Benny:
Just In Time's current and upcoming products include BillCast I and II, which provide bill presentment, payment and distribution, interactive customer bill inquiries and payment tracking.
Wells, through a venture capital subsidiary, Norwest Venture Partners VI, already controls 1.6 million shares of Just In Time preferred stock through a 1998 venture capital campaign. Intuit, the Mountain View-based software maker, has 800,000 shares of another series of preferred stock.
Norwest Venture Partners, Intuit and another first-round venture capital investor, Advanced Technology Ventures of Palo Alto, also took stakes in the second round of financing that raised $5 million.
The Norwest Services investment, for which Wells filed an application July 9 with the Federal Reserve Bank of San Francisco, involves a new preferred stock series. Norwest Services will take a total of 2.03 million shares, including 365,847 shares bought June 8.
Certainly no lack for capital. Pete always says it's not a software business, but I'm sure he'd dearly love to have just a few more tens of millions to throw at some crack programmers. I worry that somebody like JITS will come up with a "magic bullet" that solves the thorny issue of integrating all the crap that's out there masquerading as "seamless" EBPP software.
Charlie
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