SAP Ventures and Sterling Partners to pump $14 million into SAVO Group

Cloud-based sales and consulting company SAVO Group has announced that it has secured $14 million by SAP Ventures and Sterling Partners to help support its continued rapid growth, including its sales and marketing team.

The Chicago-based SAVO said the financing will help with the creation of its sales and social networking personnel in order to address the growing demand for cloud-based technology solutions and expand the company's global reach.

Forrester Research principal analyst Scott Santucci said the investment is indicative of overall growth in the high-tech market.

"The pressure to accelerate profitable growth had led an increasing number of our clients to develop new strategies to achieve these results. We are seeing the emergence of sales enablement functions whose charter is to optimize their selling system and drive profitable growth." Santucci added. "This new investment in SAVO is yet another indication of the evolution and momentum of the overall sales enablement market."

SAVO, which was founded in 1999, provides cloud-based sales technology and consulting solutions across a wide range of industries. Its clients include Walt Disney, Staples and GE Healthcare. The company said it currently has several positions open at its Chicago, Boston and San Jose offices.