June 11, 2003
- Amherst, NH
Pragmatech Software, Inc., the leading provider of sales effectiveness and proposal automation solutions, today announced that it has raised $12 million in its initial round of venture capital financing. Commonwealth Capital, Kodiak Venture Partners and North Bridge Venture Partners participated in the investment and will join the company's board.
Proceeds from the financing will expand Pragmatech’s sales, marketing, and engineering functions, enabling the company to further broaden its leadership position in the sales effectiveness and proposal automation sector.
“This investment is a testament to our strong track record and the proven value of our products among top-tier organizations,” said Brooke M. Savage, Chairman of the Board and Founder, Pragmatech Software, Inc. “The resources and expertise of these world-class investors will enable us to better address the needs of our customers on a global scale, provide continuous enhancements to our suite of solutions, and increase the visibility of our company in the marketplace.”
This capital infusion coincides with other significant developments at Pragmatech this year, including the appointment of Al Noyes as the company's President and Chief Executive Officer, which was also announced by Mr. Savage under a separate release.
"Pragmatech's practical approach to solving real business problems has resulted in an enthusiastic and loyal customer base," said Mr. Noyes. "Over the past 6 months, what has impressed me most is the company's solid team and tremendous prospects. I look forward to helping lead the company as we expand our growth and continue to address the evolving needs of global businesses."
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