Nuxeo said Thursday that it has received $3.8 million in funding from OTC Asset Management and OTC Extend. According to Nuxeo, the capital will be used for expansion in the U.S. market. Based in both New York and Paris, Nuxeo is a provider of content management solutions.
New York, Paris – September 12, 2013 – Nuxeo, the provider of a content management platform for business applications, today announced an influx of venture capital of $3.8 million from OTC Asset Management and OTC Extend, to support expansion in the U.S. market. The total amount of venture capital raised by Nuxeo is $9.5 million to date.
Nuxeo will leverage the new capital to support rapid growth in the U.S. market. Nuxeo launched a presence in the U.S. market in 2009, and has exceeded revenue expectations in the region in the past 3 years, with over 100% growth annually since 2011. The U.S. market now represents more than 50% of new subscription sales for the company.
The capital will support a range of activities, such as building out consulting and support teams, and expanding the sales presence in North America.
“Our product appeals to architects, developers, and project managers in technology-enabled companies,” said CEO Eric Barroca. “Nuxeo clients such as Electronic Arts, Sharp, FICO, Netflix, and Jeppesen/Boeing are using the Nuxeo Platform to build applications to solve problems in their particular business context. Our business model is based on annual subscriptions, so we are deeply invested in the success of our customers’ projects. We’ve reached a stage in our growth where we need to expand so we can maintain our high standards for support and project guidance.”
“Nuxeo has exceeded our goals with its success in the North American market,” said Patrick de Roquemaurel, Partner at OTC Asset Management. “The company is well positioned for expansion in this innovative market space. We support Nuxeo’s strategy to further develop the company infrastructure so they can continue to support and enable successful customer projects.”
Nuxeo’s business model centers on a subscription offering that includes support, maintenance, and application design and deployment tools. Nuxeo is sustaining a monthly subscription renewal rate of 105% globally, indicating both a high level of customer satisfaction and bigger renewal contracts to accompany growing projects. This corresponds to a negative churn rate, which is much better than average for the software industry.
For more information about the Nuxeo Platform, visit www.nuxeo.com.
Nuxeo provides an extensible and modular Open Source Content Management Platform enabling architects and developers to easily build and run business applications. Designed by developers for developers, the Nuxeo Platform offers modern technologies, a powerful plug-in model and extensive packaging capabilities. It comes with ready-to-use Document Management, Digital Asset Management and Case Management packages. 1000+ organizations rely on Nuxeo to run business-critical applications, including Electronic Arts, Netflix, Sharp, Pearson Education, FICO, the U.S. Navy, and Jeppesen, a Boeing Company. Nuxeo is dual-headquartered in New York and Paris. More information is available at www.nuxeo.com.
About OTC Asset Management
OTC Asset Management is an independent management company which allocates its expertise in investment in unlisted companies. Investments are designed to provide the necessary capital to develop these companies, as well as support management in strategic decisions, and creating value for shareholders, officers and employees. OTC Asset Management makes investments on behalf of private and institutional clients. More information is available at www.otcam.com.