Cherwell Software LLC has doubled its staff since the beginning of last year to nearly 400 to keep up with rapid sales growth of the Colorado Springs-based technology company's software that keeps computers, networks and other information technology equipment running properly.
Vance Brown, Cherwell's CEO and cofounder, said the company hired 90 employees in the first quarter and another 50 in the second quarter to keep up with surging sales, which have hit record levels during three of the past four quarters, although Cherwell doesn't disclose its revenue or profit totals.
"We are growing due to our success globally in one of the hottest market segments in the world today. I would expect growth to continue at this rate, if not higher," Brown said. "We are hiring people as fast as we can hire them, and all of this growth has been funded out of our sales; we have not had to raise any capital."
Cherwell's biggest personnel need has been for software coders and developers; the company always has openings for "talented coders" to continue development of its information technology service management software by adding new and more advanced capabilities, Brown said.
Cherwell said earlier this month in a news release that bookings in the second quarter were up 60 percent from the second quarter of 2015, which the company said came from large enterprise customers selecting its software because of easier customization and configuration, more flexible licensing and deployment agreements and better value for the cost. Brown said in the release that competitors don't provide "the same degree of choice," while Cherwell provides customers with "a flexible and powerful IT platform at a fraction of the cost of other, often more well-known alternatives."
The hiring push came less than a year after Cherwell moved its corporate headquarters to the InterQuest Corporate Campus on the city's far north side that it leases from computer storage manufacturer Quantum Corp., allowing the company to consolidate operations that had been spread across three different buildings. Brown said the company probably will need additional space "in the not-too-distant future" but has options to lease more space in the InterQuest campus.
Cherwell has expanded rapidly since selling a minority stake in 2012 to New York-based Insight Venture Partners for $25 million, which allowed the company to expand its sales operation and product lines and strengthen its management team. Brown said the company could seek outside capital for an acquisition in a "complementary" market or technology and has been in discussions with potential candidates for such a deal.
Cherwell also has been hiring senior executives and other staff to prepare for a possible public offering, but he said no plans or decisions have been made.
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