Cloud software vendor Apttus has raised a further $108 million to fund the growth of its quote and renewals management business.
The new investment comes only seven months after it secured $41m in February 2015, as investor confidence in its e-commerce, contract management and renewals management software has surged. Founded in 2006, it received its first series of investment funding in 2013, when it received $37 million.
The Series C funding round was led by KIA. Previous investment rounds have been led by Salesforce’s venture capital arm Salesforce Ventures, which also contributed to this round of investment. Investors in this latest round also included Iconiq Capital and K1 Capital.
The Apttus cloud systems integrate with Salesforce’s CRM platform and are used to develop sales and renewal quotes within Salesforce’s system.
The funds will be used to develop new systems and provide new services to Apttus customers and prospects. According to Apttus, the main targets will be in the manufacturing, life sciences, financial services and telecommunications industries.
Apttus aims to give clients a better system of demand management by giving its users more information about their clients. The intelligence it curates allows sales staff to identify and concentrate their efforts on the most likely sales prospects. This information is gathered by the system by assessing the online track record of the potential customer. By monitoring and managing every transaction, this system gives the seller an ‘unbroken funnel’ throughout the sales cycle. This channelling of the customer is known as the Quote-to-Cash process.
The Apttus system was built on the Salesforce1 platform and it claims to have been an active partner of Salesforce since its foundation in 2006, with participation in the Salesforce ecosystem.
Apttus has 70 customers in the Fortune 500 and is projected tohave 1,000 employees by the end of 2015, a 400% growth in headcount since 2013. It now has offices in London, Sydney and Chicago with a Japanese location planned.
Apttus’s cloud software has re-defined the Quote-to-Cash process and the flow of money, said Farouq Bastaki, Executive Director of Alternative Investments at KIA. “We believe they have developed the future of how organizations manage their entire revenue operation with a modern front office, in the cloud,” said Bastaki.