SAN MATEO, CA and CALGARY, AB--(Marketwired - Jun 28, 2013) - Today Replicon, the global leader in cloud-based time tracking solutions, announced a round of funding that will help the company accelerate its already aggressive growth, expand into new markets, and further its footprint within the explosive enterprise marketplace. Replicon's $20 million Series A was led by Emergence Capital Partners and The Social+Capital Partnership.
Replicon expects 60 to 80 percent growth by 2015, fueled by the surge in demand for cloud services in the enterprise. This round of financing will be used to support significant growth, with a focus on aggressive expansion, continued development of the company's direct sales channel, and to extend its reach internationally into Europe and APAC.
"We strongly believe that the ways in which companies align and build their organizations are changing rapidly," said Chamath Palihapitiya, founder and managing partner of The Social+Capital Partnership. "They are partnering with other companies and integrating outside products or services to accelerate business growth. With this growing interdependence, there needs to be a common platform that can help companies deal with increasingly complex business needs and labor practices. Replicon is poised to become this platform for the future."
"Replicon has built an incredibly impressive and diverse global customer base of more than 7,800 customers by offering a powerful but simple-to-use solution," said Jason Green, founder and general partner, Emergence Capital Partners. "We believe with additional capital, expertise, and resources that Replicon will be able to turbo charge its growth and leadership in a market with significant global potential. Every company with hourly workers -- which is over 60 percent of the global workforce -- needs a solution that Replicon offers, and we intend to help them aggressively capture this global opportunity."
More than 7,800 customers worldwide use Replicon's award-winning cloud-based time tracking solutions. Easy-to-use and deploy, a single platform tracks time for any business need -- whenever and wherever required. As a result, users can optimize processes, gain greater insight and visibility into business operations, and reduce compliance risk.
"We're honored that these investors share our vision for the next generation of Enterprise 3.0 applications," said Raj Narayanaswamy, co-CEO and co-founder, Replicon. "Given their strong track record in working with some of the best SaaS, enterprise, and social companies today, we look forward to closely working with them to build on our success."
"We're delighted to partner with such like-minded business innovators who truly understand how to take SaaS and enterprise companies to the next level," said Lakshmi Raj, co-CEO and co-founder, Replicon. "Their investment and support during this exciting growth phase will ensure that we successfully meet the growing demand for our cloud-based solutions worldwide."
Replicon is the leading provider of cloud time tracking applications. Our products are used by over 7,800 companies of all sizes worldwide to better manage workforce attendance, projects, professional services organizations, and shared services resources.
By providing complete transparency into time data, our technology reduces compliance risk, keeps costs down, and provides unparalleled insight into the key drivers of business performance.
Replicon's award-winning products are delivered 100 percent in the cloud on a unified platform, and are hassle-free to deploy and use. Replicon is headquartered in Silicon Valley with employees in offices worldwide. For more information, visit www.replicon.com.
ABOUT THE SOCIAL+CAPITAL PARTNERSHIP
The Social+Capital Partnership ("Social Capital") is a partnership of philanthropists, technologists and capitalists utilizing venture capital as a force to create value and change on a global scale. The Partnership is based in Palo Alto, California.
ABOUT EMERGENCE CAPITAL PARTNERS (@emergencecap)
Emergence Capital Partners, based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage SaaS and technology-enabled services companies. Its mission is to empower business users and organizations around the globe by unleashing the power of technology-enabled Services. The firm's investments include Salesforce.com (CRM), SuccessFactors (acquired by SAP), Yammer (acquired by Microsoft), Lithium, YouSendIt, Box, and Veeva Systems. Founded in 2003, Emergence Capital has $575 million under management. More information on Emergence Capital can be found at http://www.emcap.com/.