CAST Raises $12.5 Million for Growth Acceleration
New York – May 26, 2018
Company projects 22% growth rate in 2018 thanks to its unique go-to-market partner network and advanced technology innovation to match increasing demand for Software Intelligence
CAST, the market leader in Software Intelligence, today announced it has completed a $12.5 million round of capital funding. This comes on the heels of a $22 million investment in technology innovation over a three-year period, which focused on CAST Highlight, CAST’s SaaS-based application portfolio analysis solution that has seen 100% year-on-year growth, and CAST’s Application Intelligence Platform (AIP), the most advanced Software Intelligence platform on the market.
CAST is also on track to aggressively grow partnerships with global leaders in tech-related services. CAST partners include major consulting firms like the Boston Consulting Group, global systems integrators like IBM and Accenture, OEM partners such as Cognizant and MEGA International, and numerous high-energy, highly-skilled consulting firms specialized in system architecture, cloud migration and application security.
The first quarter of 2018 was dynamic with 27.9% growth at constant exchange rates, based on over 40 deals closed with new customers that include Wells Fargo, J. Hancock, Bank Sabadell, Findomestic Banca, General Electric, Fiserv and Microsoft for Saint-Gobain. CAST Highlight saw an impressive 212% quarter-on-quarter growth in Q1.
With new top management in operations and key markets, the company’s ability to execute is strong, and the Software Intelligence CAST provides is well-aligned with application security, digital transformation and portfolio modernization goals of enterprise organizations today. CAST’s management team anticipates a CAGR of 15% and double-digit profitability by 2020.
CAST is the market leader in Software Intelligence, with unique technology backed by $150 million in software analysis and measurement R&D. CAST technology helps digital leaders and doers see the truth, become software geniuses and deliver super software - resilient, responsive, safe and secure software. Hundreds of companies rely on CAST to improve end-user satisfaction and time-to-market, prevent business disruption and reduce cost. Founded in 1990, CAST operates globally with offices in North America, Europe, India and China. For more information, visit. www.castsoftware.com.
You can also:
Visit the Software Intelligence Blog: https://www.castsoftware.com/blog
Check us out on Twitter: http://www.twitter.com/onquality