(PRWEB) May 23, 2006
SuccessFactors, Inc., the global leader in on-demand software for human capital management, today announced that it has raised $45 million in additional capital to fund continued business expansion and maintain its 100-plus-percent growth rate in sales, customers and users through 2006 and beyond.
"Five years ago, we launched SuccessFactors with the belief that secure hosted applications would become the dominant delivery model for human capital management -- making it extremely easy to use on a global basis for organizations of every size," said Lars Dalgaard, SuccessFactors founder, president and CEO. "We pioneered this space and evangelized this model, and continue to dominate the market through an intense commitment to customer success. We believe in Performance not Politics, and we won't rest until every employee in the world knows his or her job expectations, and every manager knows how to get the best out of his or her team."
Successfactors has added 127 customers in the first five months of 2006 alone, after adding nearly 200 in 2005, bringing the total customer count to over 500. The SuccessFactors suite is in active use by over 1.5 million on-demand subscribers, making it one of the most widely-deployed hosted applications in the world today. The SuccessFactors on-demand suite has proven that enterprise-class software can be quickly deployed to employee bases of all sizes and adopted broadly across the entire organization:
- Global Scalability: Active implementations range from 5 users to more than 350,000 users in 102 countries. More than 43 companies are deploying or have deployed SuccessFactors to more than 20,000 employees.
- Real Usage and Results: In the first five months of 2006, SuccessFactors users logged in more than 4,700,000 times and over 510,000 total reviews and talent assessments were completed. More than 500,000 employee objectives were created or modified in April alone.
- Renewals and Customer Satisfaction: Total customer renewal rates topped more than 95% in 2005, an exceptional level for enterprise-class software.
"A corollary of our growth, and guiding principal in our company, has been an intense and absolute commitment to customer success. We pride ourselves on being able to get any customer fully operational on our system in a matter of days or weeks, and then to a level of customer support and success that is unmatched in our industry. With our growth rate, this mandates that we continue to add employees of the highest caliber, dedicated to enabling our customers’ success,” said Dalgaard. “This additional financing will ensure that we maintain the customer success and satisfaction around which we have built our reputation."
“We are extremely enthused to be a major investor and to lead this financing for SuccessFactors,” said Glenn Solomon, managing director of Granite Global Ventures. “Rarely have we seen a company with such tremendous growth, market potential, intensity and sense of mission that is apparent among the entire team at SuccessFactors. Our discussions with customers provided compelling validation of the company’s commitment to customer success – and the meaningful return customers derive from use of the company’s applications.”
SuccessFactors will use the funding to invest in additional staff and systems to continue its global growth, market share expansion and continued customer success. The financing includes $25 million in equity provided by Granite Global Ventures, and current SuccessFactors investors including Greylock Partners, Canaan Capital, TPG Ventures, Cardinal Venture Capital, and Emergence Capital Partners. In addition, the company has secured a commitment of $20 million from Lighthouse Capital Partners.
About SuccessFactors Technology
SuccessFactors' Performance and Talent Management Suite delivers easy-to-use software that aligns employee performance with bottom-line business results. The suite includes fully integrated modules for goal management, performance reviews, 360-degree reviews, succession planning, compensation planning, development planning, competency management, employee surveys, best practices, vertical process templates and workforce analytics. The modular suite is highly scalable and delivered 100% on-demand to minimize infrastructure investment, accelerate updates and drive true global deployment.
About Granite Global Ventures
Granite Global Ventures is an expansion-stage venture capital firm focused on information technology and healthcare companies. The firm was founded in 2000 by four managing directors: Scott Bonham, Joel Kellman, Hany Nada, and Thomas Ng. Granite Global Ventures brings a depth of experience in investments, cross-border business development activities, mergers and acquisitions, and IPO transactions. With $400 million under management, its investments include AAC Acoustic Technologies (HKSE:2018), Alibaba.com (combined with Yahoo!), Hurray Solutions (NASDAQ:HRAY), Sirna Therapeutics (NASDAQ:RNAI), and Qpass (acquisition by Amdocs pending). Past investments include Kintana (acquired by Mercury Interactive), NetScaler (acquired by Citrix), Oculex (acquired by Allergan), and P-Cube (acquired by Cisco Systems). Granite Global Ventures (http://www.ggvc.com) has offices in Menlo Park, CA, Shanghai, and Singapore.
SuccessFactors delivers performance and talent excellence, on demand. The company’s software promotes visibility, accountability, and results, enabling organizations to eliminate the politics that destroy motivation and impede performance. Fueled by the industry's highest renewal rate, SuccessFactors has grown to support more than 1.5 million users in 102 countries around the world. Customers include MasterCard International, British Telecom, Textron, Salesforce.com, Cooper Tire & Rubber Company, Volkswagen of North America, Reebok, Pep Boys, Lancaster General Hospital and Grant Thornton. The company has achieved a global industry leading, scalable and secure hosting operation. Founded in 2001, SuccessFactors has multiple worldwide offices collaborating for strong local support of customers. For more information, visit http://www.successfactors.com or call +1 800 809-9920.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.
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