a provider of personnel talent management solutions, has $10 million in new funding for toe launching of expanded sales and marketing efforts as well as additional product development.
Azure Capital Partners, a California-based venture capital firm with more than $650 million under management, led the round. Azure is a new investor in SilkRoad.
Also participating were SilkRoad Equity, which is based in Winston-Salem, and individuals who were not identified.
SilkRoad technology provides its solutions through a software as a service model.
"This capital raise validates SilkRoad’s success in the talent management market with our unmatched suite of products that provide demonstrable benefits to our clients,” said Andrew “Flip” Filipowski, the chairman and chief executive officer at SilkRoad. Filipowski also is involved in management of SilkRoad Equity. Flipowski, a serial entrepreneur, founded SilkRoad technology in 2003.
“As the need to attract and retain top talent continues to rapidly grow, SilkRoad is in a prime position to further broaden our offerings and enhance our leadership position in the market,” Filipowski added.
As part of the deal, Azure General Partner Cameron Lester joined the SilkRoad technology board.
"SilkRoad has done an extraordinary job bringing to market solutions for addressing talent issues within hundreds of organizations across the globe,” Lester said. “We believe that it has the product suite, the leadership team and the vision to become a very large company in this fast-growing market.”
SilkRoad technology has more than 700 customers. Product offerings focus on recruitment, hiring, identifying high and lower performers, compensation management and performance management. Customers include as Allianz, Unisys, H&R Block, Crate and Barrel, and Deloitte.
The company has offices in Massachusetts, New Jersey and Germany.
