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Cloud-based Contact Center Company Five9 Completes Funding Round

By Tracey E. Schelmetic
TMCnet Contributor

The call center is moving to the cloud, and investors are willing to put their cash behind it.

Cloud-based contact center solutions provider Five9 (News - Alert) Inc. announced this week the successful completion of an additional round of equity financing that raised $12 million for the San Ramon, California-based company. The additional funding follows record revenue growth in 2011 for Five9, exceeding 70 percent growth over 2010 revenues. This latest financing round was led by Adams Street Partners with Hummer Winblad (News - Alert) Venture Capital and Partech International also participating.

All in all, Five9 has raised more than $49 million in funding to date.

The company, which currently employs about 360 people, including what it calls the largest engineering team in the cloud contact center market, says it is focused on revolutionizing the call center industry, and its goals are backed up by its “exceptional customer success and remarkable growth trajectory.”

“Five9 ended 2011 as the clear leader in the cloud contact center space, with more customers and faster revenue growth than any other provider in the market,” said Five9 CEO Mike Burkland. “Demand for cloud-based contact center software is accelerating as customers realize the significant benefits: lower costs, improved productivity and streamlined operations. The additional funding positions us well to take full advantage of our momentum, and gives us an opportunity to expand our current leadership position.”

“Five9 is well positioned as the strongest solution for enterprises looking to replace legacy on-premise Cisco, Avaya and Genesys (News - Alert) systems,” said David Welsh, partner, Adams Street Partners. “The company has demonstrated tremendous technical capability, combined with prudent financial management, through periods of high revenue growth and increasing market share. We are excited to partner with Five9 as enterprises increasingly turn to cloud-based contact center solutions.”