OptionEase Closes $2.5 Million Series A Financing
SAN JUAN CAPISTRANO, CA--(Marketwire - May 13, 2009) - OptionEase, the leader in On Demand Software as a Service (SaaS) applications for fair market value accounting and compliance, has closed $2.5 Million in Series A Financing. The round was led by GADS Option Fund, a private equity fund out of Irvine, California, with participation from the company's current investors.
"Since launching our software application service two years ago, OptionEase has been able to attract and retain over 350 customers ranging from private venture backed companies to large multi-national public corporations," states Kimberly Kovacs, OptionEase co-founder and CEO. "I am proud of the fact that OptionEase has been able to achieve year on year growth of over 300%, retain over 90% of its customers, attain cash flow positive within 18 months of operations and achieve GAAP profitability. With two compelling term sheets to select from and not needing capital, we decided to move forward with the round so we can accelerate our growth and launch new technology initiatives. Demand for our application has been tremendous and we see a very large market opportunity that is currently underserved by existing technologies," adds Ms. Kovacs.
"I am extremely impressed with the performance of OptionEase," states Jan Scholes, the company's first investor and member of the OptionEase Board. "Kim and her exceptional team continue to meet and exceed projections. What OptionEase has accomplished in such a short time frame is remarkable and to continue to perform in this down economy is quite simply extraordinary. I am proud to be affiliated with OptionEase," remarks Ms. Scholes.
About OptionEase, Inc.
OptionEase (www.optionease.com) is leading the evolution of SaaS-delivered regulatory applications in the highly complex governance, risk and compliance (GRC) marketplace. The company’s first product was designed specifically for audit compliance under FAS 123(R) (ASC Topic 718) and now encompasses a full suite of end-to-end equity management tools. This SAS 70 Level II certified solution “standardizes compliance” and enables secure collaboration across multiple constituents, allowing clients to focus on strategic business functions. More than 400 private VC-funded and large multi-national public corporations rely on OptionEase's solutions and service to comply with financial and regulatory reporting requirements under FAS, SEC and IASB. OptionEase is located in San Juan Capistrano, Calif. and funded by venture capital and private equity.
Earlier in the week, OptionEase presented at the RED Herring (www.redherring.com) Top 100 Private Tech Company Awards conference and announced two new fully automated and integrated applications dealing with under water stock options, bulk grant modifications and complex performance award measurement and accounting.
About GADS Option Fund
GADS Option Fund is a private equity fund out of Irvine, California and an existing OptionEase customer and long term strategic partner.
About Jan Scholes
Jan Scholes is formerly General Counsel for Babcock & Brown, an international investment banking and management firm with 27 locations in 18 countries. Prior to Babcock & Brown, Jan was in private practice as a partner at Heller Ehrman LLP, where she specialized in partnership and international taxation. Ms. Scholes is married to Dr. Myron Scholes (Nobel Prize laureate in Economic Sciences for the Black Scholes Option Pricing Model, 1997). |