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itiliti Closes $5.9M

Human capital management ASP itiliti Inc. today announced the completion of $5,955,000 in Series A financing.

"This round of outside financing was very important to the company because it represents all the monies that will be required to fund our plans to reach profitability later this year," said Wayne Bock, itiliti's CEO. "With the continuing support of our channel partners, our direct clients and our investors, we are highly confident of having a financially successful 2002," Bock continued.

This financing round was completed with assistance from investment banking firm Cherry Tree Securities, and includes investments from Kelly Services, Comensura, MSX International, iGate Corp., and other investors.

itiliti provides human capital management solutions for buyers and suppliers of staffing and services. By applying the principles of supplier relationship management, itiliti enables Fortune 1000 companies to strategically manage staffing initiatives and gain process control to optimize cost, quality and efficiency.

"itiliti now has financial resources that perfectly align with our expenses and growth expectations. Since itiliti has a great product and the best distribution model in our segment, we are expecting a good year," said Phil Hayne, itiliti's CFO.

itiliti provides workforce management solutions to over 35 companies world-wide, including 5 in the Fortune 50, and has been recognized by industry analysts as the leader in contract labor procurement and management. Headquartered in Minneapolis, itiliti has offices in Pittsburgh, Houston, and New York.