Financing to Fuel IaaS Market Expansion
Hubspan Secures $13 Million in Venture Capital Financing
Financing to Fuel IaaS Market Expansion and Sales and Marketing Activities
Seattle, Wash. – October 14, 2005 – Hubspan, Inc., a leading provider of Integration-as-a-Service (IaaS) solutions for business-to-business integration, today announced that it has closed a $13 million round of funding. BA Venture Partners led the financing round with additional support from SeaPoint Ventures, Intel Venture Capital and Hunt Ventures. The funds are earmarked for the company’s expansion into international markets as well as key sales and marketing initiatives. Additionally, Rory O’Driscoll, managing director at BA Venture Partners, will join the company’s board of directors.
“BA Venture Partners believes that Hubspan leads the emerging category of Integration-as-a-Service solutions by providing a service that is faster and more flexible than inside-the-firewall approaches, and significantly more cost-effective than licensed software-based offerings,” said O’Driscoll.
The company’s on-demand managed service is a secure, reliable multi-tenant platform built to enable faster execution between inter-dependent customers, business units, suppliers and partners, through a single connection. Currently, Hubpsan is utilized by many leading Global 1000 enterprises in conjunction with more than 5,000 trading partners across 23 countries to securely manage millions of transactions monthly.
About Hubspan
Hubspan, Inc. provides a new class of Integration-as-a-Service (IaaS) solutions that reduces the cost of managing business integration and delivers a higher level of cross-enterprise speed. Through a single connection, Hubspan drives better connections by more closely integrating processes, transactions and applications between companies. Hubspan’s Straight-Through IntegrationT enables faster turns on a diversified flow of transactions and new collaborative services across a business network of suppliers, partners, business functions and customers. Headquartered in Seattle, Washington, over 50 of the most demanding businesses rely on Hubspan to manage their cross-enterprise integration. Additional information can be found at www.hubspan.com.
About BA Venture Partners
BA Venture Partners (BAVP) provides capital and expertise to accelerate market traction for technology and healthcare companies. Based in Foster City, California, the BAVP team collectively offers decades of technology and venture industry experience to development-stage companies in hardware, software, biotechnology and medical devices. Representative portfolio companies include Alimera, Biz360, Frontbridge Technologies, Glu Mobile, Good Technology, Monolithic Power Systems, Placeware, Seattle Genetics and Wayport. Bank of America is BAVP’s sole limited partner. For more information, visit www.baventurepartners.com.