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Press Release
QuickArrow Secures Additional $2.6 Million Investment As a Result
of Record Customer Wins in 2002
Software Company Enables Billable Professional Service Businesses to Operate More Profitably; Achieves 35% Revenue Growth in Q1
Austin, TX. - April 28, 2003...QuickArrow, Inc., a leading provider of automation and management software for billable professional service organizations, today announced it has secured a third round of funding in the amount of $2.6 million. Investors included Austin Ventures, Koch Ventures and Access Venture Partners. QuickArrow also announced it has exceeded revenue projections in Q1 by achieving a 35 percent consecutive quarterly revenue growth.
"QuickArrow's increased sales success speaks directly to the recognition by professional service providers of the need to improve the efficiencies in their business models," said Joe Aragona, general partner, Austin Ventures. "QuickArrow is demonstrating that companies will continue purchasing superior technologies that offer direct and immediate return on investment. With QuickArrow's strong product and track record, we feel the growth potential over the next year is substantial."
QuickArrow will utilize the investment to extend the capability of the company's Enterprise Consulting Suite (ECS). The Company will continue focusing on providing value to target customers in management/financial consulting, real estate, healthcare, engineering, IT services and software companies with in-house billable services businesses. QuickArrow's robust features already offered in ECS include resource management, workflow processing, automated invoicing, revenue forecasting, and powerful integration capability with sales management and ERP financial systems.
"The accelerated revenue growth we have been experiencing over recent fiscal periods ties directly back to our ability to help customers dramatically improve both client service and profitability, which are critical factors during the hyper-competitive economic climate we are seeing today," said Elizabeth Davis, founder and chief executive officer of QuickArrow. "This latest show of support from our investors is a clear endorsement of QuickArrow's ability to providing measurable, repeatable results for leading professional services organizations."
About QuickArrow
QuickArrow, Inc. is the leading provider of automation and management software for billable professional service organizations. QuickArrow's Enterprise Consulting Suite helps service organizations streamline their business operations for tasks such as time and expense tracking, resource management, knowledge management, collaboration, revenue forecasting, and project invoicing and billing. QuickArrow's software has been adopted by service organizations spanning multiple industries including health care, financial services, real estate, engineering, management consulting, software companies, and IT services. QuickArrow, headquartered in Austin, TX, was founded in 1998 and is a venture-backed company.
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