TCV-led funding round will further accelerate development and adoption of customer-centric ERP
- The investment is led by Technology Crossover Ventures (TCV), a provider of capital to growth-stage private and public technology companies
- Tim McAdam, General Partner at TCV, to join the company’s Board
- Salesforce Ventures, Salesforce’s global corporate investment group and an existing investor in FinancialForce.com, has also invested in this round of funding
- This round is in addition to the $50 million committed by Advent International in April of 2014
- The investment will enable continuing growth in all facets of the business including product development, sales, marketing, alliances and customer support
- FinancialForce.com recently reported a 91 percent annual subscription run rate growth and a $50 million revenue run rate in 2014
- Built on the Salesforce1 Platform, FinancialForce ERP includes Financial Management, Professional Services Automation (PSA), Supply Chain Management (SCM) and Human Capital Management (HCM)
San Francisco, CA – March 26, 2015:
FinancialForce.com, a leading cloud ERP provider on the Salesforce1 Platform, announced today that it has raised $110 million in funding led by Technology Crossover Ventures (TCV). Salesforce Ventures, an existing investor, is also participating in this round of funding.
FinancialForce.com intends to use the funds to fuel innovation and growth. The investment will help expand all facets of the business including product development, sales, marketing, alliances and customer support. Morgan Stanley acted as sole placement agent on the deal.
The company also announced the addition of Tim McAdam, General Partner at TCV, to its Board. McAdam has been in the venture capital industry since 1991 and has a strong track record in scaling cloud software businesses.
This announcement follows a banner year for FinancialForce.com, having recently reported a 91 percent annual subscription run rate growth and a $50 million revenue run rate. It also increased its global headcount by more than 80 percent, from 250 employees at the end of 2013 to more than 450 at the end of 2014.
- “FinancialForce.com exemplifies the type of market-defining cloud software innovator that is central to our investment strategy. The company uniquely allows end-users to gain a unified, informed view of the customer experience across the entire organization. Already the market’s fastest growing cloud ERP provider, FinancialForce.com is now poised to transform the future of back-office applications. We are delighted to partner with Jeremy and the FinancialForce.com team to help the company accelerate its growth and market penetration, and achieve its objective to reshape the world of enterprise software.” — Tim McAdam, General Partner, TCV
- “Our goal has always been to transform the ERP market in the same way that Salesforce has for CRM. As our growth indicates, the industry is responding to our customer-centric approach to ERP where our apps, built natively to run alongside the Salesforce Customer Success Platform, help businesses create meaningful relationships with customers and employees to grow their top and bottom lines. With TCV and Salesforce Venture’s contributions, FinancialForce.com can continue our rapid rate of growth and become the cloud ERP choice for all forward-thinking companies.” — Jeremy Roche, CEO and President, FinancialForce.com
To learn more about HRchitect and how we can help your organization, please visit www.HRchitect.com. As the leader in Human Capital Management (HCM) Systems strategic consulting, we offer end-to-end HR technology consulting services focused around strategic planning, evaluation and selection, project management, implementation, change management and ongoing support of HCM systems. After more than 17 years in business working on over 2100 successful engagements for more than 900 clients across the globe, HRchitect is a name you can trust for all of your organization’s HCM technology-related consulting needs.
Press releases posted on HCM Tech Vendor News are provided to HRchitect by the technology vendors and posted by HRchitect as a service to our readers.