Boston, MA -- July 31, 2007 --Insight Direct, provider of ServiceCEO® - the leading business management software solution for field service companies, today announced it has secured an undisclosed amount of capital from Key Venture Partners to accelerate the growth of the company. The investment will be used to further increase market share and develop additional products and services.
This investment demonstrates Key Venture Partners' confidence in Insight Direct's long-term strategy and vision which follows years of profitability, strong customer and product growth and further establishment as the leader in the field service market.
"We have been highly impressed with Insight Direct's product, business model, management team, relationship with customers and established leadership position in the marketplace" said David Dame, managing director at Key Venture Partners. "Insight Direct is profitable and growing with strong infrastructure and business processes in place. We are excited to see that our investment will be
used to further accelerate that growth as the field service market continues to adopt technology at an ever increasing rate."
As part of the financing, David Dame and Vaibhav Nalwaya of Key Venture Partners will be joining Insight Direct's Board of Directors.
"Our entire company is looking forward to working with Key Venture Partners. Key's technical expertise, entrepreneurial drive and collaborative nature make it a great fit for our company and our corporate culture," said Mark Kushinsky, chief executive officer of Insight Direct. "Key's financial commitment to our company will enable us to accelerate growth, provide our customers with additional products and solidify our position as the field service software of
choice for over 1 million SMB field service companies in the US alone."
Instrumental in the investment process was Mirus Capital Advisors, a middle-market investment bank that advised Insight Direct in obtaining its first infusion of investment capital.
About Insight Direct
Boston-based Insight Direct develops and markets the award-winning product ServiceCEO that enables field service organizations to manage their day-to-day operations, including scheduling, dispatching, invoicing, inventory management, customer marketing, payroll and much more. ServiceCEO is recognized as the leading business management software solution for the field service industry which includes HVAC, Plumbing, Residential and Commercial Cleaning, Computer Services, Alarm and Security,
Pool and Spa, and many other service industries. Since the introduction of its first-generation product in 1997, Insight Direct has sold its software in more than 28 countries to over 4,000 customers including more than 50 franchisors such as COIT Services, Critter Control, Expetec Technology Services, Handyman Network, THE MAIDS Home Services and SparkleWash. For more information, visit www.insightdirect.com or call 800.471.4200.
About Key Venture Partners
Key Venture Partners is a Waltham, MA, based growth equity investor with approximately $175 million of capital under management. The firm's industry segment focus areas for investments include software, communications, information services and IT-enabled services sectors. KVP makes $5-$15 million investments in established revenue stage companies with capital-efficient business models. For more information, visit www.keyvp.com.
About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in the areas of software, online media, business services and niche manufacturing. Celebrating its 20th anniversary this year, Mirus provides corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations and valuations. For additional information, visit www.merger.com.
Media Contact:
John Ponte
Insight Direct, Inc.
800.471.4200 x275
jponte@insightdirect.com
