Virtual Growth Closes On $12 Million in Funding; Preparing for National Launch of Online Accounting Service.NEW YORK--(BUSINESS WIRE)--Nov. 17, 1999-- Silicon Alley-based Virtual Growth Incorporated, a pioneer in providing outsourced bookkeeping and accounting services to fast-growing, small to medium-sized businesses, announced today that it has closed on $12 million in venture financing from an investor group which includes: Bessemer Venture Partners Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, China, and India. It has backed such companies as Ciena, Flarion, Parametric Technologies, Skype, Staples, VeriSign and Veritas. , StarVest Partners, L.P., Citigroup Investments, Inc., a subsidiary of Citigroup Inc. (NYSE NYSE See: New York Stock Exchange : C) and Chelsea Capital Partners. Virtual Growth plans to expand its services nationwide in the first quarter of the year 2000 to become the leading provider of outsourced online bookkeeping and accounting services for fast-growing small and medium-sized businesses. Stephen King <noinclude></noinclude>
Stephen Edwin King (born September 21, 1947) is an American author of over 200 stories including over 50 bestselling horror and , Founder 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. , says "We believe the ASP business model requires a service component in order to satisfy the needs of the customer. Our offering meets those needs by combining a bookkeeping and accounting solution along with advanced technology previously available only to Fortune 500 companies." Jeanne M. Sullivan, Founder and Co-Chairman of StarVest Partners, said, "We believe in outsourced business-to-business solutions that serve today's dynamic corporate needs. Virtual Growth's outsourced accounting solution can't be duplicated by competitors due to the underlying Lawson technology, the service component of the Virtual Growth offer, and the management team's ability to execute." StarVest is a private equity partnership that focuses on Internet and Information Technology companies and converging business services. "Virtual Growth has a solid track record of providing great service to their clients," said Bob Goodman, Partner at Bessemer Ventures. "Their new business model is scalable to provide the same high-level service to thousands of customers." Virtual Growth entered into a strategic alliance with Lawson Software (Lawson Software, St. Paul, MN, www.lawson.com) A software company that specializes in ERP for vertical markets including health care, retail, public sector, professional and financial services. as its outsourced accounting partner for small businesses. Virtual Growth's new service is built with LAWSON INSIGHT A family of ERP applications from Lawson Software. It integrates with non-Lawson MRP (manufacturing) systems and provides the back-end processing for industries such as health care, retail, public sector and professional and financial services. (R) II Financials software suite, a powerful enterprise-class accounting software package used by Fortune 100 companies. The new service will be designed for companies with less than $50 million in revenues and will provide them with a cost-effective set of sophisticated, customizable financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and reports. Virtual Growth has created an easy-to-use web-based customer interface that allows users to quickly pick up the system and work with minimal training. "Because of our unique architecture, Lawson Software provides companies with an unprecedented opportunity to have a solution as robust and scalable as any Fortune 100 company," said Richard Lawson
Richard Lawson (born Rickey Lee Lawson on March 7, 1947 in Loma Linda, California, U.S. , President and COO of Lawson Software. "Virtual Growth will deliver a desktop that presents only the functionality the customer needs and easily expands over time no new software or implementation will be required because it will already be part of the original product." Richard Lawson has recently become a member of Virtual Growth's Board of Directors. ources, procurement, supply chain and performanon and user-friendly support. Lawson Software hted, cross-application data access. Aboun New York's Silicon Alley An area in New York that has become known for its companies devoted to multimedia and the Internet. It is located in Manhattan's "Soho" district, which does not stand for Small Office Home Office, rather it is SOuth of HOuston Street. , Virtual Growth reli |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion