Razorsight secures $10 million in Funding from Sierra Ventures
americanventuremagazine.com
2006-01-13
FAIRFAX, Va. /PRNewswire/ -- Razorsight Corporation, a market leader and innovator of intelligent data capture and financial management software, today announced that it secured $10 million in Series A financing from San Francisco Bay Area based venture capital firm, Sierra Ventures. The funding will support Razorsight's continued rapid growth, and expansion of the company's sales, marketing, and research and development programs.
The funding round and market expansion plans for Razorsight follow five consecutive years of company profitability based on strong market acceptance for the company's award-winning "Invoice Reader" and "Audit & Analytics" product lines.
Menlo Park, CA based Sierra Ventures, a private venture capital firm focused on investments in information technology, principally enterprise software, is the exclusive investor. With this event, Steven P. Williams and Vispi Daver of Sierra Ventures were named to Razorsight's board of directors.
"Razorsight has developed a unique and impressive software platform with a flexible architecture that addresses several business problems across the business enterprise. As the company continues to add substantially to its growing global client list, we believe they are on track for rapid growth," said Steve Williams, managing director of Sierra Ventures. "Razorsight's marquee customer base, talented management team and unrivaled product reputation made this a compelling investment for Sierra Ventures. We look forward to supporting the company's continued expansion and market penetration."
Razorsight's intelligent data capture and financial management platform transforms the way corporations manage, process and audit invoices and other data sources by providing visibility, cost control and compliance. The company's software utilizes proprietary data capture technology to mine pertinent information in financial records -- both paper and electronic -- to provide customers with cost savings and operational efficiencies. By gaining much better control of the accounts payable (AP) process, corporations are able to realize significant benefits including reduced cycles, enhanced accountability and improved Sarbanes-Oxley compliance.
"We are pleased to join Sierra's top-notch portfolio of software companies and consider this investment a testament to the value of our technology," said Charlie Thomas, CEO of Razorsight. "Razorsight has significant momentum and we look forward to leveraging this investment for continued expansion and development of our world class applications.
We're excited to benefit from Sierra's considerable software and operations expertise." Sundeep Sanghavi, Razorsight chairman and founder added, "Razorsight is focused on solving the needs of the many customers who are overburdened by disparate financial systems and huge volumes of unusable financial and spend data. We're impressed by Sierra's track record of operational success among its partners and its marquee reputation for excellent investments. We're proud to have attracted one of the top tier venture funds."
About Razorsight
Razorsight was founded in 2001, and has experienced five consecutive years of profitable growth fueled by strong market response to its innovative data capture software. Today, an estimated 80 percent of corporate data is unstructured and unusable (Gartner), and for the first time Razorsight's applications allow enterprises to gain value and intelligence from their data. The company's software captures, interprets and transforms unstructured data from numerous paper and electronic sources into a structured database to provide previously unattainable business intelligence and cost controls.
This delivers a new, higher level of visibility for finance executives, while enhancing Sarbanes-Oxley compliance. Several Fortune 500 corporations have benefited from Razorsight technology, and returned their initial investment in less than one year. Razorsight saves organizations time and money, while allowing valuable personnel resources to become much more efficient. Razorsight is a privately-held company with offices in Fairfax, VA; Bangalore, India; St. Louis, MO; Denver, CO; Woodbury, CT; and Rochester, NY.
About Sierra Ventures
Sierra Ventures, founded in 1982, is a privately held venture capital firm focused on investments across all areas of the Information Technology sector from semiconductors to enterprise software. Sierra Ventures has managed eight venture capital partnerships and currently has more than $1 billion of capital under management. Some of the firm's investments include Combinet (acquired by Cisco), StrataCom (acquired by Cisco), ConvergeNet (acquired by Dell), Quinta (acquired by Seagate), Intuit (INTU), OnLink (acquired by Siebel), Healtheon (merged with WebMD), AmeriGroup (AGP), Micromuse (MUSE), Active Software (acquired by WebMethods), Centex (acquired by WorldCom), and Interact Commerce (acquired by Sage).
More information:
razorsight.com
sierraventures.com |
