PMFORUM Breaking News
Breaking News in the Project Management World
Thursday, June 12, 2008
On-Demand PPM Vendor Innotas raises $6 Million in Financing
On-Demand PPM vendor Innotas announced on 9 June 2008 that it has completed its series C venture financing totaling $6 million. The round was driven by ArrowPath Venture Partners, Velocity Interactive Group, and several strategic investors.
According to the news release, Innotas, which reported 400% growth in 2007, will use the funds to fuel expansion of its sales and marketing efforts, infrastructure to support customer growth projections, and product development, including significant expansion of its engineering organization.
"We continue to be impressed with the remarkable and rapid growth performance demonstrated by Innotas, its management team, and the customer traction it has gained with both the mid-sized as well as enterprise markets," said Tom Bevilacqua, managing partner, ArrowPath Venture Partners.
According to Gartner in a May 6, 2007 press release entitled, Gartner Says Service Providers Must Prepare Now for the Software as a Service Wave, the Software-as-a-Service market is positioned for continued growth, reaching $6.3 billion in 2006, and it projects that it may hit $19.3 billion by 2011.
On-demand PPM (software-as-a-service) applications are changing the way organizations approve, plan and deliver projects inside and outside the enterprise, and are significantly increasing ROI on project investments.
"Innotas On-Demand PPM is cost effective, easy to implement, and scales to meet the needs of any size organization. For example, one of our customers is Hamilton Beach which has a 30-seat deployment, while another customer, UST Global has more than 5000Innotas users," said Keith Carlson (pictured), president and CEO, Innotas.
Innotas provides an on-demand Project Portfolio Management (PPM) solution specifically designed to meet the needs of IT and IT Services organizations. Innotas customers include Crayola, Forbes, Hamilton Beach, Jo-Ann Stores, WorldVision and others, spanning a wide range of industries including financial services, healthcare, retail, technology, telecommunications and energy. For more information visit www.innotas.com.
ArrowPath is an early-stage venture capital firm with over $400 million under management. They focus on early and expansion stage companies developing highly differentiated enterprise and infrastructure technologies that offer a compelling value and have the prospect of achieving market leadership. (http://www.arrowpathvc.com/main.html)
Velocity Interactive Group is a leading investment firm that focuses on digital media and communications. The firm brings a unique approach to investing by bringing not just financial capital, but also human capital to its investment companies. Velocity Interactive Group has a global presence in Palo Alto, Los Angeles, New York, India and China. (www.velocityig.com)
According to the news release, Innotas, which reported 400% growth in 2007, will use the funds to fuel expansion of its sales and marketing efforts, infrastructure to support customer growth projections, and product development, including significant expansion of its engineering organization.
"We continue to be impressed with the remarkable and rapid growth performance demonstrated by Innotas, its management team, and the customer traction it has gained with both the mid-sized as well as enterprise markets," said Tom Bevilacqua, managing partner, ArrowPath Venture Partners.
According to Gartner in a May 6, 2007 press release entitled, Gartner Says Service Providers Must Prepare Now for the Software as a Service Wave, the Software-as-a-Service market is positioned for continued growth, reaching $6.3 billion in 2006, and it projects that it may hit $19.3 billion by 2011.
On-demand PPM (software-as-a-service) applications are changing the way organizations approve, plan and deliver projects inside and outside the enterprise, and are significantly increasing ROI on project investments.
Innotas provides an on-demand Project Portfolio Management (PPM) solution specifically designed to meet the needs of IT and IT Services organizations. Innotas customers include Crayola, Forbes, Hamilton Beach, Jo-Ann Stores, WorldVision and others, spanning a wide range of industries including financial services, healthcare, retail, technology, telecommunications and energy. For more information visit www.innotas.com.
ArrowPath is an early-stage venture capital firm with over $400 million under management. They focus on early and expansion stage companies developing highly differentiated enterprise and infrastructure technologies that offer a compelling value and have the prospect of achieving market leadership. (http://www.arrowpathvc.com/main.html)
Velocity Interactive Group is a leading investment firm that focuses on digital media and communications. The firm brings a unique approach to investing by bringing not just financial capital, but also human capital to its investment companies. Velocity Interactive Group has a global presence in Palo Alto, Los Angeles, New York, India and China. (www.velocityig.com)
