VANCOUVER, British Columbia and SAN JOSE, California—Visier, an innovation leader in workforce analytics and planning, announced today that it has closed $25.5 million in series C financing. Visier—which more than tripled its revenue growth in 2013 and continues to grow at the same rate in 2014—will use the new capital to broaden adoption of its Applied Big Data solutions within the Human Resources (HR) market and penetrate new growth areas.
"Visier is at the front of a major shift in how people use data in their organizations. We founded Visier to reinvent analytics, and provide leaders enterprise-wide with a more efficient, cost effective, and intuitive way to gain insights into and make decisions about their business," says John Schwarz, Founder and CEO of Visier. "With this additional capital, we will go deeper and broader with our mission: enable business professionals to access data, visualize information, and make fact-based, strategic decisions—without any costly infrastructure investments or highly specialized technical skillsets."
The latest funding round—which brings the company's total financing to date to $49.5 million—is led by Adams Street Partners and includes participation from repeat investors Foundation Capital and Summit Partners. The majority of the capital ($24 million) was generated by investors, with the remaining funds ($1.5 million) secured from friends and family.
"Applied Big Data is the future of enterprise operations. There is a tremendous opportunity for Visier—with its solid leadership team and unique combination of technological prowess and knowledge of industry best practices—to fundamentally change the way organizations ask and answer business questions," says Mike Zappert, Principal, Adams Street Partners, who joins the Visier Board of Directors.
With Visier's cloud solutions, organizations can leverage data from unlimited sources to predict how workforce behaviors (such as future employee recruitment, promotion, and turnover patterns) will change, and use this insight to create, analyze, and collaborate on plans to optimize the workforce.
Powered by a multi-dimensional, in-memory analytics engine, Visier processes data 250,000 times faster than traditional BI technology. Visier delivers Applied Big Data solutions through the cloud that are up and running in four to eight weeks—a timeframe otherwise unheard of in the Business Intelligence industry.
Over the past year, the company has released two new product offerings (Visier Workforce Planning and Visier Workforce Benchmarking) and doubled its customer count. The company also nearly doubled the size of its workforce, opened a new headquarters in San Jose, and relocated its Vancouver headquarters to a new, larger facility. Over the last two quarters, company contract wins have included Exelon, McGraw Hill Financial, Time Inc., Baker Hughes, NetApp, and USG Corporation.
"We chose to partner with Visier because we believe it is reinventing the way analytics are done -- providing an out-of-the-box cloud solution that brings together data from all sources. For over a century USG has been a leader in producing innovative products that build the environments in which we live, work and play -- enabled by our world-class workforce. We are excited about the opportunity Visier gives us to gain new insights and make fact-based decisions about our workforce and impact our business results," says Brian Cook, Senior Vice President, Human Resources and Corporate Communications at USG Corporation.
Visier recently announced the appointment of Adam Binnie, who was previously Senior Vice President, Emerging Products at SAP, as its head of New Markets and Innovation. Visier also recently added Aon Hewitt to its roster of HR leader partners, which includes Cornerstone on Demand and Silkroad.
Headquartered in Vancouver, B.C. and San Jose, CA., Visier delivers workforce analytics and planning solutions in the cloud, designed to empower teams with the insights they need to better see, understand, and make decisions about their business. Visier achieves this by delivering intuitive analytics and planning solutions, built to answer key business questions, predict future events, and optimize operational efficiency. Founded by business intelligence experts-including former Business Objects chief executive officer, John Schwarz-the company's leadership team has a proven track record of technical, operational, and strategic management success with companies such as IBM, SAP, and Oracle. With more than two million customer employee records in the cloud and counting, Visier is experiencing significant growth.
About Adams Street Partners
Adams Street Partners is an independent, employee-owned private equity firm that manages over $25 billion of committed capital for institutional investors. The firm has offices in Chicago, Menlo Park, London, Beijing and Singapore. Adams Street was a pioneer in the development of the private equity secondary market, closing its first secondary transaction in 1986. The dedicated secondary investment team of professionals in London, Singapore and Chicago executes a selective, global investment strategy following a theme-based approach that leads to targeting specific funds. Adams Street Partners is widely recognized as the oldest fund of funds manager in the industry, establishing its first such fund for institutional investors in 1979. For more information, please visit www.adamsstreetpartners.com.
About Summit Partners
Founded in 1984, Summit Partners is a growth equity firm that has raised nearly $15 billion in capital. Summit has invested in more than 385 companies in technology, healthcare, and other growth sectors. These companies have completed more than 130 public offerings, and more than 140 have been acquired through strategic mergers and sales. Notable investments in the software sector include Clearwater Analytics, GoldenGate Software, Hyperion Software, McAfee, Postini, ProClarity, RightNow Technologies and Unica. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
About Foundation Capital
Foundation Capital is dedicated to the proposition that one entrepreneur's idea, with the right support, can become a business that changes the world. Foundation Capital has helped companies like Atheros create the mobile Internet, EnerNOC invent the energy demand response market, and Netflix revolutionize media distribution and consumption, among many others. Foundation Capital is currently invested in more than 80 high-growth ventures in the areas of consumer, information technology, software, semiconductors, and clean technology including BoardVantage, Chegg, Coverity, Lending Club, MobileIron, Simply Hired, Sunrun, TubeMogul and Venafi. Foundation Capital's nineteen IPOs include Control4, Envestnet, Financial Engines, Netflix, NetZero, Responsys and Silver Spring Networks. For more information, visit www.foundationcapital.com.