Raises $34 Million (USD) from Leading Financial and Strategic Investors to Continue Building on Recent Successes
TORONTO and NEW YORK, Dec 12 (Bernama-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.
About 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.
Media Contact:
Phil Dias
Tier1CRM
E: pdias@tier1crm.com
SOURCE : Tier1CRM
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