Chicago-based SpringCM which offers cloud platform for sales contract management has secured $17.5 million in funding from existing investors, including Foundation Capital, North Bridge Venture Partners, Bluestem Capital and Square 1 Financial along with new financial partners Panorama Partners and Wellington Financial.
Greg Buchholz, CEO, SpringCM says:
With a leading contract management app on the Salesforce AppExchange, a sales content management solution designed for Salesforce users, and a document management platform that also addresses the unique needs of the public sector, SpringCM is well-positioned to take advantage of three very large markets. Our recent FedRAMP in process status, and our ability to now innovate faster with this funding are true indicators of the significant impact we will make within the public sector, which spends close to $200 billion per year on technology-based solutions.
According to the company, the contract lifecycle management (CLM) platform channelizes the contract processes for sales and legal teams in order to fast-track revenue generation and its growth. It minimizes cost by linking the gap between sales and legal teams. The company is aiming to use the funding to make its way to deliver six new products by this year and continue to expand with the same pace.
Todd Surdey, SVP, Partner Business Solutions and Sales, Salesforce says:
SpringCM has harnessed the power of the cloud to transform the contract and document management process for its customers. SpringCM is one of our Platinum partners, which is a testament to the company’s commitment to helping companies connect with their customers in entirely new ways.
The company claims to have raised $18 million in 2014 in venture funding bringing its total investment to more than $67 million till date. It also claims to serve companies like Facebook, NBC Universal, ING and Temple University.
Eric Speer, Vice-President at Wellington Financial states, “SpringCM’s fresh take on contract and sales content management solutions is a hit in both the public and private sectors. For our portfolio, we look for fast-growing businesses with existing customers and material revenue. In SpringCM, we found that trifecta and are looking forward to being a part of the company’s bright future.”
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