Riversand, a leading software-as-a-service (SaaS) Master Data Management (MDM) and Product Information Management (PIM) solution provider, announced today it has received additional funding from Crestline Investors (“Crestline”), a credit-focused institutional alternative asset manager. In 2017, Crestline invested $35 million in Riversand for a Series A round. The additional investment will be used to continue Riversand’s product innovation as a technology leader in the space and fund growth initiatives.
The data management market is experiencing rapid growth as companies realize the value of data as a foundational requirement for business success. Riversand’s delivery of its cloud-native data management platform in 2018 fueled demand for its cloud offerings, creating an opportunity for additional investment to support expansion initiatives.
Crestline brings investment expertise to the data management market, having invested in several data management opportunities over the past few years, including leading a 2018 investment round for Actifio and exiting its previous investment in SpringCM through a $220 million acquisition by DocuSign.
“Crestline Investors is a valued partner and has enabled us to deliver a best-in-class product that is seeing incredible adoption and high levels of customer satisfaction,” said Upen Varanasi, CEO and Founder of Riversand. “We will use this additional capital to continuously strengthen our product through innovation, amplify our sales and marketing efforts, and accelerate growth in new geographies and market verticals.”
Riversand has experienced success in its core markets for almost two decades. With the delivery of its SaaS data management platform, Riversand has disrupted the traditional PIM and MDM markets.
“We continue to believe that data-focused cloud-first businesses are well positioned to propel the prolific number of digital transformation initiatives being undertaken by a wide spectrum of companies,” said Will Palmer, a Managing Director at Crestline, “Riversand is having a record-breaking year and our additional investment will support that momentum.”
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