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Planitax Announces $5 Million Funding Led By Mobius Venture Capital; Funding Demonstrates Continued Investor Confidence in Planitax Vision, Technology, and Market Momentum.

EMERYVILLE, Calif. -- Planitax, Inc., a leading provider of SaaS (Software as a Service) based solutions to corporate tax departments, today announced it has received $5 million in Series C funding. Existing investor Mobius Venture Capital led the round, with participation from other existing investors Draper Fisher Jurvetson and Access Venture Partners. As a result of the financing Frank Mendicino, III, a Managing Director with Access Venture Partners will join Planitax's board of directors. Planitax will use the financing to accelerate its growth and leadership in the market and to extend the company's flagship product suite, Corporate Tax Horizons(R).

"We're excited about the progress and momentum Planitax has achieved in the market with marquee customers," said Rex Golding, Managing Director Mobius Venture Capital. "Planitax's powerful SaaS-based solution addresses a large market opportunity created by the pressures faced by corporate tax departments due to SOX and audit compliance requirements. Many leading organizations have adopted the Horizons solution, and we view the company as a major catalyst in making corporate tax departments more efficient and strategic.

"Over the past eighteen months, we have experienced rapid growth in demand for our Corporate Tax Horizons solution," said Greg Prow, CEO of Planitax. "Leading corporations across a range of industries have validated our vision and derived significant value from our solutions. Having the financial backing of these leading venture firms will enable us to continue hiring the best tax and technology people in the industry and bringing leading tax technology solutions to our clients."

About Planitax

Planitax, Inc. is the leading provider of SaaS (Software as a Service) based solutions and services that enable corporate tax departments to efficiently and effectively manage the data required to reduce operating costs, strengthen tax positions, and improve internal controls. The company's Corporate Tax Horizons(R) solution targets a range of tax processes such as document management, entity management, and audit management that represent the bulk of the cost, resource drain, and risk that accompany the entire tax lifecycle. Thousands of employees in industries such as financial services, retail, manufacturing, technology and healthcare access Planitax's patent-pending solutions. The company is located in Emeryville, California. For more information, please call 800-606-3080 or visit www.planitax.com.

About Mobius Venture Capital

With offices in Palo Alto, California and Superior, Colorado, Mobius Venture Capital is a $2.25 billion U.S.-based private equity venture capital firm managed by an unparalleled team of former CEOs and entrepreneurs, technology pioneers, senior executives from major technology corporations, and leaders from the investment banking community. Mobius Venture Capital specializes primarily in early-stage investments in the areas of: communications systems software and services; infrastructure software and services; professional services; enterprise applications; healthcare informatics; consumer and small business applications; components; and emerging technologies. Mobius Venture Capital combines its technology expertise and broad financial assets with the industry's best entrepreneurs to create a powerhouse portfolio of over 100 of the world's leading high technology companies. For more information on the fund's investment team, technology vision and portfolio companies, please visit www.mobiusvc.com.

About Draper Fisher Jurvetson

Draper Fisher Jurvetson is the leader in early stage venture capital.

With an eighteen-year track record successfully investing in over 200 companies, the firm currently manages its seventh Silicon Valley seed fund and an international multi-stage joint venture. Additionally, Draper Fisher Jurvetson has more than ten regional seed stage venture partnerships. Draper Fisher Jurvetson has proven expertise in identifying extraordinary entrepreneurs, analyzing growing markets, and exploiting catalytic technologies. Furthermore, it has vast experience in founding, staffing and assimilating teams in major technology centers for Draper Fisher Jurvetson's affiliated regional venture capital firms. Headquartered in Redwood City, California, Draper Fisher Jurvetson manages approximately $2 billion in capital. For more information about Draper Fisher Jurvetson visit www.dfj.com.

About Access Venture Partners

Access Venture Partners is an early stage venture capital fund with offices in three of the major technology markets in the country, Silicon Valley, Austin, and Denver. The managing directors of Access Venture Partners are focused on helping entrepreneurs build great companies.

Access actively participates in building the management and distribution infrastructure required to aggressively grow new businesses as well as helping create the top tier investment syndicates to do so. Bringing years of investment experience in over fifty early stage companies, each managing director recognizes the challenges associated with building successful companies from infancy to I.P.O., merger, or acquisition. For more information on Access Venture Partners see www.accessventurepartners.com.

Planitax is a trademark of Planitax, Inc. All other product and company names may be trademarks of their respective companies.
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Publication:Business Wire
Article Type:Company overview
Date:Jul 26, 2006
Words:763
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