Enkata Technologies Inc., a San Mateo, Calif.-based provider of on-demand performance and talent management software, has raised $8 million in new VC funding from return backers Sigma Partners and Apex Ventures. It has now raised around $34 million in total VC funding since 2001.
Enkata, a leading provider of On-demand Performance and Talent Management Solutions, today announced it has closed $8 million in corporate financing. This latest funding round was led by Sigma Partners,
The investment will fund strategic investments to accelerate Enkata's US and international growth and the adoption of its solutions that are critical to the new service-driven economy.
Enkata's solutions generate significant improvements in the productivity and effectiveness of the world's largest service organizations, including six of the top 10 health insurers and two of the largest financial institutions. The market opportunity for talent management applications, such as Enkata's, are projected by Yankee Group to grow 25 percent year-over-year, reaching $4 billion by 2009.
“This infusion of growth capital helps Enkata continue to transform the way companies manage their service organizations, empowering managers to create more results-driven, productive and engaged employees,” said David Stamm, president and CEO of Enkata. “In my 30 years as a software executive, I've never seen such a clear and rapid return on investment, which delivers measurable bottom line results to customers that often total millions of dollars.”
The financing comes at a time of widespread industry praise for Enkata's products. In 2007 alone, Gartner named Enkata a “Cool Vendor,” Customer Interaction Solutions magazine awarded the Company a CRM Excellence Award, and Ventana Research delivered a Performance Management Leadership Award to Chase Card Services for its use of Enkata solutions. In the past year, Enkata experienced significant growth, fueled by key customer wins and new partnerships with companies such as Lombardi Software Inc. and Autonomy etalk.
“Enkata is successfully capitalizing on a very significant opportunity in the marketplace, which is rapidly adopting software-as-a-service solutions to improve critical operations of front-line service professionals,” said Pete Solvik, managing director of Sigma Partners, which also invested in Clarify, an early pioneer in CRM that went public while Dave Stamm was CEO. “We are pleased to be backing Dave Stamm once again and are looking forward to Enkata continuing its rapid growth and high customer satisfaction.”
The Enkata On-demand Performance and Talent Management Suite is specifically designed to improve the effectiveness of service organizations such as contact centers and claims operations. With its proprietary analytics, Enkata offers the only solution that provides a holistic view of an operation's performance while at the same time indicating the best actions to take to improve performance