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iConclude Announces Series A Funding.

BELLEVUE, Wash., Aug. 31 /PRNewswire/ -- iConclude, a pioneer of problem resolution management software, today announced a $3 million Series A round of venture capital funding, led by Madrona Venture Group. Additional investors include Cronus Ventures LLC and iConclude management team members. iConclude will use the capital for product development and expansion of the management, marketing and development teams. Matt McIlwain, managing director at Madrona Venture Group, and Rao Ramela, general partner at Cronus Ventures, joined the company's board of directors.

iConclude develops technology to fundamentally change the way IT organizations support mission critical applications. The company's products, which will be launched later this year, allow corporate employees, IT service desk, and the operations staff to quickly and successfully resolve IT problems. iConclude's technology will significantly reduce the time required to diagnose, repair and maintain complex applications that would otherwise be escalated to expensive IT personnel. The market for these products, known as problem resolution management, is estimated to be between $2 and 5 billion annually, according to Deutsche Bank Global Equity Research.

"iConclude is focused on a pervasive customer need to improve the effectiveness and reduce the per incident costs of supporting information technology," said Matt McIlwain, managing director at Madrona Venture Group. "This exceptional management team has already gained early customer traction, by leveraging their industry knowledge and insights from strategic advisors."

iConclude was founded in early 2005 by Sunny Gupta, who brings strong management and go-to-market expertise from his time with Mercury Interactive, Performant and Rational. Additional management team members include Jeff Gerber, with a background in architecture and software development from Mercury Interactive and Performant; Brian White, who comes to iConclude from Microsoft and IBM Rational where he successfully drove product strategy and definition for some of the most successful enterprise software products; and Eric Hughes with over 10 years in enterprise application software sales for companies like Cerner and PacificEdge Software.

"IT processes for problem resolution and maintenance are in desperate need of automation. IT departments have experience automating other business functions, including sales, customer reporting and finance, but have not yet fully automated their own processes," said Sunny Gupta, founder and CEO of iConclude. "We are confident that the team at iConclude is well-positioned to capitalize on the clear market opportunity that presents."

About iConclude

iConclude was founded in 2005 and is located in Seattle, Washington. The company raised $3 million in financing from Madrona Venture Group and Cronus Ventures. iConclude software is based on the ITIL best practices of incident and problem management. iConclude helps IT organizations reduce costs, improve customer satisfaction and minimize downtime by applying automation to the diagnosis and resolution processes.

About Madrona Venture Group

Madrona Venture Group, headquartered in Seattle, Wash. is a top-tier venture capital firm that brings together the resources, experience, teams and strategic relationships to build the next generation of leading technology companies in the Pacific Northwest. The firm has a nine-year track record of returns and a well-established team focused on regional investing in enterprise IT, consumer technology, wireless and networking. Portfolio companies leverage Madrona's expansive network of relationships with technology thought leaders, established and emerging companies and channel partners, financial institutions and universities. For more information visit http://www.madrona.com/.

CONTACT: Britt Cutsforth of Sparkpr, +1-415-321-1872, or britt@sparkpr.com, for iConclude

Web site: http://www.madrona.com/
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Publication:PR Newswire
Date:Aug 31, 2005
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