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SilkRoad Closes $16 Million in Growth Financing Led by Foundation Capital

SilkRoad Closes $16 Million in Growth Financing Led by Foundation Capital 
Strategic Investment Will Fuel Continued Product Innovation to
Support Rapid Company Growth 
CHICAGO, IL -- (Marketwired) -- 08/12/13 --  SilkRoad, a leading
global provider of cloud-based talent management solutions, has
raised $16 million in growth financing, bringing total funds raised
to $145 million. Investors include Foundation Capital, Intel Capital,
Azure Capital Partners, Keating Capital (NASDAQ: KIPO), and Crosslink
Ventures. This new funding will be used to fuel ongoing product
innovation across SilkRoad's Life Suite(R) Talent Management software
to support rapid company growth. 
To tweet about SilkRoad's funding news, go to:
http://spredd.it/8gB0RVb5 
SilkRoad's Life Suite is a leading cloud-based talent management
system for small to mid-size businesses (SMB), offering an integrated
set of HRMS, Talent Acquisition, and Talent Development applications
that enable customers to find, attract, develop, and retain the best
talent. The Company continues to capitalize on a $24 billion global
mid-market opportunity, with 90 percent of its 1,800 customers
reporting fewer than 5,000 employees. SilkRoad now serves global
locations across North America, Europe, and Asia-Pacific. 
The human capital management (HCM) market remains a hotbed for
enterprise SaaS investment opportunity on the heels of significant
industry IPOs and high-profile acquisitions that have been largely
aimed at capturing the global market for large enterprise customers.
Bersin by Deloitte projects global spending on integrated talent
management systems will grow 22 percent to nearly $4 billion in 2013,
while IDC forecasts that the worldwide HCM market will reach $11
billion by 2016. And, more generally, the cloud-computing industry
hit the $100 billion milestone in July, growing 70 percent over just
18 months, according to Bessemer Venture Partners. 
Comments on this News:  


 
--  "SilkRoad is at the forefront of a growing global opportunity to serve
    the evolving HR needs of the mid-market," said John Shackleton,
    SilkRoad's President and CEO. "We've forged a distinctive path as an
    HCM provider by offering industry-leading innovation to under-served
    markets and we're poised for continued growth."
    
    
--  "SilkRoad is the mid-market leader in the rapidly growing HCM space,"
    said Warren Weiss, General Partner at Foundation Capital. "With a
    fully-integrated suite of cloud-based applications proven to deliver
    innovative solutions, the Company has seized opportunities well in
    advance of its competitors and is driving industry adoption of social
    talent management. We are pleased to partner with SilkRoad in its next
    generation of product innovation and growth."

  
Company Momentum for SilkRoad:  
During the quarter, 130 customers adopted solutions across the entire
SilkRoad Life Suite to satisfy their Talent Acquisition, Talent
Development, and HRMS needs. The Company also experienced balanced
growth across the Suite -- 45 percent of contracts were multi-product
-- and reached additional milestones, including:  


 
--  Deployment of the Life Suite(R) SuiteApp in partnership with
    NetSuite, the first end-to-end cloud ERP and talent management
    solution designed for the mid-market.
    
    
--  Numerous industry accolades, including: Aragon Research Hot Vendors in
    Social Business; HRO Today TekTonic Award for Top HRMS Suite; 2013
    AlwaysOn OnDemand 100 Top Private Companies; Stevie(R) Awards for
    Sales & Customer Service Bronze Winner for Back Office Customer
    Service Team of the Year and Customer Service Department of the Year -
    Computer.

  
About SilkRoad
 SilkRoad(R) is a leading global provider of
cloud-based, end-to-end HR solutions that enable customers to find,
attract, develop, and retain the best talent. The award-winning
SilkRoad(R) Life Suite(R) includes Talent Acquisition, Talent
Development, and HRMS solutions that are delivered through a Talent
Portal to drive greater engagement, collaboration, and user adoption.
The suite is easy to deploy, easy to use, and affordable for
businesses of every size. Visit www.silkroad.com, follow them on
Twitter @SilkRoadTweets or call 866-329-3363 (U.S. toll free) or
+1-312-574-3700. 
Contact: 
Megan Kessler
pr-SilkRoad@shiftcomm.com 
617.779.1875 
 
 
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