RealTime IT News

Funding News: Empact Closes $10M; Edgar Raises $5 M

By @NY Staff

Empact Closes $10 Million Round; Hires New CEO

Looking to exploit the explosion in outsourcing among tech companies, Empact Solutions has closed a $10 million funding round to help it build ASP products that keep tabs on vendors' service level agreements.

Sri Sridharan, a 26-year veteran of the technology industry, has also joined the company as president and chief executive officer, the company said. Sridharan, who was chief operating officer at wireless data company Broadbeam Corp. prior to joining Empact, will also join the board of directors.

The New York-based company, founded in 1999, builds Web-based reporting software that helps users of third-party services to analyze whether the provider is actually delivering on the contract, or SLA.

M/C Venture Partners of Boston, which started the $10 million funding round in August of 2001 with a $2.5 million stake, also led the most recent $7.5 million tranche. The deal closed the first institutional round for the 20-person company.

EDGAR Online Raises $5 Million in Private Placement

EDGAR Online, Inc. , which aggregates SEC filings about public companies, has raised $5 million in a private placement.

The Norwalk, Conn-based company said the funds will go toward building more corporate users into its base, which currently represents about 80 percent of the company's revenues.

Last May the company discontinued its FreeEDGAR Watchlist e-mail service and free text downloads of SEC information after too many commercial customers overloaded the free service, such as emails alerts when companies filed with the SEC. Since then, Edgar Online has been building subscription based revenues from corporate customers such as Reuters.