Bengaluru, Jan 9 (IANS): Retail software-as-a-service (SaaS) sompany Impact Analytics on Tuesday announced it has raised $40 million in growth financing.

The funding round was led by Sageview Capital with additional support from long-time partner Vistara Growth.

The company said it will use the funds to expand its Bengaluru-based team to ensure its technology platform and AI capabilities continue to be an industry leader and deepen strategic partnerships.

As part of this transaction,?Jeff Klemens, Partner at Sageview Capital, and Prashanth Palakurthi, Senior Advisor at Sageview Capital and founder and former CEO of Reflexis Systems, will join the company’s board of directors, it said in a statement.

"This funding round could not have come at a more propitious moment, we could not have imagined better partners than Sageview and Vistara, and adding Palakurthi and Klemens is especially satisfying as they have both been there, done that," said Prashant Agrawal, Founder and CEO, Impact Analytics.

Started in 2015, Impact Analytics is among the largest enterprise software companies to emerge from India.

The company builds cost-competitive SaaS applications built on a best-of-breed platform that incorporates artificial intelligence, highly scalable cloud computing, and customer-oriented design.

“Sageview Capital partners with proven companies that leverage disruptive technologies and that have an intimate understanding of their customers’ business challenges and objectives,” said Jeff Klemens at Sageview Capital.

“Impact Analytics clearly excels in all these regards as a pioneer in their space and we look forward to a fruitful and exciting partnership,” Klemens added.

Neil Kenley, Principal at Vistara Growth, said the market has recognised Impact Analytics as a leader in its category and “we see the company developing into an industry juggernaut.”