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."
