ascertech raises euro6.5 million in second round funding

Investee Company – ascertech AG

Investee Company Business Type – IT cost management software provider

Type of Financing – Expansion

Equity Providers – DVC Deutsche Venture Capital, Accenture Technology Ventures

Equity Leader (Individual) – Ingo Hirsch, DVC Deutsche Venture Capital

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – euro6.5 million

Total Deal Value – euro6.5 million

Other Advisors – N/A

Comments – German IT cost management software company ascertech AG has received an investment of euro6.5 million in second round funding. DVC Deutsche Venture Capital and Accenture Technology Ventures provided the backing for the round.

Founded in 1996 under the name of INTERNET ONLINE AG, Cologne-based ascertech offers software and related services for IT cost management, supplying a range of customers including banks and insurance companies.

Having achieved revenues of more than euro3 million last year, the company’s main product, BillingWare, is a universally applicable solution that makes IT infrastructure costs more transparent and quantifiable by defining, automating and billing IT products.

BillingWare enables IT-departments of big companies and outsourcers to create the transparency needed to reduce IT costs in distributed networks.

Thilo Dieckmann, CEO of ascertech commented that: “I am delighted that Deutsche Venture Capital and Accenture Technology Ventures have realised the potential of our software. During the next 12 months, ascertech’s main objective is to completely penetrate the German market by means of this investment and then start an international roll-out.”

Holger Heims, managing partner of DVC stated that: “BillingWare is the tool executives and IT controllers demand.” This perhaps outlines a precedent for fund raising in what has become a notorious sector.