Visier Lands Another $25.5 Million, Brings Total Financing To $49.5 Million
Visier is on a mission to scale its business and eventually go public -- and it believes $25 million can make that happen.
The workforce analytics and planning solutions company has been very frugal with its investments, raising $9 million in a Series A and $15 million in a Series B round of financing.
Visier's $25 million Series C investment, led by Adams Street Partners (with participation from repeat investors Foundation Capital and Summit Partners), could be just what the company needs to progress.
"The purpose of the raise is to help scale the business to become a global company," John Schwarz, co-founder and Chief Executive Officer of Visier, told Benzinga.
Schwarz said that he believes this raise (which brings the company's total financing to $49.5 million) will be adequate enough to help the business grow. That growth includes an IPO.
"I don't want to quote a date," he said of the IPO. "It's certainly going to be more than one year."
From the start, Schwarz said that Visier has focused on helping customers get insight from business data. Historically, this required expensive software, a significant amount of technical resources and personnel that understands the data that the business possesses. From there, Schwarz said that the company would have to build a custom application using business intelligence and data warehouse management tools.
"That takes a significant amount of time and monetary investment," said Schwarz. "I'm talking about 18 months, two years or more to deploy, and certainly an investment measured in significant millions of dollars."
Schwarz said that Visier cuts through all of that and "completely re-imagined" business intelligence. He said that the company accomplished this by delivering a "working application from the start, so you don't have to do any development, you don't have to worry about anything."
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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