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Press Release
QuickArrow Secures Second-Round Venture Funding
Company will use the investment to accelerate expansion of its product offerings and Sales Organization
AUSTIN, TX. - December 8, 2000...QuickArrow, Inc. today announced that it has secured $15 million in second-round venture funding. The funding was lead by Koch Ventures of Scottsdale, Ariz. Current QuickArrow investors Austin Ventures, Access Venture Partners, PM Operating Subsidiary, Ltd., all of Austin, Texas and Hook Investments of Tulsa, Okla. participated with Koch Ventures. Comdisco Ventures of Menlo Park, Calif. joined the funding round as a new investor.
The funding underscores the strong performance of QuickArrow's "Customer-centric" PSA solution, and its bright future in the fast-growing professional services automation (PSA) market segment. QuickArrow's Enterprise Consulting Suite is the leading Web-native business management solution for IT services organizations. Customers include systems integrators, Web consulting firms, application development teams, as well as service organizations within hardware and software companies.
"With its Web-native PSA solution, QuickArrow is uniquely positioned in the rapidly growing professional services automation market," said Ray Gary, Managing Director at Koch Ventures. "QuickArrow's proven management team has a significant amount of depth in professional service organizations and maintains a strong connection with its customers."
"We are pleased with the confidence our customers and investors have placed in QuickArrow. While our growth to date has been outstanding, this investment will enable us to be even more aggressive in meeting the needs of professional services organizations," said Phil Guy, QuickArrow CEO. "The accelerated expansion of our product will allow us to continue to set the pace in Web-native software delivery to our customers."
"QuickArrow's Web-native architecture has enabled the company to provide product innovations and very rapid implementations for its blue chip customer base of both public and private companies," said Rob Kornblum of Austin Ventures. "This second-round of funding demonstrates our confidence in the company."
ECS improves virtually every aspect of operations within a services organization including sales opportunity tracking, resource scheduling, time and expense workflow, knowledge management/collaboration, project tracking and management, skills/profile tracking, and billing. Firms using QuickArrow's solutions quickly realize improved profitability and sustainable growth - giving them a forceful competitive edge in the marketplace.
QuickArrow is best known for its Web-native architecture, fast implementation process and intuitive role-based interface. The application is available through both the ASP and traditional licensing models.
About QuickArrow, Inc. (www.quickarrow.com)
Austin, TX-based QuickArrow, Inc. is the leading provider of Web-native professional services automation (PSA) software for technology services providers. The QuickArrow Enterprise Consulting Suite (ECS) helps firms automate and manage best-practice business processes to improve service delivery, increase customer satisfaction, and plan for growth and profits. By leveraging the Web for rapid deployment, ECS offers industry-leading time to benefit and fast return on investment. QuickArrow is a charter member and serves on the board of directors of the Internet Business Services Initiative (IBSI).
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