Not everyone took it easy last week following the Labor Day holiday.In just five days, software provider Ai Metrix Inc. relocated its corporate headquarters across the country, named a new president of the company and completed a $23 million Series B round led by General Atlantic Partners LLC.
Spectrum Equity Investors, which was the only investor in the company?s $6 million first round, put up about $4 million this time around. Bear Stearns & Co. served as a financial advisor on the deal.
The cash infusion will permit the company, which received a post-money valuation of $60 million, to accelerate its product development and deployment efforts, further enhance its customer support capabilities and support the expansion of its domestic and international marketing activities.
“This round should last us for a couple of years,” said Jeff Huffman, manager of marketing and communications with Ai Metrix. “We will become profitable, it?s not like we are burning through our capital fast. Between our revenue stream and this $23 million, we are fine.”
Down the pike, Huffman said he sees an IPO in the cards. He added that the company, which has more than 70 employees ? hence the need to move its headquarters from El Dorado Hills, Calif., to a bigger space in Herndon, Virginia ? expects to finish out the year with $15 million in revenue.
Ai Metrix?s signature offering, NeuralStar, is a suite of software products and services that provide broadband service providers, such as Broadwing Inc., Comcast Business Communications and the Department of Defense with scalable solutions for inventory management, service assurance, service activation and business layer integration.
Vic Parker, a general partner with Spectrum and an Ai Metrix board member, said he is happy with the company?s progress thus far. He also said he suspects that the company could be a contender for an IPO or, more likely, a merger sometime down the road.
“This company made great progress on limited resources,” Parker added. “Now the spending environment is tight so they need to prove their value. They shouldn?t have a need for outside capital anymore.”
In related news, former vice president of sales and marketing Shawn Reese recently took the company?s helm. He was unavailable for comment by press time.
Contact Danielle Fugazy:Danielle.Fugazy@tfn.com