Silicon Valley is closer than many may realize, and one local software company is creating a more apparent relationship between Colorado Springs and the tech world.
Cherwell Software LLC has seen consistent growth and profitability since breaking into the market with its service desk and information technology services in 2007, and CEO Vance Brown says the company plans to have another strong year in 2014.
“We are probably the fastest growing company in Colorado Springs — we’ve grown organically since the beginning,” he said. “We think that we have incredible momentum, and we should continue to grow fast in 2014.”
In fact Cherwell — founded in 2004 by former Front Range executives after that company was relocated to Silicon Valley — has grown from fewer than 50 employees to 150 since 2012 and has expanded with offices in the U.K., 65 international partners and a client base of nearly 600.
In 2012, Cherwell also became the first local business to receive venture capital since 2008. New York-based Insight Venture Partners invested $25 million, which the company used to expand its sales operations and product offerings.
“They’re clearly firing on all cylinders,” said Ric Denton, CEO of the Colorado Springs Technology Incubator. “They’re definitely a player in the community and certainly a success story. It’s definitely a company that we would like to keep here.”
Brown said that the 10-year-old firm plans to add at least two international offices this year and is poised to one day go public, which no Springs-based software company has done.
“We’re certainly committed to Colorado Springs,” Brown said. “We’re based here and we’re a fast-growing company that loves the Springs and would like to see it be successful in attracting more companies and new talent.”
The company prides itself on services that are affordable, convenient and user-friendly and serves mostly mid-market enterprise companies with 10,000 to 20,000 employees, Brown said. Among Cherwell’s nearby clients are UCCS, Focus on the Family, the Navigators and a number of local banks.
Brown said that Colorado Springs is a great place to start a tech firm, but that those involved in the industry must work diligently to attract more talent and innovation in order to sustain future success in the region.
“We’re excited to be in Colorado Springs, we love it here,” Brown said. “[The city] just doesn’t have the reputation [for being high-tech], which is one thing we’re helping to create.”
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