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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.
Menlo Park, CA (September 28, 2006) — 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 product's 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."
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 Bay's 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 www.baypartners.com.
BoardVantage is the leading provider of secure board portals, with 175 customers — including over 20 Fortune 100 companies. BoardVantage provides a secure and user-friendly Web portal for centralizing board documents, processes and communications. It also provides productivity tools for creating and distributing board materials efficiently. BoardVantage is SAS 70 Type II certified, and meets or exceeds the standards of the most security conscious IT departments, including those of major financial institutions. To learn more, visit www.boardvantage.com.
Maria Krinsky
KickStart Consulting, for BoardVantage
415-509-0498
pr@boardvantage.com
