Intraspect Software Raises $26 Million

B2B collaborative solutions provider Intraspect Software, Inc. today announced it secured $26 million in mezzanine funding.

Leading the round was Bay Partners. Additional funding came from corporate investors LabMorgan, the e-finance unit of J.P. Morgan, WPP Group, KPMG, Europe-based Protigi and existing investors that include AVI Capital, Telos Venture Capital, RWI Group, Sand Hill Financial, Sippl-Macdonald, DEFTA Partners and Camelot Capital.

With the newly committed funds, Intraspect expects to continue to grow the market for
B2B collaboration both domestically and abroad.

The company sees c-business as the next evolutionary phase of e-business and recognizes the necessity to break down the communications barriers across its business networks and make information sharing among the global community easy, seamless and a natural part of business operations.

“We see tremendous promise for business-to-business collaboration,” Neal Dempsey, general partner, Bay Partners, said. “Our support for Intraspect is based on their tremendous customer base, outstanding management team, and a wonderful market opportunity. ”

“The strong support of industry leaders and the rapid adoption of our c-business solutions underscores our belief that business-to-business collaboration is the next evolution of e-business,” Jim Pflaging, president and chief executive officer, Intraspect, said.

Intraspect enables e-businesses to build and maintain the new, complex B2B relationships of the new economy with more speed, agility, intimacy and efficiency. Intraspect’s flagship product, Intraspect Knowledge Server (IKS), is the leading platform to develop and deploy customized business-to-business collaborative solutions. Salsa, a packaged application that is built on IKS, supports the everyday workflow of professional services organizations, including business development, account management, resource management and competitive tracking.

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