Software provider Relayware is getting an $11 million boost from two investors to increase PRM sales.
Investors Amadeus Capital Partners and Albion Ventures are both supporting the company, which sells Partner Relationship Management (PRM) software.
Relayware CEO Bob Mann said the funding supports the vision of “improving channel-partner performance.”
“Relayware’s continued expansion stems from our unwavering focus on enabling businesses to empower their channel-partner networks … 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,” Mann said.
Amadeus and Albion are both banking on the growth of the SaaS industry. Google | Accel has forecast the U.S. SaaS market to reach $132 billion by 2020. Although Relayware also has operations in the United Kingdom, the latest investment focuses on the U.S.
“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, a partner at Amadeus. “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.”
U.K.-based Albion raised $5.5 million for Relayware in 2013. The tech company was founded in 2007 and says it has grown significantly in recent years. Its PRM platform gives customers monitoring and analysis of how their partners perform.
“Relayware constantly looks at innovative ways to improve the relationship between our customers and their channel partners,” Mann told Channel Partners. “This new round of funding will enable us to invest in the analytics that channel partners are looking to use to accelerate their own revenue growth.”
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January 27 2020 @ 23:00:02 UTC