InLeague, Inc. Secures $10 Million in Series B Funding; Company Will Expand Its High Quality Payroll and Payroll Tax Services.Business Editors SAN BRUNO San Bruno (săn br  `nō), city (1990 pop. 38,961), San Mateo co., W Calif., a suburb on San Francisco Bay; inc. 1914. There is light manufacturing and petroleum refining. , Calif.--(BUSINESS WIRE)--Aug. 9, 2001 InLeague(TM), a national provider of innovative payroll and payroll tax Payroll Tax Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax. services for mid-sized and larger companies, today announced that it has secured $10 million in Series B funding from Mohr, Davidow Ventures and the IGNITE Group. The funds will be used to aggressively expand sales and marketing, to grow InLeague's service offering, and to support ongoing operations. The company has raised a total of $17.5 million in equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. since its founding in 1997. The InLeague Payroll Service combines the control, flexibility and 24/7 access of an in-house system with the ease-of-use and expert support of a top-tier outsourcing service. The highly scalable, standards-based solution leverages the best in current database and Internet technologies, providing clients with unparalleled processing accuracy and saving them significant time and money. In addition, InLeague's open architecture enables the seamless interchange of information with existing in-house applications as well as with independent benefits providers. InLeague's patent-pending technology and comprehensive client service have fueled strong business growth since the service was introduced in late 2000. InLeague's customer base has quickly grown to more than 100 clients, while its average client size doubled within the past quarter. "InLeague has proven its ability to provide a superior service and demonstrated sound business growth and management," said Nancy Schoendorf, co-managing partner at Mohr, Davidow Ventures. "The company is differentiating itself and prospering due to its excellent capabilities and client support. We believe that InLeague will continue to make significant inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ into the very substantial market for corporate payroll and payroll tax services." "We joined the investor group because we are impressed with InLeague's management, its proven technology and its commitment to its customers," said Steve Payne Steve Payne may refer to:
"We are pleased that, in one of the toughest funding environments in memory, we have received such a strong vote of confidence from the investor community," said Mike Armistead, InLeague's 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. . "This funding allows us to focus on taking the company to the next level -- introducing exciting new capabilities and expanding our business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets ." About InLeague InLeague offers superior payroll and payroll tax services nationally for mid-sized and larger companies. InLeague's hosted, open, standards-based system leverages the best in current technology, enabling the seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. of information with existing in-house applications as well as with benefits programs offered by outside providers. For more information on the San Bruno-based company, visit the Web site at www.inleague.com or email info@InLeague.com. The Investors: About Mohr, Davidow Ventures Mohr, Davidow Ventures (MDV MDV mucosal disease virus. ) has built a reputation among entrepreneurs as a partner by taking a hands-on approach to investments and working skillfully to architect and build successful companies innovating in networking and communications, enterprise software, semiconductors and Internet services. MDV possesses an extended team of experts, including the firm's partners and an active network of seasoned entrepreneurs. Together, they focus on early stage investments while bringing years of real-world experience to accelerate each company's time to market and optimize its long-term success. Companies funded by MDV include category-leading companies such as Agile Software, Brocade, Datasweep, nLight Photonics, ONI ONI abbr. Office of Naval Intelligence Noun 1. ONI - the military intelligence agency that provides for the intelligence and counterintelligence and investigative and security requirements of the United States Navy Systems, and Vitesse. MDV is a Series A investor in InLeague. Founded in 1983, MDV has offices on Sand Hill Road in Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif., in Seattle and McLean, Va. For more information, visit www.mdv.com. About The IGNITE Group The IGNITE Group is a U.S. venture capital firm specializing in the software, telecommunications and Internet segments. The IGNITE Group (www.ignitegroup.com) has strong connections in both Silicon Valley and Asia, with blue chip investors such as NTT NTT Nippon Telegraph and Telephone Corporation NTT New Technology Telescope NTT National Technology Transfer, Inc NTT Name That Tune (TV game show) NTT National Tree Trust NTT Number Theoretic Transform Communications, Bank of Tokyo-Mitsubishi, Tokyo Marine, Tokin Corp., Hitachi, Epson and Komatsu. The IGNITE Group is headquartered in Silicon Valley, with a satellite office and Asia-focused venture fund in Tokyo. Note to Editors: InLeague and the InLeague logo are trademarks of InLeague, Inc. All other trademarks are the property of their respective owners. |
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