BELLEVUE, Wash.–(BUSINESS WIRE)–July 8, 2003–
Leading Provider of Payables, Receivables and Payment Financial
Process Automation to Capitalize on Market Expansion Opportunity in
Emerging Category
Fidesic Corporation, the leading provider of payables, receivables and payment financial process automation for the mid-market, today announced that it has raised over $3 million in new funding led by Voyager Capital, with participation from Northwest Venture Associates.
This round of financing, coming at a time when venture capital investments are increasingly difficult to obtain, will be used to bolster Fidesic’s high-growth market opportunity by significantly expanding sales, marketing and customer implementation capabilities, while the company continues to deliver market-leading, customer-driven solutions.
Fidesic offers mid-market companies a reliable and trusted solution for payables, receivables and payment financial process automation that is easy to use and implement. Using Fidesic, companies can reduce costs, get paid faster and improve customer service and vendor relations — resulting in an immediate return on investment. Gartner Inc. predicts that small and midsize companies worldwide will spend $420 billion on technology this year.
The company has also announced the appointment of Jon Matsuo as chief executive officer. Matsuo also serves on the company’s board of directors. Matsuo brings more than 20 years experience in technology industry leadership, with a specialization in helping companies identify and develop high-growth software market segments. Before joining Fidesic, Matsuo held several senior-level management positions, including president of Concur Technologies (NASDAQ:CNQR), general manager of Delrina Corporation (acquired by Symantec), and VP of marketing for Contact Software International (also acquired by Symantec).
“Fidesic’s unique solution, combined with Jon Matsuo’s leadership experience and prior success in the financial applications mid-market, make this a desirable investment opportunity,” said Tony Audino, Voyager Capital partner and Fidesic chairman of the board. “We are pleased to be a strategic partner, committing our experience, network and financial resources as Fidesic moves forward in delivering top-notch solutions for the payables, receivables and payment financial process automation market.
“This round of funding allows us to substantially and rapidly enhance our distribution and implementation capabilities in order to cement our leadership position during this critical market growth period,” said Matsuo.
About Voyager Capital
Voyager Capital is Seattle’s leading information technology venture capital firm, providing entrepreneurs with the resources, experience, and connections to build successful companies. Voyager’s managing directors bring experience from a variety of senior management, business development, and venture capital roles. Voyager’s advisory board members and investors provide important contacts for startups, and are among the most successful information technology executives and investors in Seattle and Silicon Valley. With $265M under management, Voyager’s investments, in addition to Fidesic, include Arkivio, Avenue A, Inc. (NASDAQ:AVEA), Capital Stream, ClearCommerce, Contivo, FHP Wireless, Kadiri, NetPodium (acquired by Akamai Technologies) Qsent, SeeCommerce, and Tegic Communications (acquired by America Online). For more information, visit www.voyagercapital.com, or call 206/438-1800.
About Northwest Venture Associates
Formed in 1986, Northwest Venture Associates (NWVA) has $190 million under management and is the largest venture capital fund exclusively invested in Pacific Northwest-based companies. The firm invests in both start-up and mature businesses across diverse industries, such as enterprise software, health care, specialty retail, Internet and wireless. NWVA leverages deep contacts, and regional and industries expertise to help portfolio companies develop sound business models, recruit key employees, identify strategic partners and arrange additional financing to achieve market leadership. Portfolio companies include Action Engine, Confirma, Front Porch Classics, NetMotion Wireless, Pacific Edge Software, Pet’s Choice, Sightward, Sur La Table, TeleSym, TeraCloud Corporation, Vigilos, VoteHere, Vykor and Wireless Services. NWVA is one of the nation’s largest Small Business Investment Companies, venture firms approved by the federal government to invest in new and promising companies. For more information, visit www.nwva.com.
About Fidesic Corporation
Fidesic, headquartered in Bellevue, WA, is the leading provider of payables, receivables and payment financial process automation for the mid-market. Fidesic seamlessly integrates with many financial systems to automate all aspects of the day-to-day payables, receivables and payment process, including invoice receipt and generation, approval and paper, credit card or electronic payment processes. Fidesic’s real-time solution, which involves all appropriate parties to the process, enhances and streamlines the employee and customer/vendor experience.
By using Fidesic, businesses can reduce costs, improve customer service and vendor relations, increase working capital, gain greater financial visibility, make better financial decisions, and focus their employees. Fidesic was designated a “Best of the Web” service in the leading financial industry publication, Online Banking Report.
For more information on the company and its products and services, call 866/572-9669 or visit the Web site at www.fidesic.com.
