Venture Capital News: Alfresco Closes $45M Investment
SAN MATEO, CA, Alfresco Software, a leading enterprise content management provider, today announced that it has raised $45 million in growth capital.
Alfresco Software, a leading enterprise content management provider, today announced that it has raised $45 million in growth capital to increase velocity of its Go-to-Market (GTM) strategy globally- focused on adding sales people, investing in marketing, and expanding development to drive the SaaS-ification of the content market. Named as a Visionary in the Gartner ECM Magic Quadrant five years in a row, Alfresco is growing by more than thirty percent annually and at triple the pace of the ECM market overall.
Against the backdrop of legacy ECM technology offerings, Alfresco is instead known for its modern and open enterprise content management system that is the top choice today for companies who require enterprise-grade, highly-compliant ECM to manage business-critical content. Leading today™s investment is Sageview Capital, joined by existing investors Accel Partners, Mayfield Fund and SAP Ventures.
'Alfresco has clearly established itself as the de facto ECM platform for customers who desire smart and modern software that unlocks the power of business-critical content, process and collaboration,' said Ned Gilhuly, Founding Partner at Sageview Capital. 'We are focused on providing growth capital for companies that bring an innovative approach to large market opportunities. As demonstrated by its superior growth, product strength, partner ecosystem and leadership team, Alfresco is a great fit for our portfolio.'
This investment brings Alfresco's total funding to $65.4 million. Alfresco has used its past investments to disrupt the ECM industry by providing highly-compliant, enterprise-grade content management systems that work across on premise, cloud, mobile, and hybrid environments.
'Doug Dennerline joined as CEO 19 months ago to refocus Alfresco on investing in its own growth- and it's working,' said Kevin Comolli, Partner at Accel Partners. 'The company is taking precise investment steps to grow its business, aggressively compete and deliver a differentiated product to the market. As Alfresco™s sole series A investor, we are thrilled to see how far the company has come.'
Fueled by a differentiated hybrid model and open-source DNA, Alfresco now serves more than 1800 active customers in 212 countries, managing more than 7 billion documents for over 11 million users worldwide. Its customer base is responsible for mission-critical content that can only be managed by a modern architecture built on open standards, one that meets the highest compliance requirements and offers a choice in deployment options. Select Alfresco customers include: Amnesty International, Bristol City Council, Cisco, DAB Bank, Eurostar International, FOX, Harvard Business Publishing, KLM, LexisNexis, NASA, New York Philharmonic, Office Depot, Oxfam International, PGA TOUR, Saks Fifth Avenue, and Sony Entertainment.
'Alfresco is innovating at the intersection of business-critical content, process and collaboration,' said Doug Dennerline, CEO of Alfresco. 'With a customer renewal rate at 90 percent and a strong balance sheet, we took additional funding as jet-fuel to take the company and industry to the next level in critical business services.' For more commentary from Dennerline regarding this round of investment, visit here.
With this investment, Ned Gilhuly, Founding Partner at Sageview Capital joins Alfresco™s Board of Directors. Jeff Klemens, Principal at Sageview Capital also joins as a Board Observer.
Alfresco helps teams share, manage and retain content across the extended enterprise with simplicity that end users love and smarts that IT can endorse. Alfresco enables organizations in more than 212 countries to collaborate more effectively, improve business process efficiency and ensure information governance. Across cloud, mobile, hybrid and on-premise environments, Alfresco is smart enterprise content made easy. Founded in 2005, Alfresco is headquartered in Maidenhead, outside of London, UK with U.S. headquarters in San Mateo. CA. Please visit us at http://www.alfresco.com.
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