Tiempo development, a nearshore software development company specializing in enterprise cloud solutions, announced they have secured a $2.2 million in royalty financing from Cypress Growth Capital.
CEO of Tiempo Cliff Schertz said they decided to go with Cypress because of their royalty-based investment model caters to high-tech companies. “[We needed] to put more cash into the company in order to grow about double in size and position ourselves for the (next round of funding).”
Tiempo has locations in Arizona and Mexico including Guadalajara, Monterey and Hermosillo-with plans to expand the Guadalajara location.
By the end of 2016, Schertz said they plan to hire up to 400 employees in Mexico and up to 50 in the US with jobs in development, sales, marketing and consultation.
Schertz said Tiempo has built a world-class software center in Mexico and helped nearby universities to build curriculum programs and develop talent as well as offer student internships.
Tiempo originally built centers in Mexico “to solve our own needs,” Schertz said. When they started going agile, utilizing offshore talent became a challenge due to time changes, language barriers and more and looked closer to home for talent.
Tiempo is in their ninth year of operation and within the last three years have become specialists in cloud enterprise solutions and servicing clients such as Adriema and Annexus. “We’ve built some of the most complex PCI systems in the world,” Schertz said.
Tiempo has been listed in the Inc 5000 for fastest growing companies in the US. from 2011 to 2014.
This year Schertz, an ASU alumni, was awarded a member of the 2015 Sun Devil Select Class of the Center for Entrepreneurship at ASU’s W. P. Carey School of Business.
Read more about Arizona companies raising capital at AZ Tech Beat
