SpringCM, leader in cloud enterprise content management, announced it has secured $15.0 million in financing to help further develop and extend the company’s cloud enterprise content management platform and solutions. This round of financing includes existing investors Foundation Capital and North Bridge Venture Partners, and Silicon Valley Bank joined to provide growth capital and working capital financing.
“We are extremely pleased to have the continued support of long-time investors Foundation Capital and North Bridge Venture Partners, and to add Silicon Valley Bank to our team,” said SpringCM CEO, Chris Junker. “During the last year customer usage of the SpringCM cloud-based content management platform has increased by more than 600%. The additional funding will aid in fueling our expansion of channel sales, partner relationships and research and development, enabling us to remain in a clear leadership position.”
“Having been a part of the SpringCM team since its founding in 2005, we have seen first-hand the market opportunities that exist,” stated Bill Elmore, general partner and founder, Foundation Capital. “SpringCM has continued to demonstrate its commitment to advancing cloud technology and has established a strong business position by achieving 100 percent growth year over year—an impressive feat in today’s economy.”
SpringCM provides companies with easy, fast and affordable cloud solutions for business areas such as contract management, invoice automation and case management. The company was the only cloud content management company to be included in Gartner’s 2009 Enterprise Content Management Magic Quadrant. It also received the prestigious CODiE award for best document management solution, and earlier this month was recognized by KMWorld as a Trend Setter for the fourth year in a row.
James M. Moran, general partner, North Bridge Venture Partners noted, “Leading analyst firms are predicting that 10 percent of enterprise content will be managed in the Cloud by 2012, a big jump in just a few years. This presents a huge opportunity for new CEO Chris Junker and his team to continue to demonstrate SpringCM’s leadership in the market.”
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