Marketing software company Zift Solutions announced Wednesday that it has raised $14 million in new capital – part of which it used last week to buy a local rival.
“It’s a great opportunity for us to continue to fuel our growth,” said David Buffaloe, vice president of marketing at Zift, which is based in Research Triangle Park.
Last week Zift acquired Raleigh-based SharedVue, the 35-employee division of a Massachusetts business, The Channel Company. That boosted Zift’s total workforce to about 95 employees. Financial details of the deal weren’t disclosed.
Privately-held Zift also is seeking to fill a half-dozen or so open positions and expects to add more workers after integrating SharedVue’s operations and determining where the best opportunities lie, Buffaloe said.
Zift’s cloud-based software helps business-to-business companies who sell through indirect channels, such as distributors, “become better marketers,” Buffaloe said. That includes strengthening their online and social media presence and increasing lead generation.
In addition to combining the Zift and SharedVue offerings into a “best of breed,” the acquisition should accelerate innovation by doubling the company’s research-and-development capabilities, Buffaloe said.
Last year Zift Solutions’ revenue increased by about 60 percent, mostly through organic growth but also through the acquisition of a 10-employee company in Massachusetts.
“It’s a really hot space right now,” Buffaloe said. The company’s software is used by about 100 vendors, including Red Hat, that in turn work with more than 30,000 partners, such as distributors and dealers.
Founded in 2006, Zift is led by CEO Ken Romley, a serial entrepreneur. Zift previously raised about $6 million from investors, including Raleigh-based Southern Capitol Ventures, which also participating in the latest round of funding.