Astadia Secures $7MM Series B Financing
North Atlantic Capital’s David Coit Appointed to Board of Directors
Atlanta, GA – October 1, 2008 – Astadia, Inc., the leader in IT consulting services and solutions for the Software-as-a-Service (SaaS) market and the largest salesforce.com partner, today announced that it has completed a Series B financing with North Atlantic Capital based in Portland, ME and Kodiak Venture Partners based in Boston, MA. The new financing will be used to support continued growth in the U.S. and other key markets. In related news, the company also announced the appointment of David Coit, Managing Director, North Atlantic Capital, to the Astadia board of directors.
Astadia is one of the top systems integrators in the SaaS applications market and has helped clients in 30 countries realize the benefits of “cloud computing.” Partnering with salesforce.com, Eloqua, Google, Kadient, Workday, Xactly and other leading SaaS-based solution providers, Astadia has been involved in thousands of SaaS initiatives for clients in a wide variety of industries.
“Astadia’s technology integration, SaaS solution development skills, comprehensive portfolio of best-practices and focus on customer satisfaction have fueled its rapid growth and client success,” said David Coit, Managing Director of North Atlantic Capital. “Our investment will help the company continue to expand its market-leading position in the growing SaaS market.”
“I have had a chance to work with the Astadia management team over the last year.” said Chris Greendale, General Partner of Kodiak Venture Partners. “The company has done a fine job of scaling through geographic expansion and diversification of the revenue stream while maintaining the highest level of customer satisfaction.”
Ernie Riddle, President & CEO of Astadia notes, “The SaaS market is dynamic and growing rapidly. We continue to see acceleration in the adoption of SaaS solutions worldwide and we are committed to continued growth and expansion of our offerings to customers in key global markets. We have made tremendous progress in these areas during the first nine months of 2008. This Series B investment will allow us to build on this strategy for the benefit of our customers, our partners and our employees.”
“We are very excited to have David Coit on the Astadia board,” continued Riddle. “David’s experience with dozens of companies at our stage of development is a welcome addition to the board. His counsel will serve us well as we execute our strategy in the years to come.”
About Astadia
Astadia is a global business consulting and SaaS solutions company that helps clients of all sizes improve results by transforming business processes and technologies. With offices across the U.S. and in Europe and Asia, Astadia serves businesses, large and small, with subject matter expertise in a wide array of industries. Astadia enables Customer Relationship Management, Human Capital Management, Payroll and Financial Management, Marketing Automation, Partner Relationship Management and Sales Force Automation. Astadia’s partners include salesforce.com, Google, Workday, Eloqua, Xactly and Cornerstone OnDemand. For more information, visit www.astadia.com or call (877) 7ASTADIA
(877-727-8234).
About North Atlantic Capital
North Atlantic Capital is an expansion stage venture capital firm based in Portland, Maine which invests primarily in tech-enabled business services, information technology and communications companies. Established in 1986, North Atlantic manages a pool of capital in excess of $200 million, and is currently investing its fourth fund, raised in 2006. In addition to growth capital and board level guidance, North Atlantic Capital offers its portfolio companies free research and M&A services along with annual executive education programs at leading graduate business schools. Other investments in the current fund include Tangoe, Servigistics, Synacor, Invoke Solutions and Vivisimo.
About Kodiak
Kodiak Venture Partners pursues a disciplined investment strategy that is focused on building seed and early stage technology companies into high-growth industry market leaders. Kodiak partners have deep expertise in building and investing in market leaders. The team invests in markets where they have had proven success over the years.
Founded in 1999, Kodiak manages three funds totaling $676M and targets companies in eastern North America. Kodiak forges deep relationships with entrepreneurs at the earliest stages and works with a hands-on approach to formulate business strategies, build management teams, and develop critical alliances and customer relationships.
