NEWS
May 14, 2007
eProject Adds $12 MIllion in Series B Financing to Fluel Continued Growth
 
Financing Led by Bay Partners Along with Kennet Partners for Company That Grew 125% in 2006

Seattle, WA — May 14, 2007 — eProject, the on-demand leader in collaborative project and portfolio management (PPM) software, today announced the completion of its series B round of venture financing totaling $12 million. The round was led by Bay Partners and included previous investor Kennet Partners.

eProject goes beyond providing traditional "project management" functions with its on-demand model and Web 2.0 capabilities, which enables individuals and companies to work smarter and faster within their specific business processes and structure. The company’s project and portfolio management product, PPM6, enhances virtually any process or methodology a company already has in place, such as project estimates, resource planning and a mechanism for team members to have chat-like discussions to speed up decision making processes. eProject is also driving a new wave of Dynamic Applications, enabling business users to create "do-it-yourself" applications on the fly and provision them to groups or the entire organization. The company has more than 100,000 users at 650 companies relying on their software every day, and is adding new customers at a rapid rate (please see press release about customer momentum in Q107).

"The technology market is moving in a direction where businesses can make software work for their specific situation and needs with very little effort or technical expertise," said CEO Jeff Pancottine. “Our recent growth has put us in a position to capitalize on a number of major technological directions, including the emergence of software-as-a-service and Web 2.0 technologies as mainstream business tools. With this additional financing, eProject will be able to continue its aggressive growth trajectory and find new ways to help companies improve and streamline everyday business processes.”

"eProject’s recent customer and market momentum clearly demonstrate how its innovative technology platform is delivering true value to the mid and enterprise markets," said Sandesh Patnam, partner at Bay Partners, who will be joining eProject’s board of directors. "eProject is at the center of a variety of macro-business trends focused on helping companies and their employees become more efficient and take advantage of Web-based technologies. We see a strong opportunity for the company to both continue to disrupt the project management industry with innovative, on-demand services, and to expand into new areas to help companies use eProject technology as the collaborative platform and system of record for getting business done."

"eProject is redefining the notion of project and portfolio management at its core," said Eric Filipek, director at Kennet Partners. "eProject has been able to go beyond traditional project management and cater to virtually any industry and function within or even outside a company, be it sales, finance, engineering, marketing or product development. Their platform has tremendous potential to change the way businesspeople work everyday and become an essential productivity tab for the enterprise web browser."

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partner of the European Tech Tour "The Endeavour Vision team have been much more supportive and additive than others I have worked with the past. When our company was spun-off from Danfoss incubator, they gave us a great amount of support in the administrative load of a start-up, and worked hard to learn the details of the market and opportunity. Consequently, they have supported our company tremendously over the years, from day-to-day operations to strategic direction."
James Peterson, CEO and Chairman, CeQur SA