RealTime IT News

Salesnet Banks $6.1 Million

Salesnet, a Boston ASP delivering sales force automation software, has raised $6.1 million in financing to support its growth.

The backing was led by Prism Venture Partners. Phoenix Investment Partners and Juniper Ventures also participated. Since its founding in 1997, the firm has raised more than $12 million.

"We are very happy to have secured this round of funding," said Mike Doyle, Salesnet's chairman and CEO. "These are the days of tightening venture capital support and shareholders are extremely cautious and selective with their investments."

Salesnet's Web-based software offers a customizable application for managing sales processes, sales contacts, company accounts, and leads in tandem with calendar scheduling and sharing. Additional features are wireless access, sales reporting and forecasting.

"Salesnet's focus continues to emphasize the value in educating a sales force to sell successfully," said David Baum, a general partner at Prism, which was an early supporter of Salesnet, investing $5 million in May.

Salesnet has partnered with a number of firms to enhance its offerings, including iConverse, a maker of wireless technology, and VerticalNet, a network of business-to-business commerce sites.

The privately held company, formerly known as mynetsales.com, has customers in 50 countries including the United States, Brazil, India, Hong Kong, Singapore, and the United Kingdom. It has about 60 employees and plans to double its workforce in the coming year.