Rensselaer, NY – June 21, 2006 – Autotask, the leading on-demand business platform for IT Services, today announced the closing of over $6 million in Series C equity financing.
JMI Equity, a private equity firm exclusively focused on investments in the software and business services industries, was the lead investor. In conjunction with the investment, Harry Gruner, a General Partner at JMI Equity, has joined the Autotask Board of Directors. FA Technology Ventures (FATV), which led Autotask’s first institutional round two years ago, also participated in the round.
Autotask provides IT Services firms an affordable web-based platform to manage all aspects of technology service delivery and operations in a single, hosted application offered on a subscription basis. The software manages all mission-critical business functions, including tech scheduling and dispatching, resource management and optimization, IT project portfolio management, contract administration, time-tracking, billing, and customer relationship management.
“Autotask was early to recognize the unmet need for a management solution for the IT services industry,” said Harry Gruner. “They have a product tailored to the unique and demanding requirements of this market, and are now poised for growth. The team is energetic and entrepreneurial, and we look forward to working with them to make Autotask an even bigger success.”
With more than 6,000 service professionals using the software on a daily basis, Autotask is the leading business platform for Value Added Resellers (VARs), IT consultants, technology service providers, systems integrators, software companies, and VoIP solution providers.
“Autotask has seen steady quarter over quarter growth and a six-fold increase in its customer base since we first invested,” said Giri Sekhar of FATV. “IT Service companies make money by efficiently managing their people, projects, and trouble tickets. Autotask’s comprehensive IT management platform immediately drops profit dollars onto our customers’ bottom lines.”
Over the past several months, Autotask has released a number of significant product innovations aimed squarely at the unique requirements of the IT services market, including a powerful ad-hoc reporting engine that delivers real-time business intelligence, support for recurring managed services and maintenance contracts, and the first of a planned set of developer tools to allow for rapid product extension.
“We are proud of the progress that we have made in the marketplace, where our customer success is providing validation of our vision,” said Autotask CEO Bob Godgart. “There is an exploding market opportunity for outsourced IT services. But to remain competitive, IT Service firms need better systems to reduce the cost of service delivery, while at the same time they need to find new revenue opportunities through the provisioning of remote services. Autotask delivers on both of these critical issues.”
About Autotask Corporation
Autotask Corporation is located in New York State’s “Tech Valley” in the heart of the state’s Capital Region. Founded in March 2001, Autotask is the leading provider of web-based business management software for IT solution providers. Autotask provides its service to thousands of users across North America. For more information, call 518-720-3500 or visit www.autotask.com.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on investments in the software and business services industries. Founded in 1992, JMI has invested in over 70 companies throughout North America and has approximately $700 million of capital under management. JMI invests in growing businesses. The firm’s focus is on providing the first institutional capital to self-funded companies. JMI also invests in select recapitalization and management buyout financings. Representative investments include Blackbaud, Inc. (Nasdaq: BLKB), DoubleClick, Inc., Jackson Hewitt, Inc. (NYSE: JTX), Mission Critical Software, Inc. (acquired by NetIQ, Inc. (Nasdaq: NTIQ)), NEON Systems, Inc. (acquired by Progress Software Corporation (Nasdaq: PRGS)), Transaction Systems Architects, Inc. (Nasdaq: TSAI) and Unica Corporation (Nasdaq: UNCA). For more information on JMI Equity, visit www.jmiequity.com.
About FA Technology Ventures
FA Technology Ventures (FATV), based in Albany, New York and Boston, MA, is a leading early stage investor, providing venture capital for companies in the Information Technology and Energy Technology sectors. FATV is committed to helping build tomorrow’s leading companies through its investments and looks for business ideas with the potential for greatness and experienced, passionate entrepreneurs to execute on them. Recent notable FATV investments include iRobot (Nasdaq: IRBT), Meta Group (Nasdaq: METG, acquired by Gartner Group) and Softricity (pending acquisition by Microsoft). To learn more about FA Technology Ventures, visit www.FAtechventures.com.