It seems as though the Web tech world is not feeling the financial pinch that the rest of the corporate world is. At least SpringCM isn't. They've had no problem sustaining their position as a leader in on-demand document management and workflow.
Earlier this week, SpringCM announced that it had raised an additional $14 million to fund its substantial growth. Thanks to two major financing components: a $10 million Series B Preferred equity round led by North Bridge Venture Partners; and a $4 million credit facility with Comerica Bank through its Technology & Life Sciences Division, SpringCM plans to invest in "market share expansion activities in sales, marketing, partner outreach and business development as well as the infrastructure and staff to create new products and enhance the service functionality that supports the growing customer base". Translation: Customers can expect to find fancy new features in upcoming releases.
The company has been hard work tweaking their popular SaaS product, as release 4.1 can attest. Their impressive list of accomplishments from 2007 includes:
* A growth in the customer base of over 100 percent
* A customer renewal rate of over 92 percent
* Four major product releases with new important features
* The acquisition of Privia Government Bid and Proposal Management solution, expanding SpringCM's focus on contract management to include government contracts.
Everyone seems to be giddy with anticipation and excitement of what these assets will help to bring. Their dedication to providing tools to help organizations streamline their workflow will most likely guide them successfully to the next level and put a little more Spring in their step.