Parature Secures $13.5 Million in Venture Capital
Series A Financing From Valhalla Partners and Sierra Ventures
MCLEAN, VA - July 3, 2006 -- Parature, provider of award-winning, on demand customer support software, announced today that the company has successfully completed a Series A financing for $13.5 million. This oversubscribed round includes Vienna, Va.-based Valhalla Partners, and Menlo Park, Calif.-based Sierra Ventures, both private venture capital firms with strong track records of success in the information technology industry. With this event, Gene Riechers, General Partner and Co-founder, Valhalla Partners, and Vispi Daver, Principal, Sierra Ventures, have been named to Parature's board of directors. Parature plans to use the financing to further enhance its customer support and help desk solution, as well as boost sales and marketing efforts.
"Parature has developed into a very strong, prosperous company, and we are in an optimal position to be a leader in one of today's fastest growing technology markets," said Duke Chung, CEO and President, Parature. "We look forward to entering the next phase of our business growth with our new partners, and developing even more robust, dynamic Internet-based solutions to aid organizations in significantly improving the quality of service they provide to their customers."
"The software-as-a-service market is quickly gaining momentum, and while some companies are just now attempting to integrate this software model into their business strategy, Parature has already seen substantial success. Having the foresight to see the potential of this model back in 2000, Parature already has a track record of developing a solid on demand support product suite and a strong client base. Our due diligence revealed a company that leads its competitors and is well regarded by its customers," said Gene Riechers, General Partner and Co-founder, Valhalla Partners.
"Parature's management team has developed very strong product, service, and business strategies that, combined with this financing, have tremendous potential to propel the company to high levels of success," said Vispi Daver, Principal, Sierra Ventures. "The company is in a powerful position to build upon the solid foundation and momentum built over the past six years, and we're looking forward to working with the team while they continue to innovate and change the way the world views the development and utilization of software."
"We're impressed by the track record of operational success Valhalla Partners and Sierra Ventures have among their partners, as well as their marquee reputation for excellent investments," added Duke Chung. "We're proud to have attracted two top tier venture funds."
For more information on Parature and its Internet-based customer support software, please visit www.parature.com/customersupport.aspx
Parature provides on demand customer support and help desk software, enabling companies to improve their internal and external support while reducing costs. Through its suite of modules, Parature allows companies to provide critical service information on a 24x7 basis via the Internet, resulting in reduction of inbound support load and significantly decreased support costs. With a consistent growth rate of over 100% year over year, Parature serves industry leaders such as Office Depot, ATI Technologies Inc. and Florida State University. For more information on Parature, or to sign up for the FREE 30 Day Trial, please visit www.parature.com.
About Valhalla Partners
Valhalla Partners was formed in early 2002 to bring together some of the most respected and successful venture investors in the Mid-Atlantic Region. The Valhalla team has invested in or served as senior executives in over 100 companies during the last twenty years. To date, more than 60 of these have already experienced successful initial public offerings or successful mergers.
About Sierra Ventures
Sierra Ventures, founded in 1982, is a privately held venture capital firm focused on investments across all areas of the Information Technology sector from semiconductors to enterprise software.
Sierra Ventures has managed eight venture capital partnerships and currently has more than $1 billion of capital under management. Sierra has been an active early-stage investor in a broad array of successful companies including Active Software (acquired by WebMethods), AmeriGroup, Centex (acquired by WorldCom), ConvergeNet (acquired by Dell), FatBrain (acquired by Barnes & Noble), FrontBridge (acquired by Microsoft), Healtheon (merged with WebMD), Interact Commerce (acquired by Sage), Intuit, Micromuse, On Assignment, OnLink (acquired by Siebel), Quinta (acquired by Seagate), StrataCom (acquired by Cisco), and others.
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