RealTime IT News

Employease Nabs $20 Million in Venture Funding

Much-watched ASP/business services provider Employease recently announced it raised $20 million in venture capital.

Leading the investing efforts was Bowman Capital Management (San Mateo, Calif.). Bowman Capital Management currently manages more than $5 million in assets, basing its investment philosophy on intensive, fundamental research on companies in the semiconductor, enterprise software, communications and networking industries.

Other investors included Hummer Winblad Venture Partners, SSM Ventures, Lovett Miller & Co. Inc, Madrona Venture Group and 21st Century Internet Venture Partners.

According to Employease , the money raised will be used to expand marketing and sales efforts by increasing the size of the direct sales force. Additionally, the company plans to pursue additional distribution relationships, enhance its direct marketing program and launch an advertising campaign.

To date, Employease has secured more than $37 million in venture capital funding.

Phil Fauver, president and chief executive officer, said that Employease is revolutionizing the way human resource departments function. "This round of funding enables us to scale our business quickly, solidify our leadership position in the market and continue to generate great momentum with a superior management team."

In other news, the company announced it has been selected for the third consecutive year to the Herring 100, Red Herring magazine's annual list of the top private and public technology companies in the technology industry.