Funding will fuel the rapid expansion of PRM software leader Relayware, as it transforms its customers’ channel sales and marketing processes
LONDON – 9 May 2016 – Amadeus Capital Partners, the global technology investor, has today announced it has led an investment of $11 million alongside existing venture capitalist investor Albion Ventures, in Relayware, a software provider that accelerates channel revenues. The investment will help drive growth in the U.S., the largest and most mature market for the Software as a Service (SaaS) industry, which is forecast to be worth $132 billion globally by 2020.
Relayware is a global provider of Partner Relationship Management (PRM) software and services that produce valuable insights to bring organizations closer to their partners. Its software automates the partnering process and provides the visibility needed to gain an understanding of partner effectiveness, optimize channel sales performance and accelerate revenue growth.
In 2013, Relayware secured $5.5 million from one of the U.K.’s largest independent venture capital investors, Albion Ventures, to amplify its sales and marketing, expand operations and hire key executives to drive growth and scale the business.
Amadeus Capital Partners and Albion Ventures’ investment and expertise will allow Relayware to grow its platform with operations in Oxford, U.K. as well as in the U.S. in New Jersey and California. The company targets technology and manufacturing companies, including high-growth start-ups and enterprises, as its main source of growth.
“The U.S. is the main market for the fast-growing software-as-a-service (SaaS) industry, and Relayware is a leader in the field of partner relationship management,” said Richard Anton, Partner, Amadeus Capital. “The company will continue to grow its existing customer base and scale into complementary areas that support channel marketing, sales and operations. Amadeus’ investment will enable Relayware to realize that potential.”
Relayware was founded in 2007 and is helmed by successful entrepreneur Bob Mann, a former European head of U.S. software group Siebel Systems. The company has grown significantly since its inception, and its previous investment round led by Albion Ventures helped it reach new heights. Over the past year, it has doubled its customer base, grown revenues by 35 percent and achieved its largest fourth quarter ever, among other recent successes. It also has achieved widespread industry recognition, as it was recognized with a 2015 American Business Award in the Relationship Management category.
“Relayware’s continued expansion stems from our unwavering focus on enabling businesses to empower their channel partner networks,” said Relayware CEO Bob Mann. “We’re extremely honored to welcome Amadeus Capital into our group of investors, and we look forward to tapping into its expertise, alongside Albion Ventures’ sustained support, as we realize our vision for improving channel partner performance. This newest round of investment will support growth initiatives in the U.S. and better equip us to serve the changing needs of the channel, as the industry enters its next phase of growth.”
Revenues for the global SaaS industry are projected to have hit $106 billion in 2015, representing a 22 percent increase on the previous year, according to Forrester Research. That growth is expected to continue to outpace the overall enterprise IT sector, with sales reaching $132 billion by 2020, according to a report from Google Accel.
Following the investment, Amadeus Capital Partners will become a major shareholder alongside Albion Ventures and company management.
Amadeus Capital Partners is a global technology investor. Since its inception in 1997, the firm has raised over $1bn for investment and backed more than 100 companies in the software, mobile, internet, cyber security and medical technology sectors. The investment team is based in India, South Africa, Sweden, UK and USA, has deep experience in technology and invests in high-growth companies from early stage to pre-IPO.
Major businesses built by Amadeus include CSR, a connectivity, audio, imaging and location semiconductor company, now owned by Qualcomm (NASDAQ: QCOM); Solexa, the developer of next generation genetic analysis systems, merged into Illumina (NASDAQ: ILMN) to create the world leader in gene-sequencing technology; Optos, the retinal imaging company, acquired by Nikon; ForeScout, a global enterprise security vendor; Octo Telematics, the provider of insurance telematics services acquired by Renova Group; and Tobii, the global innovator in eye tracking (STO: TOBII). For more information, please visit amadeus.wedevelopdigital.co.uk
About Albion Ventures
Albion Ventures LLP is a leading venture capital investor, which has been managing investments in small unquoted UK companies since 1996. Albion now manages or provides management services in respect of over £400 million. In addition to six Albion VCTs, it also manages the UCL Technology Fund and provides management services to Albion Community Power PLC.
Albion Ventures looks to invest £0.5-10m in growing businesses within a variety of sectors including healthcare, technology, environmental, travel and leisure, and asset-based businesses. Our approach is to provide strategic advice as well as financial resources in order to realize the full potential of the business invested in and so create returns for our shareholders.
Relayware is a global provider of Partner Relationship Management (PRM) software and services that produce valuable insights and bring organizations closer to their partners, providing visibility into partner effectiveness, improving training and empowering partners to reach their potential. Its software distills years of channel expertise into an automated system that gives partners everything they need to succeed, with sales, marketing and training packs and partner portals that streamline revenue-generating processes and boost the productivity of indirect channels.