Emerging Channel Management Software Company Announces New Funding, Management Expansion and Customer Growth
SAN MATEO, California - March 2, 2004 - BLUEROADS Corporation, a channel management software company, today announced several corporate milestones that signal the continued rise of indirect global sales revenue in high technology and other sectors. The company has secured $5.3 million in Series B financing from ArrowPath Venture Capital and El Dorado Ventures, and announced three new appointments to its executive team and board of directors, including Vice President of Marketing.
These developments come at a time when BLUEROADS is experiencing rapid growth in its customer base -- particularly in the networking and security software industries. Customer acquisition has increased by 100 percent in the first two months of 2004; following a doubling of the customer base in 2003. More than 1,000 VARs, system integrators and resellers are using BLUEROADS to manage their business opportunities in close relationship with their vendors - signaling the company's role as a fast-growing innovator in channel sales management.
"BLUEROADS is a smart business proposition," said Rick Friedman, partner at ArrowPath Venture Capital. "They provide a strong solution, are taking on a solid portfolio of world-class customers, and are surrounding themselves with high-caliber management."
"BLUEROADS is at the center of a white-hot opportunity as channel revenue continues to exceed revenue from direct sales," said Charles Beeler, general partner at El Dorado Ventures. "By providing enterprises with 100% visibility into their channel processes, BLUEROADS has the ability to immediately improve the return-on-channel-investment."
BLUEROADS has rounded its management team with the addition of a vice president of marketing. Kathleen Hayes, former vice president of worldwide marketing for Epicentric, has joined the BLUEROADS executive team as vice president of marketing. With more than 12 years of enterprise software experience, Hayes brings to BLUEROADS an extensive knowledge of marketing, business development, direct sales and channel sales management. Additional appointments include Charles Beeler, general partner at El Dorado Ventures and Rick Friedman, partner at ArrowPath Venture Capital to the board of directors.
"This year has started with a bang," said Axel Schultze, president and CEO of BLUEROADS. "BLUEROADS will redefine the partner relationship management software market in the months ahead. We expect to make major announcements in every area of our business- from products and customers to partnerships and further corporate milestones."
About BLUEROADS Corporation
BLUEROADS provides channel management software and expertise that allow companies to market and sell more effectively through indirect channels. BLUEROADS 5 empowers individual partner sales representatives to actively participate in closed-loop sales and marketing processes, enabling companies to increase Return-on-Channel Investment. BLUEROADS' impressive customer list includes Hitachi Data Systems, Nortel Networks, Sophos, Sun Microsystems, SurfControl and many more. The company is headquartered in San Mateo, Calif. and privately funded by El Dorado Ventures and ArrowPath Venture Capital. For more information about how BLUEROADS is helping companies create active channels with higher returns, visit our Website at www.BLUEROADS.com or call 650.349.8500.
