SilkRoad technology Completes $54 Million Round Of Equity Financing

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Matthew Roszak


SilkRoad technology, inc. Completes $54 Million Round Of Equity Financing
Foundation Capital Leads Investment   Mike Cullinane Named CFO
Winston-Salem, N.C. – May 15, 2008 – SilkRoad technology, inc., the creator of the popular Life Suite
of web-based talent management solutions, announced today that it has closed on a $54 million equity round of capital led by new investor Foundation Capital, and including existing investors Azure Capital Partners, SilkRoad Equity and several individuals.  Plans for the current round of capital include a significant expansion of SilkRoad technology’s worldwide direct sales and marketing efforts, strategic acquisitions and new product development.  In a related announcement, Mike Cullinane has been named Chief Financial Officer of the company.   “The software as a service space, and especially the talent management segment of it, is one of the greatest opportunities for value creation that I have ever personally observed in the software industry,” said Andrew J. “Flip” Filipowski, Chairman and CEO at SilkRoad technology.  “As we pursue our mission, I could not hope for a better management team nor a better investor group to help us achieve our goals.  Adding Mike Cullinane as our CFO, and having both Warren Weiss and Cameron Lester join our board makes it almost unfair to our competition.  We now have the products, the team and the financial resources we need to succeed.”  Warren Weiss, General Partner at Foundation Capital, who joined the board of directors of SilkRoad technology in conjunction with the funding, said, “Flip and the team at SilkRoad technology have built an incredibly compelling business that is perfectly positioned to capitalize on the converging growth curves of talent management and the software as a service model.  SilkRoad’s track record of success in serving enterprises of all sizes and in industries as diverse as banking, healthcare, technology, entertainment, and manufacturing made this investment both an easy decision and a truly exciting opportunity for Foundation Capital and the other investors in the round.”  Mike Cullinane has joined SilkRoad technology, inc. as Chief Financial Officer and a member of the company’s board of directors.  Cullinane was previously CFO of Lakeview Technology, Inc.  Earlier in his career, he worked closely with Filipowski as CFO of Platinum Technology.  “It is an honor to be associated with such a wonderful team that has accomplished so much in a few short years,” said Cullinane.  “I look forward to working with the company as it moves to its next levels.”  “We are excited to have Foundation Capital join us as investors in the company,” said Cameron Lester, a General Partner with existing investor Azure Capital Partners, which also participated in this round of funding.  SilkRoad has the large market opportunity, the world-class leadership team, the best-in-class products and the long-term vision to become a very large company.”

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