SANTA CLARA, CA -- 08/07/07 --
ITM Software, the leading provider of IT
Business Management solutions designed specifically for the CIO and IT
organization, today announced it has secured $4 million in funding. The
financing round was led by Red Rock Ventures and InnoCal Venture Capital,
and also included Ascend Venture Group, Technology Partners, RBC Technology
Ventures and Square 1 Bank, among others.
"Our continued support for ITM Software reflects our belief in the
tremendous value the company is delivering to IT organizations, as
exhibited by live deployments at large enterprise customers," said Jay
Houlihan, Managing Director of Innocal Venture Capital. "We see strong
potential for growth, both within existing markets as well as in targeted
verticals with new applications."
ITM Software is planning to use the expansion capital to drive sales growth
in key vertical markets of financial services, retail, and high technology,
as well as to support its marketing initiatives for the company's leading
solutions in vendor management, financial management, and IT governance and
compliance.
"Today's announcement is an important milestone as we work to bring a
greater range of IT Business Management Solutions to a broader set of
customers," said Hank Leingang, ITM Software's CEO. "The ITM Business Suite
leverages the best practices our executive team has developed during years
of CIO and IT leadership across multiple industries, to address the
strategic need to maximize IT efficiency and more closely align IT to the
business."
"While the CIO runs a complicated business within a business, most rely on
basic spreadsheets and manual tasks to pull together the data scattered
across the enterprise to support key decisions and mission critical
processes," said Steve O'Connor, ITM Software's Founder. "By deploying the
ITM integrated application suite, forward-thinking IT organizations can now
more effectively plan and prioritize projects, manage relationships with
vendors, and meet compliance requirements."
About ITM Software
ITM Software provides CIOs and IT organizations with software products and
services that advance the business management of Information Technology.
The ITM Business Suite delivers the visibility and control required to make
fact-based decisions regarding IT finance, vendors, people, assets,
projects, and compliance. Comprised of former CIOs and IT leaders, the ITM
team provides best practice expertise in IT Business Management, enabling
clients to drive down costs, better align IT with business objectives, and
deliver more business value. Founded in 2001, the company serves IT
organizations within Fortune 2000 corporations, government agencies, and
universities. ITM Software is privately held and is headquartered in Santa
Clara, California. For more information visit www.itm-software.com.
About Red Rock Ventures
Red Rock Ventures is a Palo Alto, California-based venture capital
investment partnership specializing in seed and early-stage information
technology investments. Their record in successfully founding and/or
financing high-technology companies has created substantial market value
and investor returns for the past 20 years. Red Rock currently manages $220
million in committed capital.
About InnoCal Venture Capital
InnoCal is a private venture capital firm, based in Costa Mesa, California,
with a successful 30 year record of diversified technology investing.
About Ascend Venture Group
Ascend Venture Group is a private investment firm based in New York City.
The Firm has historically focused a significant portion of its investments
on the undermined opportunities presented by women and minority
entrepreneurial networks, where Ascend maintains a unique and unmatched
ability to access sought after opportunities.
About Technology Partners
Founded in 1980 as a private venture capital firm, Technology Partners
manages a total of more than $400 million of investment capital.
Investments are being made currently from Technology Partners Fund VII,
L.P., formed in 2000 with approximately $250 million of capital.
About RBC Technology Ventures
RBC Technology Ventures is the venture capital affiliate of Royal Bank of
Canada. Formed in 1997, the firm's activities include early stage venture
capital fund commitments and direct investments in software technology
companies throughout North America.
About Square 1 Bank
Square 1 Bank is a full service commercial bank providing financial
services to venture capital firms and entrepreneurs in all stages of growth
and expansion. Square 1's expertise, focus and strong capital base provide
solid support for its clients' needs. The bank offers tailored products and
solutions aided by the latest technological innovations. To serve its
relationships, Square 1 has offices coast to coast in Austin, Boston, New
York metro, McLean, San Diego, Seattle, and the Silicon Valley. The bank is
headquartered in Durham, North Carolina.
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