Accept Software attracts venture funding to accelerate adoption of enterprise product planning
FREMONT, Calif., July 27, 2006 -- Accept Software, fueling its growth in enterprise product planning with industry-leading customers such as BEA, Aspect Software, and Mercury Interactive, today announced it has completed a funding round of $4.25 million led by Toronto-based Jefferson Partners. The company also announced the addition of two members to its board of directors: Ian Locke, Managing General Partner of Jefferson Partners, and Ken Gardner, a successful Silicon Valley serial entrepreneur.
Accept will use the funding to enhance its product footprint in new market segments, build out its sales and marketing organization, and expand internationally. Building on the success of its Accept 360 application suite, which has enjoyed rapid adoption by a range of category-leading technology firms, Accept Software is poised to establish Accept 360 as the de facto standard for enterprise product planning.
The addition of Mr. Locke and Mr. Gardner completes Accept Software's board of directors. Locke was formerly vice president of global alliances for Netscape Corp. He also served as president and chief operating officer of The docSpace Company, where he helped engineer an acquisition of the company by Critical Path for $568 million in the spring of 2000.
Gardner co-founded Sagent, a business intelligence software company, and served as the company's president and CEO through its initial public offering in 1999. He was also the founder, CEO and chairman of the board of Istante Software, which was sold to Oracle Corp. in December 2004.
"Of the hundreds of startups that we canvas each year, Jefferson funds fewer than one percent," said Locke. "Accept Software, which was largely built from within, is so well entrenched in its market that it defines the fast- track startup that will turn an industry on its ear."
"Accept's growing family of marquee customers has embraced its technology with passion," said Gardner. "They know that Accept's value proposition goes beyond enabling its customers to create and launch better products. Simply put, Accept 360 enables companies to harness the tremendous value of their intellectual property, and to leverage that IP to build and sustain market advantage."
The new funding coincides with the rapid adoption of Accept 360. BEA Systems, a world leader in enterprise infrastructure software, uses Accept 360 to provide a centralized view of its entire product development lifecycle and to guide the expansion of its product portfolio into new markets. Actuate Corporation, the world leader in enterprise reporting applications, uses Accept 360 to plan and develop multiple major product releases simultaneously. Other customers use Accept 360 to manage and integrate requirements and features with product roadmaps in portfolios in industries as diverse as software, business process outsourcing, and manufactured goods.
"Accept enables an entirely new approach for companies to bring their product ideas from cocktail-napkin concept to practical reality," said James Davies, CEO of Accept Software. "Today our vision has become a fully realized solution for enterprise product planning -- with the first robust requirements-management platform that integrates with roadmapping, strategic planning, and portfolio planning. While other providers focus exclusively on the small-business segment, Accept 360 scales nicely from 5- and 10-seat on-demand customers to enterprise customers deploying thousands of seats."
Accept 360, an application that builds on a robust requirements-management platform to help guide product developers through every phase of enterprise product planning, was honored with the Excellence in Product Management Tools award by the Association of International Product Marketing and Management (AIPMM) in April, 2006.
About Accept Software
Accept Software provides the leading solution for enterprise product planning. Leading product and service companies throughout the world use the award-winning Accept 360 application suite to deliver market-leading products. Regardless of the size of an organization or the complexity of its products or markets, Accept Software helps customers bring better products to market faster and with greater likelihood of long-term commercial success. Privately held, Accept Software is headquartered in Fremont, California and serves a growing customer base that includes Actuate, Aspect Software, BEA Systems, Mercury Interactive, and PDF Solutions. For more information, visit http://www.acceptsoftware.com .
NOTE: Accept 360 and the Accept logo are trademarks of Accept Software Corporation. All other trademarks, registered trademarks and service marks are the property of their respective owners.
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