SpringCM Raises $25M in Funding, Announces New CEO

CHICAGO, Feb. 09, 2017 (GLOBE NEWSWIRE) -- SpringCM , a leading document and sales contract management solution for Salesforce customers, announced today that it has generated $25M in funding. Investors include Crestline Investors, Inc., a credit and structured capital focused institutional investment firm, and Foundation Capital. In conjunction with the funding, the company also announced a new CEO, veteran software executive Dan Dal Degan.

SpringCM will leverage the strategic investments for continued development of new applications for document and contract management, as well as onboarding new positions in engineering, sales and more.

“Our aggressive growth strategy is emboldened through this funding as we expand our leadership team, international go-to-market presence, and engineering talent,” said Dal Degan.  “SpringCM was one of my top-performing solution partners during the 11 years I built and ran Salesforce’s Central U.S. business. As a SpringCM board member, I was delighted to contribute to increasing our global reach and solution footprint in the Salesforce ecosystem. As CEO, I’m thrilled to be accelerating our progress and further establishing SpringCM as a leader in the Chicago software technology market.”

The investment comes at a time of substantial growth for SpringCM, which has increased revenue at more than 50 percent annually. In 2016, the company added more than 170 new customers, signing a total of 51 customers in the last quarter alone. SpringCM’s newest clients include prominent names like Uber, Spotify, Valvoline®, Qlik and IKEA. Part of SpringCM’s growth plan is expanding into the federal government with a pending Federal Risk and Authorization Management Program (FedRAMP) certification. FedRAMP is a government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services.

“SpringCM is an innovative company shaking up the document and contract management space,” said Crestline Investors Director Will Palmer. “We’re looking forward to seeing the company continue to leverage its cutting-edge technology and expand its offerings globally.”

In addition to expanding its product offerings, SpringCM plans to increase its presence of knowledge workers and infrastructure in EMEA. This marks the first non-U.S. market presence for the organization.

“The recent investments are a major step in shaping SpringCM’s go-to-market strategy,” said Bill Elmore, founder and general partner at Foundation Capital and SpringCM board member. “Dan Dal Degan has extensive industry experience and understands how to grow and scale a company. I have no doubt that Dan is the best person to take SpringCM to the next level.”

Before leading SpringCM as CEO, Dal Degan served on the company’s board of directors. Earlier in his career, Dal Degan was one of the first 100 employees at Salesforce and was referenced in Marc Benioff’s book, “Behind the Cloud.”

At Salesforce, Dal Degan helped create and execute the cloud apps sales and support model that has become the industry’s standard and was responsible for more than 15 percent of total bookings worldwide.

SpringCM is a Platinum Partner and one of the top 15 partner apps for Salesforce. For more about SpringCM, please visit https://www.springcm.com/ .

Union Square Advisors , a leading technology-focused investment bank, served as the exclusive financial advisor to SpringCM for this strategic investment.

About SpringCM SpringCM is a secure cloud platform that optimizes the generation, workflow, and archiving of mission-critical business documents across an organization. SpringCM manages contracts and all types of documents seamlessly across desktop, mobile and partner applications like Salesforce. Its suite of workflow automation tools eliminate manual and repetitive tasks and includes: document management, which increases productivity by streamlining and automating the document management process; sales contract lifecycle management (CLM), which accelerates revenue and productivity by streamlining the contract management process; and sales content management, which manages all documents associated with the sales cycle from a central repository, providing a holistic view of customer relationships and enabling users to respond quickly and accurate to stakeholder needs. Every day, more than 600 companies use SpringCM to improve the customer experience and get more done, faster.

For more information, contact: Andrée Beckham http://abeckham@springcm.com (312) 256-2413