SilkRoad Closes $16 Million in Growth Financing Led by Foundation Capital
Strategic Investment Will Fuel Continued Product Innovation to Support Rapid Company Growth
CHICAGO, Ill., August 12, 2013-- SilkRoad, a leading global provider of cloud-based talent management solutions, has raised $16 million in growth financing, bringing total funds raised to $145 million. Investors include Foundation Capital, Intel Capital, Azure Capital Partners, Keating Capital (NASDAQ: KIPO), and Crosslink Ventures. This new funding will be used to fuel ongoing product innovation across SilkRoad's Life Suite® Talent Management software to support rapid company growth.
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SilkRoad's Life Suite is a leading cloud-based talent management system for small to mid-size businesses (SMB), offering an integrated set of HRMS, Talent Acquisition, and Talent Development applications that enable customers to find, attract, develop, and retain the best talent. The Company continues to capitalize on a $24 billion global mid-market opportunity, with 90 percent of its 1,800 customers reporting fewer than 5,000 employees. SilkRoad now serves global locations across North America, Europe, and Asia-Pacific.
The human capital management (HCM) market remains a hotbed for enterprise SaaS investment opportunity on the heels of significant industry IPOs and high-profile acquisitions that have been largely aimed at capturing the global market for large enterprise customers. Bersin by Deloitte projects global spending on integrated talent management systems will grow 22 percent to nearly $4 billion in 2013, while IDC forecasts that the worldwide HCM market will reach $11 billion by 2016. And, more generally, the cloud-computing industry hit the $100 billion milestone in July, growing 70 percent over just 18 months, according to Bessemer Venture Partners.
Comments on this News:
•"SilkRoad is at the forefront of a growing global opportunity to serve the evolving HR needs of the mid-market," said John Shackleton, SilkRoad's President and CEO. "We've forged a distinctive path as an HCM provider by offering industry-leading innovation to under-served markets and we're poised for continued growth."
•"SilkRoad is the mid-market leader in the rapidly growing HCM space," said Warren Weiss, General Partner at Foundation Capital. "With a fully-integrated suite of cloud-based applications proven to deliver innovative solutions, the Company has seized opportunities well in advance of its competitors and is driving industry adoption of social talent management. We are pleased to partner with SilkRoad in its next generation of product innovation and growth."
Company Momentum for SilkRoad:
During the quarter, 130 customers adopted solutions across the entire SilkRoad Life Suite to satisfy their Talent Acquisition, Talent Development, and HRMS needs. The Company also experienced balanced growth across the Suite -- 45 percent of contracts were multi-product -- and reached additional milestones, including:
•Deployment of the Life Suite® SuiteApp in partnership with NetSuite, the first end-to-end cloud ERP and talent management solution designed for the mid-market.
•Numerous industry accolades, including: Aragon Research Hot Vendors in Social Business; HRO Today TekTonic Award for Top HRMS Suite; 2013 AlwaysOn OnDemand 100 Top Private Companies; Stevie® Awards for Sales & Customer Service Bronze Winner for Back Office Customer Service Team of the Year and Customer Service Department of the Year - Computer.
SilkRoad® is a leading global provider of cloud-based, end-to-end HR solutions that enable customers to find, attract, develop, and retain the best talent. The award-winning SilkRoad® Life Suite® includes Talent Acquisition, Talent Development, and HRMS solutions that are delivered through a Talent Portal to drive greater engagement, collaboration, and user adoption. The suite is easy to deploy, easy to use, and affordable for businesses of every size. Visit www.silkroad.com, follow them on Twitter @SilkRoadTweets or call 866-329-3363 (U.S. toll free) or +1-312-574-3700.
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