Tuesday, June 10, 2008

Innotas provides the only on-demand Project Portfolio Management Solution Got VCs Funding

What Company Is Offering:
Innotas provides the only on-demand Project Portfolio Management (PPM) solution specifically designed to meet the needs of IT and IT Services organizations. With Innotas, managers and team members improve collaboration and can more effectively and efficiently manage IT initiatives, projects, and resources. For CIOs and executives, Innotas delivers deep visibility, automation, and analysis of the project portfolio, and resource planning and utilization.

How Much They Got From VCs:

On-Demand PPM vendor Innotas today announced completion of its series C venture financing totaling $6 million. The round was driven by ArrowPath Venture Partners, Velocity Interactive Group, and several strategic investors.

Innotas, which reported 400% growth in 2007, will use the funds to fuel expansion of its sales and marketing efforts, infrastructure to support customer growth projections, and product development including significant expansion of its engineering organization.

"We continue to be impressed with the remarkable and rapid growth performance demonstrated by Innotas, its management team, and the customer traction it has gained with both the mid-sized as well as enterprise markets," said Tom Bevilacqua, managing partner, ArrowPath Venture Partners.

More at:www.innotas.com

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