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The SAVO Group Obtains $10 Million in Growth Capital from NXT Capital
Boston, MA, June 26, 2013 – NXT Capital’s Venture Finance Group today announced the closing of a $10 million venture loan to The SAVO Group (“SAVO”), a leading provider of sales execution software solutions. The loan is part of a broader growth financing round from co-investors SAP Ventures and Sterling Partners, as well as banking partner Square 1 Bank. This capital will further support SAVO’s investment in expanded product launches and customer growth.
SAVO’s software platform aligns marketing and sales execution to enable “Smarter Selling.” With more than a decade of sales execution experience, SAVO has built an enterprise scale platform and proprietary methodologies that allow customer sales and marketing teams to reduce sales turnover, improve sales cycles, increase close rates and drive a higher adoption rate of CRM solutions. SAVO is backed by Sterling Partners and SAP Ventures.
“We initially invested in SAVO because it tangibly solves the age-old problem of sales enablement in a way that is fundamentally disruptive,” said Doug Higgins, SAP Ventures Managing Director. “SAVO removes the pain points during the sales cycle and allows business to close faster. We wanted to bring in the right investment partner, NXT Capital Venture Finance, as we partner with SAVO for growth.”
“NXT Capital Venture Finance is an excellent addition to our team of financial partners,” said Mark O’Connell, Chief Executive Officer, SAVO Group. “Just as we approach customers and partners, NXT took the time to understand our business and objectives and designed a financing solution to complement our existing sources. We are also excited about NXT’s ability to grow and support our continued success.”
“NXT looks for strong management teams that are solving difficult problems with disruptive ideas. SAVO fit the bill perfectly,” said Matt Eaton, Senior Associate, NXT Capital Venture Finance. “The SAVO team is bridging the sales execution gap for some of the largest enterprise sales forces in the world and beating the who’s who of CRM and marketing automation in the process.”
About NXT Capital Venture Finance: NXT Capital Venture Finance serves entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, NXT Capital Venture Finance has more than $500 million of committed capital to invest in emerging growth companies backed by venture capital and private equity firms, particularly those in the technology and life science sectors. Target clients range from pre-revenue companies led by dedicated entrepreneurs to late-stage, proven businesses seeking $1 million to $20 million of growth capital. For more information, see www.nxtcapitalvf.com.
About NXT Capital: NXT Capital provides structured financing solutions to middle-market and emerging growth companies, as well as real estate investors, through its Corporate Finance, Equipment Finance, Venture Finance and Real Estate Finance groups. Based in Chicago with offices in New York, Atlanta, Boston, Charlotte, Dallas, Phoenix, San Francisco and Silicon Valley, NXT Capital targets senior financing opportunities up to $150 million with a hold size up to $50 million. See www.nxtcapital.com.
About The SAVO Group: Founded in 1999, SAVO is a leading provider of sales enablement software solutions. SAVO’s on-demand sales enablement platform maximizes the sales team’s ability to communicate value and differentiation in clear, consistent and compelling ways. Combining proven sales and marketing best practices with award-winning technology, SAVO addresses all aspects of the sales enablement challenge — spanning people, process, insight and technology. For more information, visit www.savogroup.com.
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