RealTime IT News

Kana Secures Additional Cash

Kana , a Menlo Park, Calif., maker of customer relationship management software with a major presence in Manchester, N.H., has raised $55 million in financing.

The backing comes from Technology Crossover Ventures ($45 million) nd funds associated with Amerindo Investment Advisiors ($10 million). It will be used to boost the company's cash reserves.

"This funding is a strong signal to our customers and partners that KANA is and will remain the eCRM market leader,'' said Chuck Bay, Kana's president and CEO.

Last year, the company bought Silknet Software, of Manchester, N.H., gaining technology, employees and offices in a renovated mill building. Kana also has Massachusetts offices in Framingham and Natick.

"Our extensive due diligence verified that KANA has a very strong suite of products, deep technology and an experienced management team capable of building a very large business," said Jay Hoag, a general partner at Technology Crossover Ventures.

As part of the deal, which is expected to close in mid-January, Hoag will join the Kana board of directors.