Alfresco Software has nabbed $45 million to boost its standing in the competitive enterprise content management (ECM) market.
The company said the funding will be used for its go-to-market strategy worldwide, including increasing its marketing spend, adding sales people, and expanding development of its software-as-a-service platform.
The boost comes as the San Mateo, California- and UK-based firm is already flying high. It says its growth is increasing by about a third annually, three times the rate of the ECM market overall. It has placed as a Visionary in the coveted Gartner ECM Magic Quadrant for five years running.
“We’ve always been a good technology product,” CEO Doug Dennerline told VentureBeat. The company now “has an opportunity to invest in the go-to-market side,” as well as software development that will allow Alfresco to “move much faster with the new architecture we’re building.”
He described the additional funding “as jet-fuel to take the company and industry to the next level in critical business services,” in a statement to the press.
The most recent round, which brings total investment to $65.4 million, was led by Sageview Capital and included existing investors Accel Partners, Mayfield Fund, and SAP Ventures. Sageview founding partner Ned Gilhuly will join the board of directors, and Sageview principal Jeff Klemens will become a board observer.
When Dennerline came aboard in January of last year, the company had just completed the biggest quarter since its founding in 2005. He had been president of SuccessFactors, a provider of human capital management software that SAP bought for $3.4 billion in 2012.
With what it says are 1,800 active customers in over 200 companies, Alfresco has positioned itself as an open standards–based modern architecture that can handle essential content, meet compliance standards, and be deployed on-premise, in the cloud or in hybrid environments.
“The more valuable the content, the more likely you are to be an Alfresco company,” Dennerline told us.
Alfresco is the open platform for business critical document management and collaboration. By automating document-intensive business processes and enabling large-scale collaboration, Alfresc... All Alfresco Software, Inc news »