ManageSoft secures $13 million in Series B funding to support business development and global expansion
Latest investment round led by Siemens Venture Capital
July 19, 2004 Boston, MA. USA
ManageSoft, The Software Management Company™, today announced it has closed $13 million in Series B funding bringing its total funding raised to date to $28 million. The round was led by Siemens Venture Capital and reinforces the existing strategic relationship with Siemens Business Services, the international IT service company. Other investors included Technology Venture Partners, a leading VC firm in Australia, Atila Ventures/ETV, a European VC firm, and Deutsche Bank. ManageSoft plans to use the investment to expand its presence across the world and in new markets, including Asia, Canada and South America. The company also will continue to invest in research and development to further enhance the breadth and depth of its automated software management suite of products as well as expand its distribution channels and marketing communications.
“Siemens’ first investment in ManageSoft was made by Siemens Business Services (SBS) in 2000. Since this initial investment, we have followed ManageSoft closely and believe its revenue growth and business potential are good indicators for continued success in the marketplace,” said Bjoern Eske Christensen, president and CEO of Siemens Venture Capital.
Tom Hawkins, an investment partner with the Siemens Venture Capital Corporate Fund, added, “ManageSoft’s uniquely designed client-centric architecture, strong customer base and seasoned management team make it a compelling investment opportunity for Siemens. ManageSoft’s automated software management and business intelligence solutions address a real need in the market today by providing enterprises with the ability to off-load manual tasks and better streamline IT operations across the organization.” Additionally, Mr. Hawkins will be joining ManageSoft’s Board of Directors.
Currently growing at an annual rate of 66 percent through operations in the United States, Europe and Australia, ManageSoft has more than 100 employees and plans to add to this number significantly with this new investment.
“With more than 100 industry-leading customers worldwide such as ADP, DaimlerChrysler, KPMG and Total, ManageSoft is able to support multinational corporations at the enterprise level by delivering business intelligence to managed desktops, servers, and mobile computers throughout an organization,” said Walter Elliot, CEO of ManageSoft. “This new capital will allow ManageSoft to open additional offices and extend its current infrastructure to maximize customer satisfaction around the world. Siemens has a strong and well-respected reputation throughout the world and will provide ManageSoft with a very strong partner in key new geographic markets and industry segments.”
About Siemens Venture Capital
Siemens Venture Capital (SVC) is the 500 million euro corporate venture organization for all Siemens' businesses worldwide. The goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens in areas such as Information and Communications, Automation and Control, Medical Solutions, Transportation Systems and Power. To date, SVC has invested in more than 70 start-up companies and 30 venture capital funds mainly in the U.S., Europe and Israel. For more information: www.siemensventurecapital.com
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