Chicago-based SpringCM has another $25 million of venture capital and a new CEO, Dan Dal Degan. The company markets a document and sales contract management solution for Salesforce customers.
Investors include Crestline Investors, a credit and structured capital focused institutional investment firm, and Foundation Capital. The company plans to use the money to develop of new applications for document and contract management, increase its engineering and sales staffs and grow its "presence of knowledge workers and infrastructure" in Europe, the Middle East and Africa (EMEA).
Dal Degan told CMSWire the investment will ensure “tight, scalable integration with the Salesforce platform to leverage customers' deployments of Salesforce Sales Cloud, Service Cloud and Quote-to-Cash.”
Growth at SpringCM
Founded in 2005, SpringCM closed a $8 million Series A round led by Silicon Valley-based Foundation Capital the following year. Including the latest funding, it has raised $110.29 million in 12 rounds from nine investors.
It launched SpringCM for Salesforce through the Salesforce.com AppExchange in 2007 and has been providing document management for Salesforce ever since.
Dal Degan said there has been substantial growth at SpringCM in the past year. In 2016, the company onboarded more than 170 new customers and is growing at more than 50 percent annually, he continued.
"Just last quarter, we signed 51 clients, including Uber, Ikea, Valvoline and Nationwide. It’s time for global expansion,” Dal Degan added.
Before becoming CEO, Dal Degan was a member of the SpringCM board of directors. For three years ending last March, he was president of Ensighten, an enterprise data and tag management company that markets an Agile Marketing Platform.
Before joining Ensighten, he played key roles for more than 11 years at Salesforce, most recently leading the sales organization for the Salesforce Marketing Cloud. In fact, Dal Degan was one of the first 100 employees at Salesforce and was referenced in Marc Benioff’s book, “Behind the Cloud.”
Dal Degan said SpringCM has the same goals but is now playing in a new league. SpringCM's contract management app is built on its cloud-based document management, and the company will continue to invest in its platform "to deliver robust workflow and other enterprise features," he added.
Former CEO Greg Buchholz is now president and COO. "We’re going to use our entire leadership team to harness our growth and innovation and bring that to new markets,” Dal Degan said.
“You'll also see additional apps become available on our platform, developed by SpringCM as well as our partners. The use cases you'll see addressed will include other document-intensive business processes such as HR and employee onboarding."
SpringCM will also be looking to expand its footprint in the public sector.
“Part of our growth plan is expanding into the federal government. We have a pending Federal Risk and Authorization Management Program (FedRAMP) certification, and a few things coming in the way of government-tailored solutions," he said.
Document Management Problems
The global expansion drive comes at a time when enterprises are struggling to manage the growth of digital data.
“Enterprises need more support for their data, and our cloud-based technology provides that support for document and contract management needs. For example, our technology populates metadata around any piece of content, which can help employees throughout an enterprise easily find content through search,” he said:
“Standardizing document management is a struggle for companies across the board. Our technology is bridging that gap so organizations can focus on their business priorities and let go of content management struggles. Now we’re going to execute on our expansion and development plans. We’ll onboard engineers, account executives and others to help leverage our strong suits and propel our growth."