What's the best way to insure viability while the threat of global economic recession looms?
Take on more venture funding, and Alfresco did just that to the tune of US $9 million.
Where did the money come from? It was a group effort led by SAP Ventures and including long-time Alfresco backers Accel Partners and Mayfield Fund.
According to Alfresco, the funds will be used to support "continued growth into the enterprise content management market, including product development and acceleration of global expansion plans, particularly in the German, U.S. and Asian markets".
This news could not come at a better time for Alfresco. With recession fears on everyone's mind, this influx of cash should calm the concerns of both employees and customers.
Kudos to Alfresco on their good fortune and to SAP Ventures for what appears to be a wise investment.
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