Sales automation startup Apttus raises $108 million

Apttus is backed by Salesforce Ventures and makes a platform for configuring the quote-to-cash process.

Apttus, a maker of quote-to-cash software built on the Salesforce1 platform, has raised $108 million in series C funding at a valuation of more than $1 billion, the company announced Tuesday.

Existing backers include Salesforce Ventures, Iconiq Capital and K1 Capital, with Kuwait Investment Authority joining as a new investor.

Founded in 2006, Apttus bootstrapped for seven years until a $37 million series A round in September 2013, followed by a $41 million series B funding round in February. The company prides itself on its funding restraint and touts consistent profitability over the last nine years.

That's an impressive feat for startups in general, but especially for those trying to make it in the hyper-competitive sales software space. There's no doubt that Apttus owes part of its growth to its relationship with Salesforce, but the company also managed to home in on an area where few others had gone.

The enterprise sales process is an often an intricate balance of multiple moving parts, most of which have been reimagined several times over since the onset of cloud-computing. But if there's one link in the sales chain that has received less attention than others, it's the quote-to-cash process

For the uninitiated, quote-to-cash is the end-to-end process that covers the entire sales lifecycle, from product and service configuration to quote creation, through contract negotiations and signing the contract, to managing invoicing, billing, orders, and finally revenue.

Apttus aims to take all of those processes and centralize them on a unified dashboard and integrate the data into the broader sales workflow.

Apttus says it plans to use the latest funding to expand its platform and employee base, the latter of which is bolstered by a forthcoming satellite office in Japan. The company also has offices in London, Sydney and Chicago.