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Colorado Springs software company's growth leads to bigger digs

May 14, 2015 Updated: May 14, 2015 at 5:37 am
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photo - Vance Brown, Arlen Feldman, and Tim Pfeifer (left to right) are the co-founders of the Cherwell Software in Colorado Springs.(The Gazette/Jerilee Bennett)
Vance Brown, Arlen Feldman, and Tim Pfeifer (left to right) are the co-founders of the Cherwell Software in Colorado Springs.(The Gazette/Jerilee Bennett) 

It's not quite as impressive as the headquarters for Apple or Google, but Cherwell Software LLC's new home in the InterQuest Corporate Campus will be a big step up for the fast-growing company.

Cherwell, which been looking for more than a year for a campus to accommodate its rapid growth, has subleased 67,000 square feet in the InterQuest campus, 10125 Federal Drive, from computer storage manufacturer Quantum Corp. and will move its headquarters there by August, said Jason Haggar, Cherwell's vice president of marketing.

The move will provide much more space in one location for the company, which now operates in about 30,000 square feet in offices spread across three northern Colorado Springs buildings.

The company has hired more than 100 employees in the past year to boost its local staff to 210, and it plans to add at least that many during the next year, Haggar said.

"We are excited that we will all be in one spot later this year rather than being spread across three different buildings. We will be able to comfortably expand in this space and will not be stacked on top of each other as we are now," Haggar said. "Our training room is literally maxed out at capacity right now and we will have a much larger training room in our new location."

Cherwell, which develops and sells software that keeps computers, networks and other information technology equipment running properly, announced in February that its revenue surged 50 percent last year, but company officials declined to disclose the total.

The company has grown rapidly since selling a minority stake in 2012 to New York-based Insight Venture Partners for $25 million, which it has used to expand its sales operation and product lines, and to strengthen its management team.

Cherwell looked at about five other locations, but wanted to keep its headquarters in northern Colorado Springs to be convenient for employees and customers, Haggar said.

Quantum Corp. constructed the three-building InterQuest Corporate Campus in 1998 to accommodate manufacturing operations that employed 1,700 by 2000. But the company had a series of layoffs and made other cuts that reduced the number to about 135 in 2013.

Quantum outsourced its remaining manufacturing operations in mid-2013 to Texas-based Benchmark Electronics, but still has engineering, information technology, finance and human resources operations in the complex.

Cherwell's new lease expires in 2021, the end of Quantum's lease with the building's owner, a partnership controlled by New York-based real estate investment trust NorthStar Realty Finance Corp.

Quantum was represented in the lease negotiations by Brad T. Bird of CBRE Inc., while Cherwell was represented by Kevin Butcher of CameronButcher Commercial Real Estate.

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