SpringCM Raises $18 Million as Enterprise Demand for Content Cloud Services Takes Off
SpringCM Expands Enterprise Sales Team and Channel Operations as Companies Seek to Do More Than Simply Store and Share Content in the Cloud
CHICAGO, Ill., April 17, 2014-- SpringCM®, the leader in Content Cloud Services, today announced that it has received $18 million in funding from existing investors including Foundation Capital as well as new financial partners including Square 1 Bank and Fort Worth, TX-based Goff Capital. SpringCM will use the funding to dramatically scale its direct sales and channel efforts to address the growing demand from enterprises for cloud services that transform the way people find, share, collaborate and work with content.
The new funding comes on the heels of the largest revenue year in SpringCM's history. Demand last year was driven by several drivers: salesforce.com customers seeking to extend their investment in the Salesforce platform, enterprises migrating from legacy Enterprise Content Management (ECM) systems and the explosion of mobile. This year SpringCM sees additional market drivers that signal an inflection point in the demand for Content Cloud Services, including:
•Continued demand from salesforce.com customers for content intensive and process intensive applications, for example contracts and other critical documents used in the sales cycle;
•New regulatory mandates, particularly in healthcare and government, which place greater requirements on how content is created, reviewed, approved and shared both inside and outside an organization;
•The move by enterprise IT organizations to restrict employee use of consumer-class Content Cloud Services in favor of services from SpringCM which offers enterprise-class content management features and security; and
•Expansion of existing customer deployments into new departments and processes, coupled with a greater than 90 percent renewal rate among customers.
"There is a tremendous opportunity to help companies do more than simply store and share content in the cloud," said Greg Buchholz, Founder and CEO at SpringCM. "As the only provider of Content Cloud Services built for the enterprise from day one, we have a unique opportunity to advance this green-field market to levels unattainable by simple file sharing services. We have the product, the team and the expertise to win. We appreciate the support of our investors in helping us scale to realize our vision, and we especially appreciate the support of our nearly 400 customers who are using SpringCM to drive big business outcomes."
Customers and Industry Analysts Recognize SpringCM's Strategic Value
"SpringCM has been an invaluable partner to accelerate Life & Specialty Ventures' (LSV) growth in the dental insurance market," said Lee Ann Mitchell, Director, Dental Network Management, Provider Relations Blue Cross Blue Shield of Massachusetts. "As a joint venture with four different Blues plans, LSV has to move quickly to meet the goals of the plans in a rapidly changing healthcare landscape. SpringCM has been key in enabling LSV to efficiently rollout dental insurance plans and adapt to state-by-state regulatory requirements."
"As the need to shift content to the cloud has intensified, enterprises have become smarter about the choice they have between popular cloud storage services and enterprise-class services, like SpringCM," said Jim Lundy, CEO and Founder of Aragon Research. "Enterprises are choosing SpringCM because it delivers integrated workflow, enterprise-class security and administration, and robust mobile capabilities that employees need to get their jobs done better, faster and easier."
SpringCM Content Cloud Services transform the way people find, share, collaborate and work with content. SpringCM combines the ease of use of consumer-focused offerings with robust enterprise-class capabilities designed to put content to work. Unlike consumer-class Content Cloud Services, SpringCM was architected for the enterprise from day one with rich security, mobile, sync and business process capabilities. While old school Enterprise Content Management systems such as SharePoint, Documentum and FileNet are expensive to maintain and challenging to use, SpringCM delivers the functionality of those systems and more without frustrating employees, customers and partners.
SpringCM is the leader in Content Cloud Services for the enterprise. Enterprises need to do more than store and share content -- they need to put content to work to accelerate business outcomes. SpringCM helps global brands and public sector agencies -- Facebook, Google, NCR, Office Depot, PDI Nice-pak and the U.S. Department of Energy, among others -- solve content-related problems that stand in the way of optimizing revenues, cutting costs, mitigating risk and engaging customers and employees. For more information, visit www.springcm.com.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion by providing venture debt and banking services. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
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