Controversial software investor Andrew "Flip" Filipowski (pictured) seems to have landed on his feet quite nicely since the blowup and contentious bankruptcy sale in 2003 of Divine Inc., his $1 billion attempted roll-up of several software and e-commerce companies.
His most significant venture since then, human resources software startup SilkRoad Technology Inc., just landed a $54 million new round led by Foundation Capital. The deal follows a $10 million round for the company from Azure Capital Partners in February, which was the first institutional funding the company had received outside of the backing of Filipowski's SilkRoad Equity fund.
The five-year-old company has not disclosed how much SilkRoad Equity and private investors put into the company prior to these recent rounds, but the new money is aimed at expanding the company's hosted software sales and marketing efforts, strategic acquisitions and new product development. In April SilkRoad announced that the first three months of 2008 marked the company's 19th consecutive quarter of growth, and that it is achieving 98% retention rates among customers of its software-as-a-service offerings.
SilkRoad reports 700 customers currently, for products that help customers with hiring, performance measurement and management, recruitment and retention. - Clifford Carlsen
See May 15 press release on latest funding from SilkRoad Technology Inc.
See October 2003 story on Divine from The Deal
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