VersionOne Receives $6.5 Million Investment
Atlanta, GA – VersionOne, Inc., industry leader in agile project planning and management solutions, today announced the completion of $6.5 million in equity funding from Boston-based OpenView Venture Partners. This investment marks the first external funding for VersionOne and will be used for expanding and accelerating the company’s sales and marketing efforts.
Founded in 2002, VersionOne has been profitable since its second year of operations. Today, more than 3,000 teams around the world, including 20 of the Fortune 100, use VersionOne’s products for planning and managing their software development projects.
“The opportunity to partner with OpenView in scaling our business was a great fit,” stated Robert Holler, VersionOne’s president and CEO. “We are excited to have OpenView in our corner as the software management market accelerates. This investment was the right strategy at the right time for capitalizing on the fundamental shift in the way software is delivered in today’s rapidly changing business environment.”
“We are very pleased to add a company of VersionOne’s caliber to our portfolio,” said Mark Barry, venture partner at OpenView Venture Partners. “VersionOne’s combination of customer success, innovative products, and industry leadership is a natural fit for OpenView Partners. The company is extremely well-positioned to take advantage of the rapidly growing agile software development market.”
Don House, a local industry veteran and Chairman of VersionOne added,
“The investment by OpenView is a strong validation of the company’s accomplishments to date. With OpenView’s business model of capital infusion and value added advisory services, the VersionOne team can now move aggressively to grow its sales and marketing activity.”
VersionOne provides Web-based project planning and lifecycle management applications for rapidly changing development projects. Enabling today’s leading Agile methodologies such as Scrum, XP, DSDM, AgileUP, and custom/hybrid approaches, VersionOne streamlines the process of adopting and scaling Agile and iterative software development projects throughout any organization. VersionOne was recently recognized as the #1 Agile tool by an independent survey, is a three-time JOLT Award winner and is currently relied upon by over 3,000 teams and more than 20 Fortune 100 companies to improve their software delivery efforts. For more information, visit www.versionone.com or call 770-752-4111.
About OpenView Venture Partners
OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, Internet and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies with quickly ramping up sales, marketing and product development functions to best practice levels. The firm was founded in 2006 by Scott Maxwell with an inaugural fund encompassing $100 million in committed capital. OpenView Venture Partners is based in Boston and invests on a worldwide basis.