In just a few years, Apttus, one of a number of quote-to-cash SaaS companies, has grown its workforce from just a few hundred to more than 1,000.
Built from the Salesforce.com platform, Apttus’s staffing growth has been necessary to cope with its growing customer base. The year-on-year growth of its business has been around 60 per cent. Apttus would not provide an exact figure of its valuation, but they indicated it was around $1 billion.
Growth is a particularly useful thing when trying to attract additional investment. Apttus has exploited this fact with its latest funding round, securing a hefty $108 million investment on top of the $41 million it raised earlier this year. The total investment in Apttus has now reached $186 million.
The latest round of funding included original investors Salesforce Ventures as well as Iconiq Capital, K1 Capital, and KIA.
The Apttus software is designed to process quotes, contracts and revenue management. Apttus CFO Jeff Van Zanten said he was pleased with the company’s growth and proud to be a part of it. He puts it all down to the breadth of services Apttus offers compared to the company’s competitors.
The additional investment will only add to Apttus’s potential growth. Van Zanten said: “This is the kind of long-term big deposit into our bank account that is going to fuel growth for the next couple of years and gives us a war chest for digital acquisitions.”
The next decision for Apttus is whether to become a public company. Van Zanten isn’t so sure. He said: “We are of a size today where we could go public, and we’ve had a lot of interest, but we feel no pressure to IPO. It’s our option when to go out. Certainly the money is going to fuel what I expect to be growth whether we are a public or private company.”
Van Zanten is a happy executive who sees significant room for further growth, having only just scratched the surface of their potential market. The key for Apttus now is to align its infrastructure with the growth to ensure the model remains efficient and attractive to customers.