Steelwedge Announces $22.5M of New Growth Capital to Accelerate Supply Chain Planning Innovation and Enhance Customer Support
Pleasanton, CA (PRWEB) March 12, 2015 -- Steelwedge, the leader in cloud supply chain planning and sales and operations planning (S&OP) solutions, today announced that it has received $22.5M in new growth capital led by Camden Partners. Other investors include return backer Mainsail Partners and Shea Ventures. New CEO Pervinder Johar is also investing personally in this round.
“This is a tremendous opportunity to invest in cloud-based software that represents the next generation of supply chain planning solutions,” said Jason Tagler, managing member of Camden Partners, the lead investor. “I have tracked Steelwedge for several years and have been impressed with the results the team has delivered. I am particularly impressed by the number of blue chip customers the company has added during that timeframe.”
The investment will be used to accelerate product development, expand sales and marketing, and deliver the highest quality service to the company’s growing customer base. Integral to these efforts is a new office, which will open in Austin, Texas later this year. The Austin office will serve as a technology, sales, and services hub that will enable Steelwedge to better serve the increasing number of customers and prospects in the region. The office will house a large, state-of-the-art R&D Co-Innovation Lab where product managers and software engineers will work directly with customers to push the boundaries of supply chain management forward.
“This new capital positions us well to build on the company’s incredible growth over the past several years,” said Pervinder Johar, CEO of Steelwedge. “We are excited to have Jason Tagler join the board of directors and to leverage his experience investing in enterprise SaaS businesses. This will help us attack the large market opportunity in supply chain management.”
“We selected Camden as our partner based on Jason Tagler’s understanding of our business and our aligned perspectives on building the company in its next phase of growth,” added Jason Payne, Managing Partner of Mainsail Partners.
Steelwedge was ranked #200 on Deloitte’s Technology Fast 500™ in 2014 based on the company’s 500% revenue growth in the 2009-2013 period. Steelwedge was also positioned as a Visionary in the 2014 Gartner Magic Quadrant for Supply Chain Planning System of Record*. In the past two years the company has added some of the biggest names in manufacturing as customers, including GoPro, Hewlett Packard, and Nissan.
About Steelwedge
Steelwedge’s cloud supply chain planning and S&OP solutions enable leading manufacturers to profitably align demand, supply, strategy and financial goals. Connecting people, processes and technology, Steelwedge big data solutions transform supply chain ecosystems. Leading manufacturers like HP, Lenovo, Jaguar, Land Rover, Nissan, and Monsanto trust Steelwedge to help them mitigate risk and profitably navigate a rapidly changing business environment. Visit http://www.steelwedge.com.
About Camden Partners
Camden Partners, founded in 1995, operates private equity funds that provide growth capital to emerging companies in the Technology-Enabled Business Services, Healthcare and Education sectors. For more information, please go to http://www.camdenpartners.com.
About Mainsail Partners
Mainsail Partners is a leading growth equity firm that invests exclusively in growing bootstrapped businesses and builds them into industry leaders. The San Francisco-based firm has raised nearly $400 million in committed capital to back outstanding entrepreneurs. Mainsail has been leading investments in software and technology-enabled companies for more than a decade, including investments in eSecuritel, Netchemia, PayLease, Steelwedge Software, and Zen Planner. For further information, please visit http://www.mainsailpartners.com.
About the Gartner Magic Quadrant
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
*Gartner, Magic Quadrant for Supply Chain Planning System of Record, Tim Payne, 06 March 2014
Laurie Gibson, Kickstart Consulting for Steelwedge Software, Inc., http://www.steelwedge.com, +1 (650) 969-0764, [email protected]
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