Chicago’s talent management software company SilkRoad just raised another $14 million round in an effort to make the company cash flow positive by the middle of 2015. SilkRoad, a talent management software company, has raised a massive $159 million in total since it was founded in 2003.
“Our marquis investors continue to express a strong vote of confidence in SilkRoad’s business, and the marketplace overall,” said President and CEO John Shackleton in a statement. “The next generation of our integrated talent management suite includes unique features that will make it even easier for our customers to build high caliber teams by attracting, developing and retaining top talent.”
The software company is aggressively chasing the cloud computing market, specifically human resources management software. It expects to launch a new suite of human resource management software this fall, something that appears to be key to their growth plans.
“Our innovation continues to leverage social, mobile and data technology — technologies on which many local startups are focused," Shackleton said last year.
[ibimage==38455==Medium==none==self==ibimage_align-left]In addition to offering products that benefit startups, SilkRoad’s human resources software tends to be used by small to mid-sized companies.
And with unemployment continuing to be high and job vacancies continuing to go unfilled, companies that offer tools to close the human capital gap are poised to create a lot of wealth for them and their customers. Specifically, to account for its bullish outlook on the cloud-based human resources management market, SilkRoad cited a recent International Data Corporation study, which said the worldwide human capital management (HCM) market is projected to reach $15.4 billion in 2018, growing at a CAGR of 8.2 percent.
Existing investors did not want pass up the chance to seize this market and to reinvest in this latest round. The round was lead by Foundation Capital, Intel Capital, Azure Capital Partners and Tenaya Capital, and Two Sigma Investments LLC.
“SilkRoad is in a rapidly growing market with a proven management team that has a track record of building market-leading companies,” said Warren Weiss, General Partner of Foundation Capital.