The UK company develops partner relationship management (PRM) software that connects communications between businesses and their partners. It has opened offices in California and New Jersey and will use the new investment to further grow its US presence.
“This newest round of investment will support growth initiatives in the U.S. and better equip us to serve the changing needs of the channel, as the industry enters its next phase of growth,” said CEO Bob Mann.
The US is the biggest market for SaaS, said Richard Anton, partner at Amadeus Capital Partners. Revenues for the global SaaS industry are expected to reach $106 billion this year according to Forrester Research.
Relayware, founded in 2007, said it has doubled its customer base over the last year and seen its revenues grow by 35%. Last year, it appointed Jim DeSocio, formerly of Antenna Software and Lawson Software, as its new chief revenue officer.
The company previously raised $5.5 million in 2013 from Albion Ventures, who also participated in this latest round.
“The company will continue to grow its existing customer base and scale into complementary areas that support channel marketing, sales and operations. Amadeus’ investment will enable Relayware to realize that potential,” said Amadeus’ Anton.