Thursday, April 10, 2008

SpringCM, the leader in on-demand document management and workflow has raised an additional $14 million

What Company Is Offering:
SpringCM combines the low cost, low risk benefits of Software-as-a-Service (SaaS) with enterprise content management (ECM) functionality to offer unparalleled on-demand document management and workflow. Capturing content, collaborating on projects and managing complex business processes are now available with just a Web browser and Internet access. Built and designed by ECM industry veterans, SpringCM delivers award-winning functionality without the software installation, hardware maintenance and prolonged customization cycles associated with installed, on-premises applications. Industry leaders like Comcast, Stratus Technologies and Health Net trust SpringCM to host their mission-critical content and to provide solutions for contract management, finance, logistics and more.

How Much They Got From VCs:
SpringCM, the leader in on-demand document management and workflow, today announced that it has raised an additional $14 million to fund its substantial growth. The financing includes two major components: a $10 million Series B Preferred equity round led by North Bridge Venture Partners and including Foundation Capital, the Series A lead investor; and a $4 million credit facility with Comerica Bank through its Technology & Life Sciences Division.

SpringCM will use the proceeds from this funding to invest in market share expansion activities in sales, marketing, partner outreach and business development as well as the infrastructure and staff to create new products and enhance the service functionality that supports the growing customer base.

Jeffrey Beir, general partner at North Bridge Venture Partners, has joined the SpringCM board of directors. Beir was formerly co-founder and CEO of eRoom Technology and senior vice president of Products for Documentum, a division of EMC. According to Beir, "North Bridge Venture Partners is excited to be an investor in SpringCM. The company has tremendous potential -- not only because it was created as a SaaS company from the ground-up but also because of the breadth of the product and the strength of the executive management team. I look forward to working closely with Dan Carmel and the rest of the board to extend SpringCM's market leadership as the company grows."

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