Israeli-US start-upAccept Software Corporation has raised $17 million in its second financing round.
Accept Software CTO Yonatan Goraly and chairman Rami Goraly founded the company in 2001. They also founded Diligent Technologies Corporation, which was sold to IBM Corporation (NYSE: IBM) in 2008 for $170 million. Rami Goraly also founded and was chairman of ScheduleOne and served as CEO of RadView Software Ltd. (Bulletin Board:RDVWF).
Accept Software is based in California and has an R&D center in Israel. It develops on-demand software for idea management, portfolio management, and requirements management. According to IVC Online, it has raised $22 million to date, including the present round, from US funds StarVest Partners LP, Jefferson Partners, The Entrepreneurs Fund, and private investors.
Accept Software will use the proceeds from the round to meet growing customer demand by accelerating development of the company’s product line and expanding sales and marketing.
Accept Software's product helps companies increase the speed and certainty of new product success and turn product innovation into a competitive advantage. Accept SaaS innovation management solutions help companies engage communities, prioritize and manage new ideas, align products with company strategy, and unify execution across teams.
Accept Software president and CEO Bryan Plug said, “StarVest Partners invested in Accept because of our consistent performance and vision. We have grown year-over-year revenues in excess of 70% and significantly increased both the number and industry diversity of customers we serve. Furthermore, we continue to rapidly introduce innovative market-focused products."
Published by Globes [online], Israel business news - www.globes-online.com - on September 21, 2009
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