Tier1CRM Receives Significant Equity Capital to Accelerate Growth
Raises $34 Million (USD) from Leading Financial and Strategic Investors to Continue Building on Recent Successes
TORONTO and NEW YORK, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Tier1CRM (Tier1), a provider of cloud-based customer relationship management (CRM) solutions for the capital markets industry, announced today that it raised $34 million (USD) in growth equity financing from a group of investors led by Wavecrest Growth Partners, with participation from MassMutual Ventures and Salesforce Ventures.
Founded in 2008 by Mark Notten and Phil Dias and based in Toronto, Tier1 is a leading provider of CRM and customer engagement SaaS solutions to sell-side and buy-side financial services clients spanning sales and trading desks, investment banks and investment managers. Major global financial institutions leverage the Tier1 platform to efficiently and more profitably manage client relationships, improve internal transparency and collaboration, manage deal-related activities, and comply with MiFID II regulatory requirements. The financing will be used to accelerate ongoing product innovation, expand Tier1's sales and marketing capabilities and nurture the partner ecosystem supporting ACE, Tier1's flagship product suite.
"We are as excited now as we've ever been at the opportunities that exist for us in the market today," said Mark Notten, Co-Founder and CEO of Tier1. "Financial institution adoption of cloud CRM solutions continues to increase at a rapid pace. An increasingly customer-centric approach being taken by capital markets groups facilitates a client need for a solution like Tier1 that provides incredibly valuable and monetizable insights to users, while supporting regulatory requirements such as MiFID II. This outside institutional investment will enable us to more effectively capitalize on these growth opportunities, deliver increased value to our customers and expand our leadership position as a "go-to" capital markets CRM solution in the market today."
"Tier1 has the technology, vision and team to lead the capital markets CRM industry into the future," added Vaibhav Nalwaya, Co-Founder and Managing Partner of Boston-based Wavecrest Growth Partners. "Mark and his team have been able to do something rare at Tier1 - grow rapidly in a highly capital efficient manner. We are proud to lead the first outside institutional investment in Tier1 and look forward to partnering with Tier1's team in its growth trajectory moving forward."
"Today's connected clients expect financial services organizations to collaborate with them and provide targeted trade ideas based on their interests," said Rohit Mahna, SVP and GM, Financial Services, Salesforce. "Tier1's commitment to providing innovative products that empower firms to build deeper relationships with clients will help to transform the financial services industry."
Marlin & Associates acted as exclusive strategic and financial advisor to Tier1CRM.
Tier1CRM is a leader in capital markets CRM. Built on top of the Salesforce Platform, Tier1's flagship product, ACE, is an HTML5 application suite that helps sell-side and buy-side clients generate new revenue opportunities, improve customer service, and achieve greater efficiency across the organization. Tier1 gives clients a "single pane of glass" view into client and employee activity and is currently utilized by tens of thousands of users across the sales and trading, corporate and investment banking, and investment management landscape. Visit us at http://www.tier1crm.com.
About Wavecrest Growth Partners
Based in Boston, Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets minority and majority investments in profitable, high-growth technology companies with proven business models and brings to bear a differentiated combination of investing and operating expertise. Wavecrest's co-founders have over two decades of combined investing and operating experience in growth-stage B2B technology companies. For more information, visit us at http://www.wavecrestgrowth.com.
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures-the company's corporate investment group-invests in the next generation of enterprise technology that extends the power of the Salesforce Intelligent Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world's largest cloud ecosystem and the guidance of Salesforce's innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 250 enterprise cloud startups in 14 different countries since 2009.
About MassMutal Ventures
MassMutual Ventures backs entrepreneurial companies that are transforming the insurance and investment services markets through technology and business model innovation. Our key areas of investment focus include fintech, data analytics, cybersecurity, digital health, and enterprise software. We lead or join investments into companies that are poised to create significant enterprise value through differentiated innovation and focused execution. Massachusetts Mutual Life Insurance Company (MassMutual) is the parent company of MassMutual Ventures.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tier1CRM via Globenewswire
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