SilkRoad technology, inc. Completes $54 Million Round of Equity FinancingFoundation Capital Leads Investment / Mike Cullinane Named CFO
Winston-Salem, N.C. – May 15, 2008 – SilkRoad technology, inc., the creator of the popular Life SuiteTM of Web-based talent management solutions, announced today that it has closed on a $54 million equity round of capital led by new investor Foundation Capital, and including existing investors Azure Capital Partners, SilkRoad Equity and several individuals. Plans for the current round of capital include a significant expansion of SilkRoad technology’s worldwide direct sales and marketing efforts, strategic acquisitions and new product development. In a related announcement, Mike Cullinane has been named Chief Financial Officer of the company.
“The software as a service space, and especially the talent management segment of it, is one of the greatest opportunities for value creation that I have ever personally observed in the software industry,” said Andrew J. “Flip” Filipowski, Chairman and CEO at SilkRoad technology. “As we pursue our mission, I could not hope for a better management team nor a better investor group to help us achieve our goals. Adding Mike Cullinane as our CFO, and having both Warren Weiss and Cameron Lester join our board makes it almost unfair to our competition. We now have the products, the team and the financial resources we need to succeed."
Warren Weiss, General Partner at Foundation Capital, who joined the board of directors of SilkRoad technology in conjunction with the funding, said, "Flip and the team at SilkRoad technology have built an incredibly compelling business that is perfectly positioned to capitalize on the converging growth curves of talent management and the software as a service model. SilkRoad’s track record of success in serving enterprises of all sizes and in industries as diverse as banking, healthcare, technology, entertainment, and manufacturing made this investment both an easy decision and a truly exciting opportunity for Foundation Capital and the other investors in the round.”
Mike Cullinane has joined SilkRoad technology, inc. as Chief Financial Officer and a member of the company’s board of directors. Cullinane was previously CFO of Lakeview Technology, Inc. Earlier in his career, he worked closely with Filipowski as CFO of Platinum Technology.
“It is an honor to be associated with such a wonderful team that has accomplished so much in a few short years,” said Cullinane. “I look forward to working with the company as it moves to its next levels.”
"We are excited to have Foundation Capital join us as investors in the company," said Cameron Lester, a General Partner with existing investor Azure Capital Partners, which also participated in this round of funding. SilkRoad has the large market opportunity, the world-class leadership team, the best-in-class products and the long-term vision to become a very large company.”
About SilkRoad technology, inc.
SilkRoad technology, inc. provides software as a service (SaaS) solutions that significantly improve the talent within its more than 700 customers across the globe. Through SilkRoad’s Life Suite, an integrated talent management solution, companies are able to hire better employees, identify high and low performers, drive a pay-for-performance culture and improve employee tenure. The SilkRoad Life SuiteTM solution set includes OpenHire™, for recruiting management, RedCarpet™ for employee onboarding and life events, WingSpan™ for flexible employee performance management, GreenLight™ for compensation management, and Eprise™ for employee intranets and content management. SilkRoad technology is headquartered in Winston-Salem, NC with offices in Bedford, MA; Chicago, IL; West Long Branch, NJ; and Hamburg, Germany. More information is available at www.silkroad.com or by phone: U.S. toll free at 866-329-3363, or internationally at +1-336-201-5100.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on demand services. Foundation Capital funds total more than $2.4 billion. For more information, visit www.foundationcapital.com.
About Azure Capital Partners
Azure Capital Partners is a venture capital firm with over $650 million under management, headquartered in San Francisco, California. Its goal is to identify, invest in and help build earlier stage information technology companies that are at the forefront of a transformative opportunity for growth – companies like TopTier Software, VMware, WorldWide Packets and Bill Me Later. Its partners have a long track record of identifying and helping to build some of the most successful companies in communications, software and related technology segments. The Azure team is recognized for industry thought leadership and a unique professional investment approach to venture investing. Its proven methodology and primary research enable it to identify young companies in attractive markets whose business models provide sustainable competitive advantage. For more information, visit www.azurecap.com.
About SilkRoad Equity
SilkRoad Equity is a private investment firm founded by Andrew J. “Flip” Filipowski and Matthew Roszak. SilkRoad Equity targets investments in the areas of technology, life sciences, media and entertainment and real estate, and is comprised of a portfolio of companies that includes: Cryo-Cell International, House of Blues, InterAct911, Mastro Auctions, MissionMode Solutions, onramp Branding, Pendulab, Primo Water, Rakote, SilkRoad technology, SolidSpace, TrueSystems and Vion Mobile. For more information, visit www.silkroadequity.com.