SilkRoad Technology, a provider of talent management solutions, announced today it has secured a $40 million equity round of capital.
The investment was led by new investors Intel Capital and Tenaya Capital and includes existing investors Foundation Capital, Azure Capital and SilkRoad Equity.
SilkRoad said it plans to use the money to buoy the company’s worldwide direct sales and marketing efforts. The capital will also be put towards future acquisitions and product development.
According to a press release, the funding comes on the heels of SilkRoad’s best quarter in company history with a record number of new client signings and the announcement that Regis Corporation selected SilkRoad’s entire Life Suite™ to assist in managing its over 56,000 employees.
“Having the right people in the right roles is the biggest advantage any company can have over its competition,” said Andrew “Flip” Filipowski, Chairman and CEO at SilkRoad technology. “This funding allows us to continue to execute on SilkRoad’s mission of enabling organizations across the globe to hire, retain and make the most of their talent through outstanding talent management solutions.”
“Today’s enterprises are looking to agile cloud-based technologies to deliver significant business value and cost savings,” said Lisa Lambert, Vice President, Intel Capital. “SilkRoad’s suite of HR offerings melds the scalable advantages of software-as-a-service with talent management technologies to provide an integrated solution that enhances the ability of companies to attract and retain the very best talent.”