RealTime IT News

Portera Secures $35M

Portera, a leading service provider for professional service organizations, announced Monday it has secured over $35 million in financing from leading investors. To date, the company has raised over $90 million in private financing.

"This financing will enable us to continue on our current growth path while maintaining the highest levels of quality and service," said Gary Steele, CEO of Portera.

The new funds will be used to support Portera's continuing global expansion and to build out Portera's business and information technology operations in order to keep pace with growing customer demand. Portera added 39 customers in the last three months, which brings its total customer list to more than 160 across 12 countries.

Integral Capital Partners led the round, with other investors including Charter Growth Capital, Chase Hambrecht & Quist, Institutional Venture Partners, Kleiner Perkins Caufield & Byers, Oracle Corporation, RRE Ventures, Sands Brothers Venture Capital, Spring Creek Partners, Stanford University, Van Wagoner Capital Management and Weiss Peck & Greer.

Portera provides the business software and outsourcing services to professional service organizations. All of Portera's services are delivered over Portera's global hosting and service delivery platform to ensure the highest levels of security, reliability and performance. Organizations leveraging Portera's services to help them grow their business include Agilent, British Telecom, Commerce One, Hewlett-Packard, Microsoft, Network Associates, Tanning Technology and Viant.

Portera's ServicePort suite is a complete "bid to bill" solution with services for the whole cycle of engagement, Kevin McDonald, Portera VP marketing, told ASP News. There are products for opportunity management, such as forecasting, bidding, RFPs and proposals. Resource planning is accomplished by matching up the engineering needs with the skills and calendars of the consultants. Collaboration allows employees and clients to discuss projects and share information online. And there are also offerings for time and expense tracking and billing.

To this flagship suite, Portera has added a host of complementary Business Services. Portera was among the first to offer Oracle's BackOffice as a hosted solution, and Portera has tailored the software for financials, HR and procurement specifically for PSOs and integrated them with ServicePort. "Our customers are not shy about telling us what they need," McDonald said.

Other partners in the Business Services program include WebEx's hosted virtual meetings, Xerox's Document Center, Docent eLearning Manager as well as accounting and expense services.

See related ASPnews.com story, Portera Adds Oracle Apps, Mar 21st 2000.