SOURCE: CTSpace, Inc.

December 21, 2006 09:47 ET

Leading Independent Collaboration On-Demand Company CTSpace Raises $5.3 Million in Funding Round

Company to Accelerate Growth of Organization, International Expansion

SAN FRANCISCO, CA -- (MARKET WIRE) -- December 21, 2006 -- CTSpace, Inc. has been formed through the combination of two industry leaders, BuildOnline and Citadon, to provide on-demand solutions for business process management and for collaboration. The combined company is the world's largest independent provider of such services and will extend this leadership position using additional financial resources derived from a $5.3 million financing round led by Insight Venture Partners and GRP Partners. CTSpace will expand key areas of its business including sales, marketing and international operations.

CTSpace "is the only true global on-demand company serving the critical needs associated with capital programs," according to its CEO, Howard Koenig. "The use of a Software as a Services model is a perfect solution for collaboration across corporate firewalls, which is a requirement of today's virtual enterprises with flexible and multi-sourced workforces. We see an opportunity for rapid growth on a global scale," Koenig adds. CTSpace offers a Web-based collaboration, business process management and document management solution to facilitate communications across enterprises, programs, companies and countries without the requisite capital investment of package software.

Jeff Horing, Managing Director of Insight Venture Partners, commented, "We look forward to the next stage of accelerated growth for the combined companies. We are enthusiastic about their space, company and their growth prospects." Steven Dietz, a Partner at GRP, added, "The customer base, management team, and solutions provided by CTSpace are world class. The business need for secure collaboration creates a huge opportunity which can only be met by a company with a global perspective. CTSpace can provide a unique, worldwide solution and we are excited about the plans for deploying our capital to grow the business."

In addition to ADP veteran Howard Koenig, CTSpace is led by a seasoned management team with a combined 50+ years of experience in the area of Software as a Service:

--  Stuart Lander -- President of Global Field Operations -- A founder of
    BuildOnline
--  Helen Roberts -- President of Technology & Services -- Accomplished
    SaaS Executive with over 20 years of service at ADP
--  Gary Greenberger -- EVP Americas -- An early executive of
    Constructware and participant in its recent sale to Autodesk
--  David Lapter -- Chief Financial Officer -- Former GRP Partners
    Associate and Wharton School graduate
--  Franck Meudec -- Managing Director, Southern EMEA -- Former Aprimo and
    Cyco executive
--  Gert-Jan De Klieviet -- Managing Director, Northern EMEA -- Former
    Comparex and Bull executive
    
About CTSpace

CTSpace is the world's only truly global SaaS business process management and collaboration company. It was created following the merger of BuildOnline and Citadon, which held the market leadership positions in Europe and the US respectively. The company's SaaS solutions and services allow asset owners to seamlessly and securely share information, automate complex business processes, collaborate and communicate with their supply chain partners, to more effectively manage corporate knowledge no matter where they are based.

Clients include multinational organizations such as Shell, Balfour Beatty, BP, BNP Paribas, Centrica, Chicago Transit Authority, Odebrecht and STRABAG. CTSpace has capitalized on the global market opportunity for SaaS applications, offering large and small businesses a scaleable collaboration platform that avoids the up-front implementation costs of traditional software. Customers benefit from a low-cost, low-risk and easy-to-use solution available on a 24x7 basis to improve efficiencies. The company is headquartered in San Francisco, California with offices in the UK, Germany, France, Austria, India and Dubai. For more information, please visit the firm's website at www.ctspace.com

About Insight Venture Partners

Insight Venture Partners has raised over $2 billion in capital to invest in leading software and Internet services companies. Headquartered in New York, Insight takes a global approach to investing, providing hands-on execution and strategic advice to ensure portfolio companies benefit from Insight's experience. Insight was founded in 1995 and invests in and partners with growth-stage software and Internet companies, with proven track records, focused on growing and scaling their businesses. For additional information, visit the firm's web site at: www.InsightPartners.com.

About GRP Partners

GRP Partners is a venture capital and growth equity firm focused on financing and helping to build companies in business & consumer services, retail & related technology, and financial services & related technology. GRP Partners finances early-stage and late-stage companies that have developed solutions meeting pressing consumer and business needs. Over the course of nearly 20 years, the GRP Partners team has been involved with many companies that have become household names today, such as Costco, Starbucks, PETsMART, Office Depot, Overture Services (now part of Yahoo!), TicketmasterOnline-CitySearch, P.F. Chang's and many others. GRP Partners manages approximately $650 million on behalf of more than 150 limited partners in North America and Europe. For additional information, visit the firm's web site at: www.GRPVC.com.

Contact Information

  • Media Contacts:

    CTSpace, San Francisco
    Dan Pepper
    (415) 216-2303
    DPepper "at" CTSpace.com

    CTSpace, London
    Lisa Grantham
    Marketing Manager
    LGrantham "at" CTSpace.com
    +44 1628 597823

    LEWIS Global Public Relations, London
    Farimah Saadat
    Email Contact
    +44 0207 802 2626