Apttus, a Software as a Service (SaaS) provider has raised $108 million in Series C funding led by Iconiq Capital, KIA and Salesforce Ventures. This round has taken place just seven months after its previous Series B funding round.
Based in San Mateo, Apttus is a category-defining Quote-to-Cash software company that drives the important business process between the buyer’s interest in a purchase and the realization of revenue. It uses Salesforce1 Platform for delivering which is the world’s most trusted and comprehensive cloud delivery infrastructure. Various applications of the company include Quote-to-Cash Intelligence (Analytics), Configure Price Quote (CPQ), Renewals, Contract Management and Revenue Management. Also, its patent pending X-Author technology allows Microsoft Office to be a user-interface with full interaction and control between Salesforce and Microsoft Office. Apart from USA, the company also operates in London, Bozeman, Montana and India.
Despite being in the market for more than 8 years, it had its first round of funding in 2013 and the second round few months ago. Raising more than $100 million in a short time shows the fast growth of the company, yet the company ignores the outside investment for the first seven years of the company. Now after earning unicorn valuation the company is going for the zoom. Kirk Krappe, CEO of Apttus explains, “It’s all about market opportunity, pure and simple. Hiring one salesperson means bringing on more engineers, a business development representative to develop leads and more.
Krappe also added, “Our current customers represent about 1% of our target accounts, and if we are going to maximise our potential, it was time to expand, via funding. Apttus and Salesforce are in sync – where their process ends, the quote to cash cycle begins.”
With the new funds, the company plans to offer new business solutions and services to Apttus customers and prospects in fields such as manufacturing, life sciences, financial services and telecommunications.
“Salesforce Ventures is committed to investing in enterprise startups who are delivering technology that allows companies to connect with their customers in entirely new ways,” said John Somorjai, EVP of Corporate Development and Salesforce Ventures, Salesforce. “Apttus’ acceleration is a testament to the growth potential and power of the Salesforce 1 Platform, across all industries.”