Keating Capital, Inc. announced that it has made a $5 million investment in the Series C Convertible Preferred Stock round of SilkRoad Technology Holdings, Inc. (“SilkRoad”). Keating joined new investor, NTT Finance, and existing investors, including Azure Capital, Crosslink Capital, Foundation Capital and Tenaya Capital, in the Series C financing round which raised a total of $35 million.
Founded in 2003 and headquartered in Chicago, Illinois, SilkRoad is a global provider of cloud-based social talent management software, including tools for human resource management systems, recruiting, onboarding, learning, and performance management. SilkRoad’s comprehensive suite of human resource management solutions, the SilkRoad® Life Suite® product line, assists companies with managing the entire employee life cycle from pre-hire to retire.
SilkRoad was founded by technology entrepreneur Flip Filipowski, who previously started Platinum Technology, a database management company that completed an IPO and was subsequently sold to Computer Associates in 1999.
SilkRoad has recently been recognized with a bronze medal in the 2012 Stevie® Awards for the Innovation in Customer Service category and was named as a finalist in the 2012 CODiE™ Awards for excellence in its software solutions. The Stevie® Awards were created in 2002 to honor and generate public recognition of the achievements and positive contributions of organizations and working professionals worldwide. The CODiE™ Awards recognize excellence in the business software, digital content and education technology industries.
“We believe software as a Service (or “SaaS”) businesses with growing streams of recurring revenue are valuable assets; SilkRoad is one such company operating in the human resources space,” stated Timothy J. Keating, CEO of Keating Capital. “Flip and his team understand from past experience what it takes to transform an idea into a growing private company and beyond. We are delighted to become a direct investor in SilkRoad as they progress the company to the next level,” added Mr. Keating.
SilkRoad is Keating Capital’s third new portfolio company investment in 2012. With this investment, Keating Capital has now made investments of $49.5 million in 17 portfolio companies, including $13.6 million invested year-to-date.