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Apttus has secured $41m in series B funding from Salesforce, other firms

Apttus has secured $41m in series B funding from Salesforce, other firms

Apttus, a firm specialising in cloud-based quote and renewals management software has secured $41m in its latest round of funding led by Salesforce Ventures.

Founded in 2006, Apttus offers e-commerce, contract management and renewals management software based on the Salesforce platform.

The software solutions integrate with Salesforce’s CRM platform, and are used to develop sales and renewal quotes for customers of those using the solutions; it also automates contract generation once customers sign up for a renewal quote.

The $41m series B funding adds to the $37m the firm secured in September 2013; the latest funding round was led by Salesforce Ventures, the investment-focused arm of the CRM incumbent, with additional funding from K1 Capital and Iconiq.

“Adhering to the values we based this company on has resulted in a level of success that goes beyond all of our initial expectations,” said Kirk Krappe, chief executive officer and co-founder of Apttus.  “What’s truly important though, is continuing to exceed the expectations of our customers. As we continue on this path, growing and innovating alongside strategic partners and investors that share our values is the key to our future success.”

Apttus claims it has cornered the “quote-to-cash” market (a term apparently coined by ERP incumbents), and that the past year has seen the company nearly double its workforce and gain over a hundred new customers including GE, GoPro and Pearson; the company said it plans to use the funding to support its international growth.