September 15, 2010 08:24 ET
SpringCM Completes $15 Million in Financing to Continue Rapid Growth
Cloud Enterprise Content Management Leader Capitalizes on Expanding Market Opportunity
CHICAGO, IL--(Marketwire - September 15, 2010) - 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."
SpringCM is the recognized market leader in cloud enterprise content management. With delivery in days and at a fraction of the cost, organizations use SpringCM to streamline their inefficient document processes with customers, vendors, and remote operations. Organizations such as Dresser, ACS, and Cox Communications are achieving a payback in as little as 40 days in areas such as case management and claims processing, bids and proposals, contract management and invoice automation. With SpringCM customers avoid the expense, complexity, and risks of traditional ECM software. For further information, please visit www.springcm.com.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $2.4 billion. For more information, www.foundationcapital.com.
About North Bridge Venture Partners
North Bridge Venture Partners is an active, early-stage venture capital firm based in Boston, Massachusetts and San Mateo, California, founded in 1994. With approximately $3.1 billion under management, North Bridge Venture Partners focuses on investments in communications, software, new media, healthcare, and materials technology. Working closely with entrepreneurs, North Bridge adds value by providing strategic guidance, specific industry knowledge, team-building skills and an in-depth understanding of both private and public financings. For more information, visit North Bridge's website at www.northbridge.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 26 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (NASDAQ: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.