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NetBase Closes $750,000 Funding Round

NetBase Corp., a provider of integrated Web-based labor optimization and skills management software that uses a proprietary online self-provisioning technology, is closing a $750,000 funding round led by HFS Venture Fund I, a venture fund affiliated with HFS Capital LLC in McLean, Va.

The Chantilly, Va.-based NetBase provides time and attendance, expense tracking, billing, skills matching, and other related software tools. Its flagship product, easyTIMESHEET, has been selected as "Best-of-Breed" by several trade industry publications.

"NetBase has existing agreements with channel partners such as the leading payroll services provider, Ernst & Young Technologies and Great Plains software that allow us to penetrate the SME small and midsize enterprises (SME) marketplace," said Chuck O'Dell, chief executive officer of NetBase. "Our channel partners are especially interested in our easyTIMESHEET time and attendance workflow product, integrated with our proprietary WebMigrate self-provisioning product. This powerful combination allows our partners to simultaneously leverage their sales activities across multiple SME customers."

According to company officials, NetBase is positioning itself to be the leader in volume distribution and implementation of comprehensive Web-based workforce solutions. The company's partners include major payroll processing, accounting suite, ASP, and technology consultant companies.

"More exciting are our recent contract relationships with LiquidMedium, which is addressing Fortune 500 companies staffing needs, and Bridgepath, the first 'staffing firm-to-staffing firm' online exchange," O'Dell said. "These two exchanges are very interested in easyTIMESHEET because of its sophisticated client approval workflow engine; our easySKILLSMATCH product, which manages the inventory of human capital for large complex service organizations; and our easyBILLINGS and easyEXPENSE tracking modules, which solve the real-time billing problem for them and their clients."

Founded in 1983, HFS has served early-stage, emerging and high-growth business with an array of financial services including accounting, tax planning, business and strategic planning, merger and acquisition consulting, and divestitures. HFS Capital's finance advisory services are designed to assist entrepreneurial start-up, middle and mature operating businesses whose total enterprise values range from $1-500 million.

"We are very excited about our investment in NetBase and the direction that the company is pursuing," said Larry Hoffman, president of HFS Capital. "We instantly recognized the value the NetBase product suite brings to the services industry and the value-add that HFS can bring to NetBase."

Netbase maintains a Web site at http://www.netbasecorp.com.