ANUARY 23, 2006 -- OnVantage Secures $18M In New Financing
Meetings management technology provider OnVantage Inc. on Jan. 17 announced
it has secured $18 million venture financing, co-led by Norwest Venture Partners
and Texas Pacific Group Ventures. John Chang, CEO of the Santa Clara, Calif.-based
company, said he had expected to raise $3 million to $5 million through the offer.
"It turned into something much bigger," Chang said. "Our plan is
to take some of the money and accelerate our sales and marketing and continue
product development." The funds also will be used to further the company's
transition from a matchmaker to a transaction processor, he said.
"We're leveraging the assets we have and building new capabilities."
Chang said the company nearly doubled its volume of transactions in 2005. "There's
going to be significant investment in our technology to support all the new customers
that we've brought on board."
OnVantage continues to eye an initial public offering, with a listing "a
very real possibility" within three years, Chang said. "It depends on
the technology market." Jim Lussier, venture partner at NVP, and Bill McGlashan,
managing director at Texas Pacific Group Ventures, joined the OnVantage board
of directors. OnVantage was formed in September 2004 through a merger of former
meetings technology rivals PlanSoft and SeeUthere Technologies.
Chang said 2005 was a transition year for the company, and this year customers
can expect new developments and products. "There's always going to be rough
spots as you try to merge two organizations, because it's like bringing together
two extended families. We did the merger in 2004, so 2005 was our painful year
of bringing together the two companies-2006 is when you're going to see the fruits
of that labor really start to shine," he said.