Accept Software Raises $17 Million Investment

FREMONT, Calif.--(BUSINESS WIRE)--Accept, the expert in on-demand software for idea management, portfolio management, and requirements management, today announced that the company closed its Series B financing. Led by StarVest Partners, L.P. with participation by existing investors Jefferson Partners and The Entrepreneurs Fund (TEF), the investment totaled just over $17M. The new funds will be used to respond to growing customer demand by accelerating development of the company’s product line and expanding sales and marketing.

“We have grown year-over-year revenues in excess of 70% and significantly increased both the number and industry diversity of customers we serve. Furthermore, we continue to rapidly introduce innovative market-focused products.”

Accept helps companies increase the speed and certainty of new product success and turn product innovation into a competitive advantage. Accept SaaS innovation management solutions help companies engage communities, prioritize and manage new ideas, align products with company strategy, and unify execution across teams.

“In Accept, we saw a company solving a significant customer problem,” said Larry A. Bettino, general partner at StarVest Partners. “They are indicative of a next-generation Software-as-a-Service company we like to invest in. Accept has excellent customers, innovative products, and an experienced team with the ability to execute in a very tough time. We look forward to working with them as they continue their strong growth.”

“StarVest Partners invested in Accept because of our consistent performance and vision,” said Bryan Plug, President and CEO, Accept. “We have grown year-over-year revenues in excess of 70% and significantly increased both the number and industry diversity of customers we serve. Furthermore, we continue to rapidly introduce innovative market-focused products.”

About Accept Software

Accept helps companies create tomorrow’s winning products and drive sustained competitive advantage. Forward-thinking businesses increase new product revenue, drive competitive advantage, maximize R&D investment, and improve productivity with Accept’s award-winning Innovation Management Solution. Accept conceived of and delivered the first comprehensive solution to combine voice-of-the market, portfolio and product planning and management, and requirements management. With Accept, companies gain visibility and control, align corporate and product strategies with market needs and successfully execute strategies and plans. Accept Software was recognized by the Association of International Product Marketing and Management (AIPMM) in 2006, 2007, and 2008 with the Excellence in Product Management Award. For more information, visit www.acceptsoftware.com.