SOURCE: QASymphony

January 20, 2016 16:16 ET

QASymphony Nets $5M Series B to Accelerate Software Quality Leadership

The Software Testing Company Grew Over 200% Last Year, Adding 120 Customers Including Several Global 2000 Organizations

ATLANTA, GA--(Marketwired - Jan 20, 2016) - QASymphony, a company focused on transforming the way global enterprises create quality software, has raised $5 million in Series B funding to accelerate its software testing business. Lead investor Fulcrum Equity Partners was joined in the new round by existing QASymphony investor, BIP Capital. QASymphony has now raised $7.5 million in venture financing since January 2015. As part of the Series B, QAS has an option to take on an additional $3 million in capital if needed.

The funding caps a very successful year for QASymphony, whose software is used by agile development teams to increase efficiency in the testing process and accelerate product release cycles. Some highlights from 2015 include:

  • Achieved 200% year-over-year growth
  • Selected as a "Best Place to Work" by the Atlanta Business Chronicle
  • Added 120 customers including Adobe, Dell, FICO, Nordstrom, Office Depot, Verizon and Visa
  • Delivered major product releases for the company's flagship solutions, qTest and qTest eXplorer, and launched new products including qTest Insights and the qTest Scenario add-on for JIRA sold in the Atlassian Marketplace
  • Launched US channel program and achieved early traction with the leading Atlassian resellers
  • Increased headcount 50% to 70 employees
  • Selected as one of five "Cool Vendors in Application Development" by Gartner
  • Appointed several key executives including Jeff Perkins to CMO and Bo Rodric to VP of Development

"Established companies across industries have glimpsed the power of modern software and methodologies, and are racing to adopt them," says David Keil, CEO at QASymphony. "But without the ability to quickly develop high quality software, leading enterprises will struggle to meet their growth goals. Our customers -- many being leaders in technology, e-commerce, financial services and other industries -- are telling us that partnering with QASymphony has helped them gain a competitive advantage in the market. This Series B will allow us to increase our investment in sales, marketing, customer success and software development so we can continue to exceed customers' expectations."

"We have been following QASymphony's progress for several years and have been extremely impressed with what they have accomplished. QASymphony has articulated a clear vision for the importance of software in modern business, developed a feature-rich software platform for the Global 2000, signed multiple enterprise customers, built a deep and experienced management team, and exceeded numerous growth-related business objectives," says Jim Douglass, partner at Fulcrum who will join the QASymphony board of directors. "We share their belief that software is changing the way global businesses operate, and we're excited to support Dave and his team as they expand their product and channel strategies."

About QASymphony
QASymphony helps companies create better software by being the only provider of truly enterprise-level agile testing tools. With QASymphony's solutions, businesses have the visibility and control needed to ensure application quality in fast-paced development environments. Companies like Nordstrom, Dell, Barclays, Salesforce, and Vonage trust QASymphony to improve their teams' communication, productivity and collaboration. QASymphony is headquartered in Atlanta, GA. To learn more, visit www.qasymphony.com.

About Fulcrum Equity Partners
Fulcrum Equity Partners is an Atlanta-based growth equity firm focused on providing expansion capital to rapidly growing companies. Fulcrum initially invests $5 million - $15 million and will consider investments in a wide variety of industries with an emphasis on information technology, healthcare and technology enabled operating companies. Fulcrum provides financing to meet a wide range of needs including internal growth initiatives, acquisitions, divestures, shareholder liquidity and recapitalizations. The partners have over 125 years of relevant experience, including operations, venture capital, mezzanine financing, accounting, law, investment banking and strategy consulting. To learn more, please visit www.fulcrumep.com.

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