Apttus Snags $108M for Web-Based B2B Sales Management System
Apttus, a San Mateo, CA-based sales support provider that had already raised $41 million in February, just topped that by closing a $108 million Series C financing, the company announced today. The new funding places Apttus’ valuation at more than $1 billion, a company spokesman says.
Apttus operates a Web-based sales management system built on the Salesforce 1 platform. The company helps businesses keep track of the many stages of their sales cycles, from initial customer interest through contract negotiation and renewal, to revenues. Apttus calls this entire set of processes “Quote-to-Cash.”
Apttus is one of a number of companies offering what are called “configure, price, and quote” applications. These software suites can help companies set prices, discounts, and other conditions of sale for their products or services by giving them access to comparable quotes by competing sellers. Apttus also allows buyers and sellers to automate contract renewals if they’re ready to continue under previously negotiated terms. The company’s competitors include San Francisco-based FinancialForce.com, which raised $110 million in March, and San Mateo, CA-based Selectica.
Apttus’s Series C was led by sovereign wealth fund KIA, joined by Iconiq Capital, K1 Capital, and Salesforce Ventures, which led the $41 million Series B round early this year.
Apttus expects that by the end of the year it will have a thousand employees worldwide—four times its staff levels in 2013. Apttus claims 70 of the Fortune 500 companies as customers.