Nuxeo, the provider of a content management platform for business applications, announced an influx of venture capital of $3.8 million from OTC Asset Management and OTC Extend, to support expansion in the U.S. market. Nuxeo has raised $9.5 million in venture capital to date.
Nuxeo says it will leverage the new capital to support rapid growth in the U.S. market. The company launched a presence in the U.S. market in 2009, and the U.S. market now represents more than 50% of new subscription sales for the company.
The capital will support a range of activities, such as building out consulting and support teams, and expanding the sales presence in North America. Nuxeo's business model centers on a subscription offering that includes support, maintenance, and application design and deployment tools. Nuxeo says it is sustaining a monthly subscription renewal rate of 105% globally. This corresponds to a negative churn rate, which is much better than average for the software industry.