$9.1 Million Series C Financing, Additions to Board and Management Team Position Company for Continued Success
SAN MATEO, Calif. -- September 20, 2005 - BLUEROADS Corporation, a channel management Software-as-a-Service company, announced today a series of milestones that will accelerate the company's growth as it becomes the de facto standard for channel management solutions. BLUEROADS closed its Series C financing, a $9.1 million round led by new investor Cardinal Venture Capital, and including participation from existing investors ArrowPath Venture Capital, and El Dorado Ventures. The company also expanded it Board of Directors to include Christian Borcher, a Partner at Cardinal Venture Capital with a particular expertise in advancing Software-as-a-Service business models.
In addition, BLUEROADS has completed its management team build-out with the appointment of Prem Malhotra, Ph.D., as Vice President of Engineering. The influx of financing will be used to boost BLUEROADS' product development, sales and marketing efforts. The strengthened leadership team will help guide the company in the face of increasing customer demand for its leading-edge channel management software.
"The channel management sector continues to gain steam as global companies embrace indirect sales as a key to incremental revenue and increased market share," said Mr. Borcher. "BLUEROADS is emerging as the clear leader in this space based on their unique technology, unmatched domain expertise in understanding the complexities of channel sales, and attractive business model."
BLUEROADS saw record revenue growth in 2004 and that momentum has continued through the first half of 2005, thanks in great part to the company's ongoing technology innovations. Customers have responded eagerly to the launches of BLUEROADST 6, the flagship channel management suite, modules for Partner Relationship Management and Deal Registration and out-of-the-box integration with WebEx Communications' (NASDAQ: WEBX) Meeting Center.
"I look forward to joining such a visionary software team, and helping guide them to ever-greater heights in developing and delivering next-generation solutions," said Mr. Malhotra. "My development philosophy is based on listening carefully to what customers say they need, and that has been the basis of BLUEROADS' success to-date." Mr. Malhotra brings more than 24 years of software development expertise to BLUEROADS, including experience in the fast-paced phases of a startup from pre-IPO to post-IPO at Selectica, where he managed product development and operations in the US and India.
"This is a truly exciting time for BLUEROADS , " said CEO and President Axel Schultze. "Our value proposition of turning the complexities of the channel into a competitive weapon is striking a chord with companies looking for new ways to win in crowded markets. Our solutions are being embraced because of their breadth and power, but also because their architecture actively encourages adoption throughout large sales partner networks. And our Software-as-a-Service delivery model is in tune with today's economic imperatives. The key, of course, is for us to execute flawlessly in the face of this opportunity. Today's financial and leadership team announcements poise us to continue doing precisely that."
About Cardinal Venture Capital
Cardinal Venture Capital invests in early stage information technology companies , in areas including Software-as-a-Service, Wireless, Security, Electronic payments and Digital media. Cardinal's investing team helps build successful technology-based businesses by applying their extensive experience as entrepreneurs and operating managers. Cardinal Venture Capital is based in Menlo Park, California. www.cardinalvc.com
About BLUEROADS Corporation
BLUEROADS Corporation provides channel management Software-as-a-Service, which enables companies to market and sell more effectively through indirect channels. BLUEROADS 6 empowers individual partner sales representatives to actively participate in closed-loop sales and marketing processes, enabling companies to increase channel performance and predictability. BLUEROADS was recognized by Gartner Group as a "cool vendor" for 2005, for its delivery of innovative, impactful and intriguing solutions for the industry. BLUEROADS' impressive customer list includes Hitachi Data Systems, Nortel Networks, SurfControl and many more. The company is headquartered in San Mateo, California and funded by and ArrowPath Venture Capital, Cardinal Venture Capital, and El Dorado Ventures. 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.
