salesforce Customer Success Platform, help businesses create meaningful relationships with customers and employees to grow their top and bottom lines. With TCV and Salesforce Venture's contributions, FinancialForce.com can continue our rapid rate of growth and become the cloud ERP choice for all forward-thinking companies." -- Jeremy Roche, CEO and President, FinancialForce.com
FinancialForce.com delivers ERP at Customer Speed?. Built on the Salesforce1 Platform, FinancialForce ERP equips customer-centric businesses with a unified platform that delivers ERP and CRM on a single cloud. Our Financial Management, Human Capital Management (HCM), Professional Services Automation (PSA), and Supply Chain Management (SCM) apps allow businesses to increase the speed at which they operate and be more responsive along every touch point of a customer's journey. Founded in 2009 and headquartered in San Francisco, FinancialForce.com is backed by leading global institutions Salesforce, Technology Crossover Ventures, Advent International and UNIT4.
About Technology Crossover Ventures (TCV)
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 20 years. Selected investments include Alarm.com, Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, HomeAway, Netflix, NewVoiceMedia, Rapid7, RealNetworks, Redback Networks, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit www.tcv.com.
About Salesforce Ventures
Salesforce Ventures -- Salesforce's corporate investment group -- invests in the next generation of enterprise technology to help companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world's largest cloud ecosystem and the guidance of Salesforce's innovators and executives. With Salesforce Ventures, portfolio companies can also leverage the expertise of the Salesforce Foundation to incorporate its 1-1-1 model of integrated philanthropy to make giving back part of their business model. Salesforce has invested in more than 100 enterprise cloud startups since 2009. For more information, please visit www.salesforce.com/ventures.
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