AtYourBusiness.com Raises $4 Million Second Round; Investors Attracted to New Web-based Service Designed to Relieve the Administrative Burdens for Small Business.ROCKVILLE, Md.--(BUSINESS WIRE)--October 7, 1999-- AtYourBusiness.com, the first Web-based service to offer a comprehensive suite of outsourced employee management services for small business, today announced the closing of its second round of financing. The $4 million raised will be deployed for further development work and marketing. The financing was led by SpaceVest, a Reston, Virginia based venture capital firm, along with Osprey Management, a Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. venture firm. The venture investors also include Steve Walker & Associates, the investment vehicle for the founder of Trusted Information Services, Inc. The company, based in Rockville, Maryland, completed its angel round of financing in January 1999, raising $1 million. Quintel Communications (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : QTEL), another strategic investor, will work with AtYourBusiness.com to develop promotional offers designed to help direct market the company's services to small business owners, managers and employees via the Web. "A number of companies offer pieces of the human resources management puzzle, but none offer the comprehensive collection of easy-to-use solutions that we will," said Michael Shulman, Chairman and Co-CEO, who has participated in five successful start-ups, including XOOM XOOM Extraction of Object Oriented Software Metrics .com(NASDAQ: XMCM) "AtYourBusiness.com will be the first one stop shop for small businesses looking to simplify their paperwork and gain access to an integrated set of services delivered through one interface." Shulman noted that the technology supporting the AtYourBusiness.com service offering is built with products and tools developed by Microsoft Corporation (NASDAQ: MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade ). The company, which was founded in November 1998, said it will shortly announce some strategic partnerships, and has begun raising another round of financing to support the national launch of its service. "The mix of investors in this round is ideal because they bring institutional financial strength along with access to key potential strategic partners," stated Philip Gross, President and Co-CEO, and a former CFO See Chief Financial Officer. of America Online (NYSE NYSE See: New York Stock Exchange : AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. ). "It's great to have experienced investors who have actually owned and managed small businesses - the target of our online services." |
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