Software Firm Clari Valued at $1.6 Billion in Funding Round
(Bloomberg) -- Clari Inc., a software startup that helps businesses forecast their revenue, said it has raised $150 million in financing at a $1.6 billion valuation.
The investment was led by Silver Lake, with participation from B Capital Group and existing investors including Sequoia Capital, Bain Capital Ventures and Sapphire Ventures. Clari has now raised $285 million to date.
Clari provides software for sales management, finance, marketing and revenue operations. Its customers include Adobe Inc. and Zoom Video Communications Inc.
The startup attracted key investors such as Ken Hao, chairman and managing partner of Silver Lake, partly because of its strong growth during the coronavirus pandemic.
“Revenue is something everybody lives and dies by, especially in volatile environments,” Hao said in an interview.
Chief Executive Officer Andy Byrne said that the sales product was especially useful for companies that had to switch from in-person meetings to phone calls.
“We went from sales team on airplanes to sales teams in a virtual world,” Byrne said.
Companies use Clari software to analyze the success of sales calls, according to Byrne. Changing the way they did business meant “they needed visibility more than ever,” he said. “They were freaking out.”
Clari plans to use the financing for product development and international expansion. Byrne said that India is a particularly compelling market for the company.
Although Clari isn’t “really focused on a time line” for an IPO, it’s a possibility one day, Byrne said.
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