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Will Fuel Sales and Marketing for Rapidly Growing Provider of On-Demand Project and Portfolio Management Software (PPM) for the Extended Enterprise
eProject (www.eproject.com) today announced it has closed an $8 million financing round led by Kennet Venture Partners LLC (Kennet) (www.kennet.com), a leading transatlantic venture capital firm.
Genevest (www.genevest.ch), a Switzerland based global technology investment firm also participated. The funds will be used to fuel sales and marketing initiatives for the rapidly growing provider of on-demand (software-as-service) project, process and portfolio management software for the extended enterprise.
Project and Portfolio Management (PPM) solutions enable users to maximize project ROI by compressing project cycle times, identify and automate best practices, optimize resource allocations, and deliver real-time status and information updates on project portfolios.
"eProject has reinvented the Project and Portfolio Management space by offering the first PPM platform that addresses the needs of the entire enterprise and can be deployed for business users and stakeholders across all departments. We believe eProject is spearheading a newly emerging and potentially very large market, proven by the explosive sales and organic growth and adoption of eProject in both mid and large-sized corporations across a wide-range of industries," said Javier Rojas, managing director of Kennet in Silicon Valley.
eProject, with more than 350 customers worldwide and profitable since August 2003, is currently realizing 70% annualized revenue growth. The company added more than 100 customers in 2004, with a list that now includes companies such as Amerisure, BP, BASF, Dow, Esurance, Honeywell, and RealNetworks.
"Project and portfolio management applications are gaining wider use within organizations and across more industries. One of the key contributing factors towards this trend is the advent of easy-to-use, easy-to-access and collaborative software-as-a-service project and portfolio management solutions," said Evan Quinn, group vice president of applications research, IDC (www.idc.com).
eProject is an easier to use, faster to deploy, lower cost alternative to traditional enterprise project portfolio management solutions typically found in large enterprises that are mainly used for IT governance applications. As a result, both IT and business users have deployed it for a broad range of management projects requiring cross organization participation.
"eProject has enjoyed spectacular growth during the past year, with hundreds of new companies deploying our solution. eProject has quickly become the standard software of choice for companies who want a single, unified platform for managing all their projects across their entire enterprise and beyond," said Steven Anderson, COO.
Genevest provides advisory services for institutional and sophisticated high net worth investors. With over 20 years of venture capital experience, Genevest invest in Information Technology, Communications, Material Sciences, Medical Technology and Life Sciences. Genevest designs a tailor-made investment strategy with its investors and executes through careful deal selection and due diligence. Genevest are long-term investors and understand that building companies takes time. For more information: www.genevest.ch.
Kennet Venture Partners LLC ('Kennet') is a leading transatlantic venture capital firm, which invests in growth companies providing information technology products and business services that leverage information technology. Kennet offers expansion capital to firms that want to accelerate growth and build exceptional shareholder value in partnership with an experienced investor. Kennet acts as an advisor to Kennet II LP, a Guernsey limited partnership. For more information: www.kennet.com.
eProject (www.eproject.com) delivers the only on-demand project and portfolio management solution for the extended enterprise. eProject is an intuitive, unified platform that enables users to maximize project ROI by compressing project cycle times, identifying best practices and optimizing resource allocations, with rapid deployment and quick adoption. eProject is used by more than 350 companies worldwide including BASF, BP, Cushman and Wakefield, Dow Chemical, Honeywell and T-Mobile.