Saturday, July 11, 2009

InfoNow Raises $5 Million Series B financing round

InfoNow which provides software as a service solutions for channel performance optimization has closed a $5 million Series B funding. The investment was led by Vedanta Capital and the existing investors - Sequel Venture Partners and Sevin Rose Funds also joined it.
"It further validates the urgent market need for channel optimization to reduce costs and grow revenue for businesses that rely on complex sales channels," said Mark Geene, CEO of InfoNow. Founded in 1990, InfoNow has restructured its organization and transformed its offering to a software-as-a-service (SaaS) model with a new management team in place in early 2006. Since securing the Series A funding in October 2007, the company has added to its SaaS technology infrastructure and solution capabilities, to beat its competitors in the market who rely on manual or low technology approaches. Currently, there are about 200 employees in the company.
The infusion of new capital will help the company to extend its product and market demand in delivering the real-time visibility, agility and control. InfoNow 2.0 is the company's recent release which includes industry leading solutions for channel incentives optimization, pricing compliance, channel inventory optimization and the InfoNow global trading partner registry. "Especially in today's challenging economic environment, successful enterprises are looking for solutions that deliver real-time channel visibility and actionable insights that help identify the strategies that will optimize channel performance," said Tiffani Bova, Research Vice-President, Gartner. With this Series B funding, Michael Patterson from Vedanta Capital has joined InfoNow's Board of Directors.

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