IntraLinks Inc. Accepts Additional $10 Million
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Citing increased investor demand, digital workspace provider IntraLinks, Inc. has reopened its latest round of funding, adding $10 million in new equity capital from DB eVentures, Deutsche Bank AG's global strategic private equity investor focused on financial services, and Canaan Partners.
The latest addition increases total proceeds from the most recent round of funding to $50 million.
The company, which connects companies to external partners and clients to share information, said the funds raised would be used for sales and marketing, technology development and international expansion.
The initial $40 million investment, which closed at the end of January, was led by Rho ventures and investment affiliates of Soros Private Equity Partners LLC. It also included investments from Emigrant Capital Corporation and Lago Ventures and previous investors Reuters, Patricof & Company Ventures, Inc, and Euclid Partners.
David Mellor, managing director and Head of relationship management at DBeVentures, said his firm believes InterLinks provides technology that promotes greater efficiency in financial services and that's why it was added to their portfolio.
Citing increasing investor demand, James Dougherty, chairman and CEO of IntraLinks, said the $40 million round was reopened. "The participation of DB eVentures in particular will help strengthen our experience into other sectors and geographic markets," said Dougherty in a statement.
IntraLinks filed for an initial public offering in July 1999, but withdrew the registration in August 2000, citing market concerns.
In late January, the company reported that 100 companies, including banks, pharmaceutical cos. and law firms, had signed subscription agreements. The agreements brought the closely-held company's total 2000 revenue to $13.2 million, which compares to $4.1 million raised the same time in 1999.
The firm, founded in 1996, said it has brought technical development in-house, improved customer service and upgraded its hosting services, while confining staffing increases to a less than ten percent ramp-up.