SilkRoad Technology Increases Customer Acquisition Rate with Nearly 200 New Customers Added in Q2 2012Momentum for SilkRoad Fueled by Funding, Product Innovation and Customer Acquisitions, including Mastermyne, CBH Resources, Save the Children of Australia, Fujitsu Network Communications, Houlihan Lokey, NetApp, Raytheon Company, Front Range Community College, and Santander Consumer USA, Inc.
SilkRoad Technology, Inc., a leading provider of social talent management solutions, experienced continued growth in the second quarter propelled by significant customer acquisitions, including Fujitsu Network Communications, Houlihan Lokey, NetApp, Mastermyne, CBH Resources, Save the Children of Australia, Raytheon Company, Front Range Community College, and Santander Consumer USA, Inc. SilkRoad’s innovative solutions, including HRMS and social collaboration offerings, each gained momentum during the second quarter with new customers including United Federal Credit Union, Best Buddies International, Inc., and Plexus Management Group.
“The market for social enterprise tools is gaining speed as businesses adopt the technologies and pure-play technology companies are acquired,” said Flip Filipowski, executive chairman and CEO of SilkRoad. “As we predicted, the need for integrated social talent management solutions has never been greater and companies are also deploying SilkRoad Point to realize exciting new benefits. Point is leading the pack for social business innovation with its integrated approach to social collaboration and talent management.”
Highlights from the Quarter:
Product Innovation – In the second quarter, SilkRoad Life Suite customers were excited to adopt Point, which unites the most popular features of social networking with talent management to help companies understand who and what is driving their business by revealing influential employees and topics. Early Point adopters include Clear Channel Communications and Northwestern Michigan College.
Funding – Also in the second quarter, SilkRoad completed $35 million in growth financing which is being used to support continued worldwide expansion in Europe, Asia and the Americas and to fuel product innovation in preparation for a potential initial public offering. The funding is also being used to penetrate the SMB market, which has been largely underserved by talent management providers.
Analyst Recognition – In the second quarter, SilkRoad Life Suite was ranked as a major player in four separate IDC MarketScape reports for its learning, performance management, compensation and recruiting solutions. In addition, Nucleus Research issued a brief on Point where it found that the solution makes talent management more dynamic and actionable by providing employees with ongoing feedback from their managers and peers.
Industry Recognition – Also in the second quarter, SilkRoad won or placed as a finalist in the following: HRO Today TekTonic Awards (GreenLight), American Business Awards (OpenHire) and Network Product Guide Awards (Point).
Strategic Partnerships – During the second quarter, SilkRoad teamed up with HireVue, a digital interview management platform provider. The partnership will provide customers with additional tools and resources to improve and enhance the recruiting and screening process.
Customer and Analyst Comments:
After the successful implementation of HeartBeat, OpenHire and RedCarpet, SilkRoad customer Rita Vogel, Director of Human Resources for Plexus Management Group said, “As consultants to the healthcare industry, we understand the need for business agility and the power of automation. However, when we found ourselves hindered by time intensive and inefficient manual HR processes we turned to SilkRoad to help streamline, improve and optimize our recruiting, onboarding and core-HR functions. With our HRMS, HeartBeat, nearly 700 employees have access to self-service HR functionality that enables them to manage their HR information, including payroll and benefits. This has allowed us to focus on attracting, retaining and engaging top talent.”
Regarding SilkRoad, Josh Bersin, Chief Executive Officer and President of Bersin & Associates, the leading provider of research-based membership programs for best practices in HR, talent and learning, noted, “Onboarding and employee life/transition management has become a tremendous need in today's economy. SilkRoad has set the pace in this market with one of the most mature, enterprise-class solutions in the market, now supporting more than 650 global organizations.'
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