Outtask Scores $5.5M
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Outtask Inc., an Alexandria, Va.-based Business Service Provider (BSP), Monday (March 19) announced it has received more than $5.5 million in second-round funding from several sources, including divine Inc., Walden VC and senior management.
"The past year has proven that Outtask has built a model that can financially succeed and provide our customers the best applications and services available," Outtask president and CEO Tom DePasquale said. "By aggressively marketing our applications and services, we are confident that Outtask will be a true trendsetter in the marketplace."
Outtask is using the funding to further develop and expand its sales infrastructure. In the coming months, Outtask plans to more than double its sales staff, while launching an aggressive inside sales effort, as well as a channel strategy.
The company also plans to further strengthen its portfolio of business applications and services. During 2001, Outtask anticipates launching a new corporate portal for customers, along with wireless applications and enhancements to its travel and time & expense offerings.
With more than 100 customer organizations, Outtask has displayed significant customer growth since sales began in Q2 2000. This deep customer portfolio reflects Outtask's unmatched value to customers and signals its quick transformation from start-up into major industry player. More than 50 percent of Outtask's customers have purchased additional applications or seats within 100 days of initial service.
"The Outtask model simplifies the process for companies large and small, offering seamless pre-integrated solutions to difficult IT challenges," DePasquale said. "In today's market, it is a testament to our strong business model that we are able to grow, become profitable, and provide our customers unmatched service."
Outtask offers a portfolio of fully integrated web-based applications and services. From sales force management to human resources, Outtask integrates applications with essential business services, such as travel and payroll, enabling companies to streamline their business processes.
Outtask was founded in August 1999, and is headquartered in Alexandria, VA. In December 1999, Outtask secured an initial $8 million in financing from WaldenVC and divine interVentures. The company currently employs 85 people and has eight regional offices serving Austin, Boston, Chicago, Detroit, New York, Portland/Seattle, San Francisco and Washington, DC.