Apttus Corp. is still raking it in.
Since launching 11 years ago, the provider of a cloud-based “quote-to-cash” sales management system used by such client companies as Deere & Co., LinkedIn, Kuka Robotics and Hewlett Packard Enterprise, is on its fifth round of venture capital funding. It said it raised $55 million in Series E funding, bringing the total raised from investors to $329 million.
Premji Invest, an investment firm that joined prior investors in the current round, calls Apttus a promising company in a fast-growing market.
“Premji is always highly selective in its investments, working with the strongest management teams and the most promising companies,” says Sandesh Patnam, Premji’s partner and lead investor in the U.S. “In Apttus we have found a team and market opportunity that fits that description perfectly, and we look forward to working with them to help realize the full potential of the platform.” Premji is the private equity firm of Azim Premji, who is chairman of I.T. consulting and systems integrator firm Wipro Limited, which is based in India.
Apttus says it will use the funding to continue developing its technology. Among its recent developments is an artificial intelligence software it calls Max, which is incorporated into the vendor’s quote-to-cash and contract management applications to help its clients devise contracts more likely to suit the needs of their clients and build sales. Artificial intelligence, or AI, is a term used to describe software that learns from the data it compiles to improve on its own such functions as devising contract terms or recommending products likely to produce revenue.
Apttus, whose technology was developed to integrate with the cloud-based CRM software platform from Salesforce.com Inc., provides a suite of online software applications for such tasks as configuring and pricing complex products, managing contracts and billing, managing promotions and managing employees’ incentive compensation. Its quote-to-cash technology is designed to manage and record all of the steps between when a seller provides a product price quote to a customer, and when the seller receives payment at the completion of the purchase process.
The company is based in San Mateo, Calif., and has about 1,200 employees worldwide. It also has offices in Bozeman, Mont., as well as in Chicago, London, India, Japan and Australia.
Also participating in the current funding round were prior investors K1, Iconiq, and Salesforce Ventures, the investment arm of Salesforce.com Inc.
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