Providing real-time market analytics for leading Global 2000 companies, Biz360 is set to capitalize on growing market need
San Mateo, CA - May 19, 2003- Biz360® Inc., the leading provider of active market intelligence, today announced that it has secured $10.5 million in Series C funding. BA Venture Partners of Foster City, CA, led the round with existing investors Adobe Ventures, Granite Ventures and Foundation Capital also participating. Sharon Wienbar, director, BA Venture Partners will join Biz360's board of directors. A large customer base, key partnerships and 184% annual revenue growth allowed Biz360 to close an oversubscribed, up-round of funding in just two months, at a higher valuation than anticipated. Funds raised will be used to gain market share through increased sales efforts and to raise awareness of the growing need for active market intelligence among Global 2000 companies. "Biz360's proven software-as-services business model delivered rapid growth during one of the most challenging software markets that we've seen. As more enterprises discover the benefits of buying software as a service, such as lower IT support costs, companies like Biz360 are uniquely positioned for success," said Sharon Wienbar, director, BA Venture Partners. "We were also impressed with Biz360's ability to identify and address the large new market for active market intelligence; as companies rationalize spending across the board, Biz360 helps executive focus marketing dollars and activities where they're most effective." Biz360 achieved unprecedented 184% year-over-year revenue growth, driven by industry leading customers such as 3Com Corporation, AstraZeneca, Bank of America, Centocor, Harley-Davidson Motor Company, Oracle Corporation, PacifiCare Health Systems, Seagate Technology, Sun Microsystems and
VeriSign, Inc. Corporate communications and marketing executives use Market360 to actively monitor their market presence, analyze macro trends affecting the industry, track the competitive landscape and adapt their marketing communications strategy to maximize the effectiveness of their communications budget. No other product offers this level of comprehensive analysis and action identification, based on information gathered from over 50,000 print, online and broadcast sources from leading content providers, including Bacon's; Dialog, a Thomson business; Factiva, a Dow Jones and Reuters company, and multivision.
"Marketing is under more pressure than ever to measure the results of performance, but in most companies the practice of measurement is still more art than science. With better tools, research and processes in place, marketers will improve their ability to plan and budget and will increase the effectiveness of their initiatives. More importantly, they will be better equipped to analyze what is working and what is not, deploying resources where appropriate," said Rich Vancil, vice president, Technology Marketing Research, IDC. "Applications like Market360, from Biz360, Inc., are part of this evolution, enabling corporate communication executives to quantify and analyze their programs and strategies."
"Effective decisions are based on active market intelligence information that's fresh, relevant and actionable," said You Mon Tsang, founder, chairman and CMO of Biz360. "With Market360, marketing departments of large corporations can base their strategies and programs on a level of in-depth analysis that other departments have relied on for decades. The support of our investors both financially and for solid business advice has allowed us to build a critical offering and further solidify our position as the leader in this growing market."
Biz360 also today announced the appointment of Bud Michael as Chief Executive Officer. Mr. Michael joins Biz360 from KANA Software where he was most recently senior vice president in charge of marketing, products and information systems. Mr. Michael was recruited for his expertise in growing companies and returning shareholder value. For more information please see the release entitled "Bud Michael Joins Leading Market Intelligence Software Company Biz360 as Chief Executive Officer" that was issued today.
About BA Venture Partners
BA Venture Partners, a venture capital partnership, leads start-up to expansion stage investments in networking, semiconductor, software, medical technology and biotechnology companies. The firm closed BA Venture Partners VI, a $500 million fund, in 2000. BA Venture Partners' sole limited partner is Bank of America. Visit their website at www.BAVenturePartners.com.
Biz360 empowers decision makers with essential information that allows them to act strategically and respond effectively to industry trends and competitive issues. Its measurement application, Market360®, continuously monitors and analyzes print, Internet, wire and broadcast media to provide valuable insight into the effectiveness of marketing communications programs.
Leading companies such as 3Com Corporation, Harley-Davidson Motor Company, Hyperion Solutions, PacifiCare Health Systems and Verisign Inc. use Market360's active market intelligence to improve their marketing performance by analyzing difficult-to-measure concepts such as brand perception, industry buzz, reputation and mindshare. Biz360 is a privately held company located in San Mateo, CA and is funded by Foundation Capital, Granite Ventures, BA Venture Partners and Adobe Ventures. Biz360 can be reached at 866.424.9360 or www.biz360.com.