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News and Information Article
Funding to Accelerate Development of New Markets and Increase Staff to
Support Customer Growth
MENLO PARK, Calif., Sept. 28 // -- BoardVantage, the leader
in secure portals for board work, today announced that it has raised $5.5
million in an equity financing round from Bay Partners and Foundation
Capital, both existing investors in BoardVantage. The funds will be used to
invest in new product development and to increase customer service to
support rapid account growth.
"BoardVantage continues its strong growth trajectory," said Neal
Dempsey, Managing General Partner at Bay Partners. "The products new
functionality has made it the de facto board portal of choice and has
resulted in BoardVantage now being used by 20% of the Fortune-100."
Foundation Capital, who led the first institutional round, is
co-investing with Bay Partners. Mike Schuh, general partner with Foundation
Capital, said, "BoardVantage has become a showcase in how to run a next
generation Software-as-a-Service (SaaS) organization, and has become a
recognized industry leader in building and running highly secure
applications."
"With the introduction of our 2nd generation portal, BoardVantage has
experienced exponential customer growth and our future plans are no less
ambitious," said Joe Ruck, President and CEO of BoardVantage. "This
financing enables the company to accelerate its growth and to enter new
markets."
About Bay Partners
Bay Partners, LLC is an early stage venture capital firm located in
Silicon Valley. The firm has been building successful technology companies
since 1976, funding over 300 startups. Bay leverages the operating
background of its partners and its extensive network of executives and
advisors to help outstanding entrepreneurs create the leaders in new
high-growth market segments. Notable successes from Bays portfolio include
Brocade, Concord Communications, Digital Island, Exodus, Sonicwall,
Placeware, Informatica, Web Logic (BEA) and NetScaler. Bay has over $1
billion under management. For more information, visit http://www.baypartners.com.
About Foundation Capital
Founded in 1995, Foundation Capital is a venture capital firm committed
to supporting entrepreneurs and their companies, targeting innovative
opportunities in telecommunications and networking, Internet
infrastructure, and enterprise software. Enterprise application software
companies funded by Foundation Capital include Interwoven and Onyx
Software.
About BoardVantage
Based in Menlo Park, California, BoardVantage is a hosted service for
board work. It centralizes documents, process and communication in a secure
and user-friendly Web portal. It also equips the Corporate Secretary office
with productivity tools to create and distribute board materials.
BoardVantage security was designed to meet or exceed the standards of the
most security-conscious IT departments. For more information, visit the
Companys website at http://www.boardvantage.com
Press Contacts:
BoardVantage
Melissa Bauman
(650) 614-6071
pr@boardvantage.com
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