Friday, May 15, 2009

OptionEase Raises $2.5M

OptionEase is the market and technology leader in on-demand accounting compliance solutions. More than 310 companies ranging from small privately held start-ups to large multi-national public corporations are using the OptionEase compliance solution to comply with the complex regulation of FAS 123(R) and manage their equity plans.

Founded in 2006, OptionEase is the only SAS 70 TYPE II certified application in the equity compliance space that was designed specifically for Audit and SEC compliance. The company's first product was designed for FAS 123(R) regulations, but now OptionEase has expanded into other areas such as cap table management and solving complex regulatory issues such as FAS 157 and International Financial Reporting Standards (IFRS2).

"Since launching our software application service two years ago, OptionEase has been able to attract and retain over 350 customers ranging from private venture backed companies to large multi-national public corporations," states Kimberly Kovacs, OptionEase co-founder and CEO. "I am proud of the fact that OptionEase has been able to achieve year on year growth of over 300%, retain over 90% of its customers, attain cash flow positive within 18 months of operations and achieve GAAP profitability. With two compelling term sheets to select from and not needing capital, we decided to move forward with the round so we can accelerate our growth and launch new technology initiatives. Demand for our application has been tremendous and we see a very large market opportunity that is currently underserved by existing technologies," adds Ms. Kovacs.

No comments: