SOURCE: Intelliworks, Inc.
October 10, 2006 09:00 ET
Intelliworks Raises $10 Million in Series B Funding
RedShift Ventures Leads New Investment in Intelliworks, Joined by Existing Investors Columbia Capital and Novak Biddle Venture Partners, as the Market for CRM in Higher Education Takes Off
ROCKVILLE, MD -- (MARKET WIRE) -- October 10, 2006 -- Intelliworks, Inc., the leader in
insight-driven, actionable CRM for higher education, announced that
RedShift Ventures (www.redshiftventures.com), and existing investors
Columbia Capital (www.colcap.com), and Novak Biddle Venture Partners
(www.novakbiddle.com) have completed a Series B funding deal totaling $10
million. The financing will help fuel the organic growth of Intelliworks,
as the firm accelerates its software penetration in CRM for higher
education, and makes strategic acquisitions to further integrate and
automate the core functions of recruitment, admissions, student services,
and alumni relations.
Intelliworks, Inc. is also pleased to announce that Mark Frantz, General
Partner at RedShift Ventures, will join the Company's Board of Directors,
as a result of the financing. Mr. Frantz was previously the Managing
General Partner of In-Q-Tel, the strategic venture capital affiliate of the
U.S. Intelligence Community. Prior to that, Mark was with Carlyle Venture
Partners, where he worked with Blackboard ("BBBB").
Higher education is experiencing the most significant transformation of its
age where new technologies, new education delivery channels, shift in
competitive forces, and the revised needs, attitudes, and behaviors of
prospects and students are changing the industry landscape. As such, CRM
technology is becoming a quintessential requirement for managing a growing
pool of constituent relationships.
"Our recent customer additions and momentum in the marketplace, coupled
with this robust showing of investor confidence, validates both the
opportunity and Intelliworks' strong leadership position in providing the
best of breed CRM solution for higher education," said Dev Ganesan,
President and CEO of Intelliworks, Inc.
As an industry pioneer, Intelliworks is providing its CRM software as a
service (SaaS), where collaboration and user community based feedback is
continuously building intellectual property and creating the optimal
"network effect." As such, higher education institutions and their staff
members at all levels not only have access to daily transactions like
marketing campaigns, they also have unparalleled ability to perform trend
analysis where interactive marketing dashboards help users optimize
decisions and build better business processes. This 'insight-driven'
actionable CRM model is part and parcel of why Intelliworks continues to be
a chosen technology partner in higher education. "RedShift Ventures is
very excited to be a part of the powerful growth story at Intelliworks. We
believe the company will be the next category leader in higher education,
providing cutting edge solutions for the industry on an international
basis. Today, Intelliworks provides the best platform for recruitment,
retention, and alumni relations and given the great job that Dev has done
in assembling one of the best software management teams in higher
education, we think they are well positioned to build on their success to
date and execute on the phenomenal market opportunity," said Mark Frantz,
General Partner at RedShift Ventures.
As a leading web 2.0 software company, Intelliworks continues to make
research and development investments in the next generation of its
software, to offer greater possibilities for worldwide community based
collaboration where users will have rich content at their finger tips. "We
are truly encouraged by the growth of CRM in Higher Education. The flow of
private investment capital from leading venture capital firms further
validates colleges and universities' needs for solutions in this exciting
market space," said Adam Newman, Managing Vice President, Industry
Solutions of Eduventures, LLC.
Intelliworks, Inc. provides CRM software solutions that help both small
colleges & large universities personalize, extend, and strengthen their
constituent relationships with prospects, applicants, students, alumni,
companies, and all other constituents. With the Intelliworks Relationship
Manager platform institutions can effectively communicate with constituents
in a more personalized and relevant manner. Delivered as a 100% zero foot
print web-based application, Intelliworks offers the ability to scale CRM
solutions across departments, schools, and the enterprise university
Please visit www.intelliworks.com for more information.
About RedShift Ventures
RedShift Ventures is a proven venture capital firm managing approximately
$270 million for global limited partners. For more than a decade, RedShift
Ventures has been investing in companies that leverage a broad range of
advanced technologies to provide compelling solutions for diverse, rapidly
growing markets. The firm relies on its deep operational understanding to
build lasting value and its comprehensive network within national research
centers to gain unique access to ground breaking technologies. RedShift
Ventures is a trusted partner of entrepreneurs and global limited partners
and has developed strong co-investment relationships with other top venture
capital firms and industry leaders. For more information, please visit
About Columbia Capital
Columbia Capital is a venture capital firm specializing in the
communications and information technology industries. We have an
experienced investment team with diverse industry backgrounds in
entrepreneurial ventures, management, finance, regulation and engineering.
Our team has managed investments in approximately 100 companies in the
communications and information technology sectors, ranging from small,
early-stage investments to multibillion-dollar public companies. Our most
recent private equity fund of $560 million closed in 2006 brings our total
dollars under management to over $2.0 billion.
About Novak Biddle Venture Partners
Novak Biddle Venture Partners was established in 1997 to provide equity
financing and assistance to the management of young, information technology
companies. NBVP is backed by a number of the country's most prestigious
limited partners, and has over $350 million under management. We seek
investment opportunities where the combination of ideas, dollars,
experience, and relationships can create long-term, sustainable value.
While we believe that the vast majority of business plans we receive have
many of the makings of viable companies, we are looking for additional key
features in the businesses in which we invest.