Business: A software platform for business process management. The company has also developed digital signature infrastructure.
Founded: January 1996
Headquarters: Severna Park, Md.
VC Raised to date: $44 million
VC Raised one year ago: $24 million
Investors: 3i Group, Axiom Venture Partners, Dresdner Kleinwort Capital, Ironside Ventures, UBS Capital, CIBC World Markets
Plans one year ago: Metastorm seemingly had all the money it needed after completing a $20 million round of venture capital funding in May. But the company decided to take another dip in the private equity pool with a follow-up investment of $4 million from Dresdner. “We were looking for the relationship,” Metastorm chief executive Avi Hoffer said.
The company planned on using its funds for sales, marketing, distribution and customer service in the U.S. and internationally. Metastorm expected to expand its presence in Germany, Italy, South Africa, Australia, France, Spain and Switzerland. Metastorm was expecting profitability by the end of the year and would not be returning for another round of private equity.
Status: Metastorm didn’t quite make it to the profitability mark and is now hoping for profitability by end of Q2. While there are no exit plans this year and no need for additional private equity, Metastorm plans to continue to building the business.
Metastorm has signed up 16 customers in the last two quarters, which brings them to more than 100. Additionally, the company has expanded into Switzerland, Germany and the UK.