CHICAGO--(BUSINESS WIRE)--BigTime® Software, Inc., a leading provider of cloud-based productivity tools for growing professional services firms, today announced a $2 Million Series A equity financing. LTC Partners, Geneva Venture Investment Management, Hickory Grove, LLC, and Howell Capital, LLC, participated in the financing.
BigTime’s award-winning time, billing and practice management software integrates with QuickBooks® by Intuit Inc. (NASDAQ: INTU), the leading small business financial platform. By providing a highly customizable, browser-based interface for practice management, professional services firms in industries such as accounting, architecture/engineering, marketing services, design/advertising, consulting, and IT services can instantly deploy and connect BigTime® to existing back-office services.
“BigTime Software is the first B2B cloud-based firm we’ve seen with a sophisticated multi-channel approach to sales,” said Joel Dryer, who led the investor group. “The company has spent years building an active OEM channel and growing their reseller channel, which combine with the web-based sales channels that SaaS firms typically employ. We invested in BigTime’s management team, strong technology, and their potential to drive growth through more than just website traffic.”
Gartner, a leading technology research firm, predicts that the converged cloud and SaaS computing segment will top $10 billion in revenue in 2011, and lists financial management as one of the applications leading the wave. According to IDC, cloud solutions for the enterprise will evolve beyond a separate delivery model to become “simply the way IT is done.”
“Cloud computing is an explosive growth area, and most industry analysts are suggesting that what we’ve seen so far in the B2B space is only the beginning,” said Brian Saunders, the firm’s founder and CEO. “With the support of the Company’s first group of outside investors, we can take advantage of that dynamic within our own specific sector of the market.”
“Our flagship product is continuously being enhanced to meet the needs of our growing customer base and partner network,” added E. Jeffrey Lyons, president. “With this round of financing, we are poised to take our cloud-based, scalable solution to the next level of growth, both as an independent company and as a strategic partner with other industry leaders.”
The proceeds from the Series A Financing will be used by the Company to build its sales channels, expand its marketing and product development efforts, and explore new strategic partnerships. Neal, Gerber & Eisenberg, LLP, represented the Company in the financing. Shefsky and Froelich, Ltd. represented the lead investor group in the financing.
About BigTime® Software, Inc.
BigTime® Software, Inc. is a privately held firm focused on cloud-based productivity tools for growing professional services firms. Founded in 2002, the firm released its flagship product, BigTime®, one year later. BigTime has provided productivity tools to thousands of firms across North America, the United Kingdom, and Australia. Its clients include high-growth professional services firms in a dozen industries including accounting/tax, law, IT services, public relations, marketing services, design/advertising, architecture/engineering, and management consulting. BigTime is an Intuit Gold Certified Developer and a member of the Microsoft Partner Network. For more information, please visit www.bigtime.net.