SmartVault Lands $4.5 Million in Series B Funding Round
Additional capital secured to expand development efforts and scale operations
for the fast-growing vendor
HOUSTON, TX – December 4, 2014 – SmartVault, a leading provider of Software as a Service (SaaS) online document storage and secure file sharing solutions, today announced that it has closed a $4.5M round of funding, backed by a group of private investors that include the founders of CyrusOne, a global colocation solutions provider servicing the Fortune 1000, and a group of the original investors in Softlayer, a leading provider of cloud infrastructure-as-a-service solutions acquired by IBM in 2013. Additional funding allows SmartVault to accelerate development efforts of its core service offering and scale operations to support the recent partnership with tax and accounting software giant Intuit®.
“We are excited to put more capital to work to expand our document management platform and continue to scale business operations to deliver a great customer experience at every level of engagement with SmartVault,” stated company founder and CEO, Eric Pulaski. “It’s not enough to deliver a solution that simply resolves common pain points for our customers—our mission has always been to create solutions that solve the unique document workflow needs of accounting professionals and the businesses they serve—elevating their workflow to new levels of efficiency. This round of funding will allow us to continue to deliver on this promise.”
Development efforts will focus on adding features that further streamline workflow for accountants as well as expand platform support and continue investment in a robust open API platform, which also supports a growing ecosystem of partners that are now integrating SmartVault inside their apps. The company is also expanding its training and customer care teams to support its fast-growing customer base, largely driven by the integration of the SmartVault document management platform with two market-leading tax applications: Intuit Lacerte® and Intuit ProSeries®.
“Today’s services-based businesses aren’t looking for a one-size-fits-all document storage solution, but rather, they want solutions that are tuned and optimized for their day-to-day document workflow—so their data is accessible when they need it and from any platform, device, or application that they are using. Giving customers the ability to work the way they want to work continues to be the guiding light in our development efforts. At the end of the day, if our customers are running their business more efficiently, doing more in less time, then we’ve done our jobs,” stated Pulaski.
Pulaski, a successful technology entrepreneur in enterprise software, is passionate about integrating technology into existing workflows to create efficiencies—ultimately allowing customers to do more in less time and increase profitability for their business. Prior to SmartVault, Eric was the founder and CEO of BindView, a leading supplier of security management software solutions, which had a successful IPO and subsequent acquisition by Symantec Corporation.
SmartVault disrupted the online document storage space in 2008 by injecting document management and file sharing capabilities into popular desktop and cloud-based accounting and business applications via the patented SmartVault Toolbar. Today, more than 100,000 users rely on SmartVault for their day-to-day document management needs, and this number continues to grow. As such, the company is on track to double its employee headcount by year-end—and will relocate to new office space in early February 2015 to support its expanded operations.