A startup called Apttus closed its first round of funding today, a massive $37 million.
Apttus was developed on the Salesforce.com platform. The San Mateo, Calif.-based company provides “quote to cash” software for managing bids, contracts, and revenue recognition. It’s one of the most profitable and fastest-growing players in Salesforce’s ecosystem of partners.
Apttus company claims it invented a sector, dubbed “enterprise commitment management,” and is now the leader in that field. It got its start in 2006 and claims in a news release that it experienced 100 percent revenue growth in 2013. Its customers include household name brands like Sony and Xerox.
This may not seem like the sexiest technology, but Apttus claims it is making money hand-over-fist.
The company raised its funding today from K1 Capital and ICONIQ Capital as well as — no surprises here — Salesforce.com. Neil Malik of K1 Capital will join the company’s board of directors.
You may be familiar with ICONIQ Capital, the firm that hit the headlines after Facebook’s IPO. It’s the preferred money manager for the tech elite, including Facebook CEO Mark Zuckerberg and chief operating officer Sheryl Sandberg.
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