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NetLedger Scores $30M

Small business accounting and services ASP NetLedger Inc. Thursday (April 5) announced that it has secured $30 million of funding from its existing investors, including Oracle CEO Larry Ellison and StarVest Partners L.P.

"This funding will allow us to fulfill our promise to deliver the ultimate solution to small businesses and help them grow and succeed. Our combination of groundbreaking product, loyal customer base, innovative and dedicated staff along with continued investor confidence will solidify our leadership position in Web-based small business solutions," said Evan Goldberg, president and CEO of NetLedger Inc.

"NetLedger has proven successful in delivering the best Web-based small business system and expanding its customer base consistently and aggressively," said Larry Ellison, Oracle CEO. "I have tremendous confidence in NetLedger and I believe they will come out a winner."

Consistent with NetLedger's growth strategy, the additional capital will help develop their small business solution; accelerate customer acquisition and broaden NetLedger's distribution channels via strategic partnerships.

Founded in 1998, NetLedger offers a Web-based system that includes accounting, online commerce, expense reporting, customer ordering, credit card processing, bill pay and employee, customer and supplier remote access. NetLedger also provides enhanced, integrated solutions to small businesses through its strategic partnerships including Yahoo! Inc., Automatic Data Processing Inc.(ADP), OfficeMax, OneCore.com, Stamps.com, New England Business Service, Paytrust, and Innovative Merchant Solutions.

NetLedger was recently named a Top 20 ASP by ASPnews.com.