“The southeastern region is obviously a hotspot for business and technology. Alpharetta is just booming and we’re looking from every angle to take advantage of it. It’s a good place to be especially in these tough times when accessing that type of talent is critical,” CoreView CEO Michael Morrison told Hypepotamus.
Alpharetta-based software as a service (SaaS) company, CoreView, announced that it’s received $10 million in funding, completing its Series B round, from New York-based venture capital firm Insight Partners.
‘We’re excited to continue working with the premier ScaleUp software investment firm,” said Michael A. Morrison, CEO of CoreView. “Our mission of helping enterprises maximize the ROI of their [Microsoft365] investment is perfectly aligned with the current business and economic environment so we expect to continue our exponential growth.”
“This round of funding solidifies our leadership position within the market and helps us continue to build new functionality that makes our platform indispensable for businesses operating on cloud and SaaS platforms,” Morrison continued.
As a company that provides a SaaS management platform (SMP) that helps businesses manage and optimize Microsft365, and other Saas applications, CoreView plans to use the new investment to continue to grow through product development and increase talent acquisitions.
“We believe that we have the best platform out there for optimizing Microsoft365 as well as other SaaS applications. We want to continue that advantage. Part of the proceeds will go towards further investing in development. Some will be in Milan, some will be in the Alpharetta area,” Morrison said.
He also says that the other part of the proceeds will go towards a partnership to bring aboard Georgia Institute of Technology (GATech) graduates as developers for CoreView, expanding its 10 person team in metro Atlanta.
Though CoreView was founded in Milan, Italy, and still maintains an office there, Alpharetta is the company’s base not only in metro Atlanta but for all of North America since 2018.
“The southeastern region is obviously a hotspot for business and technology. Alpharetta is just booming and we’re looking from every angle to take advantage of it. It’s a good place to be especially in these tough times when accessing that type of talent is critical,” Morrison said.
Before placing a stake in metro Atlanta, CoreView started as a consulting company back in 2002 and was developed into a software company around 2016.
According to Morrison, the idea to have a presence in Alpharetta came from Insight Partners, which holds majority ownership in the company with remaining ownership split between the founders and management.
“Businesses forced to implement and manage a comprehensive remote work strategy have greatly benefitted from CoreView’s intuitive and powerful enterprise solution,” said Michael Triplett, managing director of Insight Partners.
“Our expertise in helping emerging enterprise software and technology companies scale quickly in large markets aligns well with the company’s aggressive growth plans. We are excited to continue to help CoreView’s leadership team build a world-class platform that solves many important problems businesses face today.”
With no outside investors, CoreView benefits greatly from its relationship with Insight Partners and its partnerships with other organizations that utilize Micrsoft365 and SMPs.
Before closing out its Series B round of funding, CoreView was able to complete its Series A round with approximately $20 million.
Additionally, the company increased year-over-year revenue by 173 percent in 2019, growing its total number of users under management to more than five million and earning a Microsoft Gold Partner certification.
With many organizations forced to move to virtual work environments due to the COVID-19 pandemic, CoreView received an increase in business, helping them navigate Microsoft365 as a via option for their virtual offices.
“In the early days (of the pandemic), when it really started to hit the world and the U.S. in March, a bit of our business started to accelerate because we had organizations that were moving to the cloud with M365 that had to get there real quick. It helped pull some of our business forward,” Morrison said.
Similar to how Google, Zoom, UberConference, and Skype have had a dramatic increase in usage, Microsoft365 has enjoyed the same. And CoreView projects that a need for their services will continue to increase as more organizations realize that working virtually isn’t as temporary as they initially thought.
“In the last few weeks, I’ve been talking to a number of Microsoft folks and they’ve had a huge spike in the business because of the remote work,” Morrison said. Their business has picked up dramatically.
“What they’re seeing now is a lot of their customers went to Microsoft365 because they had to. Because there was an immediate to it. Now it’s ‘Oh, my god. What have I done? I need to manage it.’ We expect in the next couple of quarters to see the uptake from that.”
Click here to sign up for the Hypepotamus newsletter, and you’ll get two weekly emails covering the tech startup community in the Southeast, with all the latest jobs, news, events and announcements.