Convoq Closes $13M Growth Round Led by Silicon Valley-based Bay Partners.LEXINGTON, Mass. -- Convoq, Inc., an innovative provider of online communication and collaboration applications, today announced it has secured $13M in Series C financing. The round was led by Bay Partners, a Cupertino, Calif.-based early-stage venture capital firm active in wireline, wireless and enterprise software and services, which has funded over 250 companies including Informatica, Digital Island, Brocade Communications, and WebLogic. Convoq's existing venture investors, North Bridge Venture Partners and Polaris Venture Partners, also participated in this round. "We invested in Convoq because of its experienced management team and its tremendous potential to deliver deep, real time collaboration value to high margin commerce transactions and to CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. solutions," said Chris Noble, general partner, Bay Partners, who has also joined Convoq's board of directors. Convoq will use the funding to increase and broaden its sales and marketing initiatives. The company's comprehensive ASAP (chat) asap - As soon as possible. suite is designed for sales, marketing, training and support departments. Convoq delivers its software solutions as a subscription-based hosted service. "This vote of confidence confirms our vision of becoming a major applications company delivering communication and collaboration software See collaborative software. as a service," said Chuck Digate, Convoq president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "With our technology and additional capital, we're poised to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. a huge market, which Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. estimates at 44 million potential CRM users worldwide." In November 2005, Convoq introduced its latest offering, SellASAP for AppExchange - the only online meeting system specifically designed for salesforce.com users that provides: --One-click online meetings with any lead or contact in Salesforce, eliminating wasted time jumping between applications; --Automatic meeting data capture for reporting and analysis; and --Instant participation via Flash for meeting invitees, providing a hassle-free, no software experience. About Convoq Convoq, Inc. is an innovative provider of online communication and collaboration applications focusing on the CRM market. The company is backed by leading venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] Bay Partners, North Bridge Venture Partners and Polaris Venture Partners. Convoq is based in Lexington, Massachusetts. For additional information, please visit www.convoq.com. |
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