Marketing automation platform Act-On Software receives $42M funding

Marketing automation platform Act-On Software announced today that it had secured $42 million in venture funding.

The Beaverton, Oregon based company provides marketing automation solutions to small and medium businesses, which include email marketing, social media prospecting, website optimization and analytics.

Technology Crossover Ventures (TCV) led the round, with existing investors Norwest Venture Partners, Trinity Ventures, US Venture Partners, and Voyager Capital also participating.

“It is very exciting to see marketing automation evolving to move beyond tech companies, and getting broad adoption across all company sizes and industry verticals,” said Raghu Raghavan, CEO of Act-On Software. “We are the forefront of this movement. We have grown rapidly to over 2,000 customers now, but there are at least 200,000 companies in North America alone that are in our sweet spot.

In total, Act-On has raised $74 million since it was founded in 2008. It says it will use the new capital for new product development, sales expansion, and brand recognition.

The move is the latest in a flurry of recent activity in the marketing automation space. Enterprise marketing automation platform Marketo recently announced a partnership for social media prospecting with Hootsuite, and IBM recently acquired Silverpop, one of Act-On’s competitors in the space.

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