RealTime IT News

Portera Secures $16M

Vertical service provider (VSP) Portera today announced it received $16 million in financing, led by Van Wagoner Capital Management

The remainder of the round was limited to existing Portera investors, including Colonial First State Private Equity, Focus Ventures, Institutional Venture Partners, Integral Capital Partners, JPMorgan Partners, Kleiner Perkins Caufield & Byers, Lightspeed Ventures, Oracle Corporation, RRE Ventures, Sands Brothers Venture Capital, Spring Creek Partners, and Stanford University.

Portera develops and delivers subscription-based software for the professional services industry. Portera's industry-tailored solutions -- including its subscription-based ServicePort suite of professional services automation (PSA) applications -- enable these organizations to focus on revenue-generating activities by delivering the software functionality needed to effectively manage finances, resources, projects and relationships. The ServicePort suite is delivered over the company's global service delivery infrastructure, ensuring the highest levels of security, reliability and performance.

The company recently reported its sixth consecutive quarter of record revenue and has added 42 new customers in the first six months of the year.

"We continue to be impressed with Portera's progress. In under three years, they've assumed a leadership position in the emerging field of 'software as a service'." said Garrett Van Wagoner, president Van Wagoner Capital Management. "Despite interest and offers from outside investors, we decided that given Portera's progress and potential we would step up and lead this round ourselves."

The new funds will be used to support Portera's continued growth and to maintain the strength of the company's financial position.

"Given the continued strength and growth of our business, with this additional financing Portera plans to be cash positive in early 2002," said Gary Steele, Portera's CEO. "This financial strength gives Portera a significant competitive advantage in these challenging economic times."