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Press Release: Premiere Provider of Change Management Solutions for Software Development Sees 130% Annual Growth Rate
Bonnie Snow Carol Shen THE HORN GROUP (415) 579-6400 news@horngroup.com
IRVINE, CA, November 28, 1995-- Continuus Software Corporation today announced it has received an additional $4.1 million in venture capital financing. Accel Partners, a new investor, led this round of funding in cooperation with Norwest Venture Capital, the lead venture investor for Continuus Software. Other Continuus investors include Advanced Technology Ventures and Brentwood Associates. With this round, the current total investment in the company is $13.8 million.
The new financing will fund the company's continued development of Continuus/CM and PT, a comprehensive suite of change management technologies for software development. This round of financing will also be used as working capital to support the expansion of sales and marketing efforts as the company extends its product line to Windows and business information systems communities.
Kevin Hall, partner at Norwest Venture Capital, commented, "Our investments in software have shown us that the complexity of client/server development is driving a burgeoning need for change management products, and we feel Continuus has the best solution. With its 130% growth rate, it is clearly one of the leading vendors in the market."
Newest to this investment group is Accel Partners, a large venture capital firm specializing in enterprise client/server software investments. The firm has investments in many leading technology companies such as Arbor Software, Illustra, MacroMedia, Remedy, The Dodge Group, PictureTel and UUNet Technologies among others. Accel has participated in this round of financing because they believe that Continuus is the leader in its target market for sophisticated process-oriented change management solutions for software development.
Arthur Patterson, managing general partner at Accel Partners, commented, "Continuus is quickly evolving into a highly visible company which is distinguishing itself from the competition with a dynamic product suite that meets the needs of software developers across a broad range of industries. With this financing and the additions to their experienced management team, Continuus will continue to build on its success and is well-positioned to lead the market over the next five to 10 years."
Continuus President and CEO, John Wark added, "Our investors continue to show strong support for our corporate growth strategy. With this latest round of financing, Continuus is aggressively positioned to meet our strategic goals for profitability, customer satisfaction, and long-term growth."
Accel Partners is a national venture capital firm with offices in San Francisco, Calif., and Princeton, New Jersey. The firm has $350 million under management and focuses its investing on the telecommunications and software industries.
Based in Irvine, California, Continuus Software is a leading provider of change management solutions for software development. The company develops and markets Continuus/CM and PT, a suite of change management technologies designed for software development teams that manage the entire process of software development and ongoing maintenance. The products feature a predefined, customizable process model for rapid implementation, as well as customization tools for end users. Additionally, the company offers extensive consulting, training and integration services.
With these products and services, Continuus sets a new industry standard in change management, process support, ease-of-use, flexibility and scalability to help software developers increase team productivity, improve product quality and speed time to market. Continuus is a privately-owned, venture-backed corporation. Products are sold direct in North America, France, Germany and the UK as well as through resellers in other countries. Customers include: Apple, BMW, Bell Atlantic, Chemical Bank, Lockheed, Motorola, Rockwell, ScotiaMcLeod, Texas Instruments and Tandem Computers.
File Date: 11/28/95