Repeat after me. Unicorns are NOT real. Unicorns are mythical creatures.
Replicon was founded in 1996 to help companies better manage their time and billing, and ensure greater insight into business performance. Since then, we have grown to become the industry-leading provider of cloud-based time and cost tracking products and solutions that are now used by an astounding 1.5 million people in 7,800 organizations around the world.
Over the past few years, demand for cloud-based enterprise tools has soared, as businesses of all sizes traded their inefficient paper-based time and cost tracking systems for cloud-based time and attendance software solutions. Fueled by this surge in demand for cloud-based services, Replicon expects to grow revenues by 60% to 80% over the next 2 years.
This is why, for the very first time in our 17 year history, we decided to raise outside funding to power this expansion—and to help the company accelerate its already aggressive growth, move into new markets, and increase our footprint within the explosive enterprise marketplace.
To that end, Replicon’s co-founders and co-CEOs Raj Narayanaswamy and Lakshmi Raj turned to Emergence Capital Partners and The Social+Capital Partnership to help the company get to the next level of success. The $20 million Series A round of financing will be used to support this growth and expansion as we extend our reach internationally, and scale our cloud-based timesheet and expense management offerings into the EMEA and APAC markets.
“We’re honored that these investors share our vision for the next generation of Enterprise 3.0 applications,” says Replicon’s Raj Narayanaswamy. “Given their strong track record in working with some of the best SaaS, enterprise, and social companies today, we look forward to closely working with them to build on our success.”
Agrees Lakshmi Raj: “We’re delighted to partner with such like-minded business innovators who truly understand how to take SaaS and enterprise companies to the next level. Their investment and support during this exciting growth phase will ensure that we successfully meet the growing demand for our cloud-based solutions worldwide.”