Alfresco Secures $9 Million in Series C Funding Led by SAP Ventures
Investment Round to Provide Continued Growth for Market-Leading Open Source Enterprise Content Management Vendor
London, UK – January 22, 2008 – Alfresco Software Inc., the leader in open source enterprise content management (ECM), today announced the completion of a $9 million Series C round of financing led by SAP Ventures, bringing total funding to $19 million. Existing investors Accel Partners and Mayfield Fund also joined the round.
Alfresco will use the proceeds to fund continued growth into the enterprise content management market, including product development and acceleration of global expansion plans, particularly in the German, US and Asian markets.
“Enterprise Content Management is a well established and understood category that is well suited for a business model innovation such as open source,“ said Dr Jörg Sievert, Partner, Europe & Israel, SAP Ventures. “Alfresco has emerged as the OSS leader in this category. In addition to the enterprise class quality of Alfresco’s solution, we are particularly impressed with Alfresco’s management and take great pride in backing this world class team.”
“Accel Partners has a proven track record of investing in start-ups with category defining potential, such as our investment in Facebook. We have been involved with Alfresco since the inception and have always believed that the Alfresco team was capable of changing the content management market and achieving a leadership position in open source in the enterprise,” commented Kevin Comolli, Managing General Partner, Accel Partners and Alfresco Board Member.
“Along with software-as-a-service, open source is one of the innovative models today in enterprise technology. Over just the past few years, Alfresco has established a dominant position as the go-to solution for enterprise document, web and content collaboration. By building a profitable business and a list of blue-chip customers, it has not only proved the viability of open source as a business model, but also has emerged as a threat to proprietary ECM vendors," said Robin Vasan, General Partner, Mayfield Fund.
Alfresco has seen major adoption of its open source ECM system throughout the world with over 1 million product downloads, more than 20,000 active deployments of the product and a customer base of more than 300 enterprise accounts, including many Global 2000 organizations such as 5 of the top 10 investment banks, Electronic Arts, H&R Block, and KLM running Alfresco in enterprise-wide, mission-critical deployments.
Since being founded in January 2005, Alfresco’s impact on the ECM market and innovative product strategy has been recognized by prestigious awards including the Red Herring 100 Global, Computerworld Honors Program, Sand Hill Group Top Software Innovator and World Economic Forum Technology Pioneer.
Mike Davis, Senior Analyst at Ovum: "[Alfresco] has the technical capabilities, and along with Microsoft is likely to be the most disruptive player in the ECM market at the enterprise level in the next five years."
In December 2007, the company announced the latest release of its software. With this innovative new release, Alfresco adds social computing capabilities to its best of breed open source ECM platform.
“Alfresco is seeing mass adoption of its ECM Platform in the Global 5000 and our growth is reminiscent of that experienced by SAP and Business Objects in the early 1990’s. Our investors have been delighted with the capital efficiency of our open source business model. The additional funding is in response to the high levels of customer demand we can see over the coming 12 months,” commented John Powell, CEO and Co-Founder, Alfresco Software. “We will benefit a great deal from working more closely with SAP; with several customers in common we recognize how important robust content management is to these enterprises.”
About SAP Ventures
Since 1996, SAP Ventures has been investing in companies that offer exciting new technologies and applications. Leveraging years of experience and drawing on a network of powerful business relationships, SAP Ventures helps entrepreneurs and management teams recruit the best people, make the right technology decisions, win new business, and build their own partner networks. The goal of SAP Ventures is to grow businesses that create shareholder value for everyone involved. For more information, visit www.sapventures.com.
About Accel Partners
Accel was established in 1983, and today invests globally with offices in Palo Alto, California and London, as well as in China via the IDG-Accel Partnership. With over $4 billion under management, Accel has helped technology entrepreneurs build over 300 successful companies, many of which have defined their categories. The Accel portfolio includes long-term market leaders such as Macromedia, Veritas, RealNetworks, Foundry Networks, UUNET and Polycom, as well as recent IPO’s MetroPCS (PCS), Infinera (INFN), ComScore (SCOR), and Riverbed Technologies (RVBD). Other investments include Facebook, JBoss, Kayak, XenSource and Zimbra.
About Mayfield Fund
Mayfield Fund provides "venture capital with impact" by partnering with exceptional individuals to create industry-leading companies. Mayfield has domain expertise in communications/wireless, consumer/media, enterprise software and semiconductors. The firm has over $2.7 billion under management and a team of eleven investing professionals. Since Mayfield's founding in 1969, the firm has invested in more than 470 high-growth companies, taken more than 100 public and more than 150 have merged or were acquired.
About Alfresco Software, Inc.
Alfresco Software, Inc. is the first and leading open source alternative for enterprise content management. It is the first company to bring the power of open source to the enterprise content management market, enabling unprecedented scale and a much lower total cost of ownership than proprietary systems. Founded by a team of content management veterans that includes the co-founder of Documentum, John Newton, and former COO of Business Objects, John Powell, Alfresco is based in London. For more information, visit http://www.alfresco.com
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