US-based online sales technology developer Apttus raised $108m yesterday in a series C round backed by Salesforce Ventures, the investment arm of enterprise software provider Salesforce.com.
The round, which Apttus CEO Kirk Krappe told Fortune valued the company “well north of $1bn,” also included family office Iconiq Capital and private equity firm K1 Investment Management, and was led by sovereign wealth fund Kuwait Investment Authority.
Apttus offers ‘quote-to-cash’ services through software that configures with Salesforce’s Salesforce1 platform, providing users with features including the configuring of price quotes, contract and revenue management.
The funding follows a $37m series A round in 2013 featuring Salesforce Ventures, K1 and Iconiq, as well as a $41m series B funded by the same three investors, and which closed in February this year.
The cash will support the introduction of new features on Apttus for customers in the manufacturing, life sciences, financial services and telecommunications industries. Apttus aims to expand its workforce from 900 to 1,400 by the end of 2015 and pursue a possible initial public offering next year.
Krappe told Fortune: “Salesforce led our previous round and also invested a large amount this time, so it is the largest investment they’ve ever made except for acquisitions.
“In terms of KIA, they are a great addition because they have enormous pockets — they’re larger than some stock markets — so if the markets next year aren’t good and we don’t IPO, we are not worried about cash.”