FOR IMMEDIATE RELEASE
TIMETRADE SECURES ADDITIONAL $5 MILLION IN FUNDING
New Round Will Support Company’s Accelerated Growth and Market Leadership in Web-Based Appointment Scheduling for Large Enterprises
BEDFORD, MA – September 24, 2007 TimeTrade Systems, the leader in transaction-based appointment scheduling, today announced a C Series round of funding led by Ascent Venture Partners, and joined in the round by existing investor CommonAngels®. The $5 million will be used to support aggressive growth plans as the company continues to be the on-demand solution of choice for large retailers, government agencies, healthcare companies and universities with a common business need to drive and manage thousands of appointments efficiently.
“TimeTrade’s market leadership in SaaS-based appointment scheduling makes this an exceptional investment opportunity for us,” said Brian J. Girvan, venture partner at Ascent Venture Partners. “TimeTrade is solving critical business issues for organizations that depend on appointments to drive revenue or need to be more efficient in juggling complex combinations of staff time, facilities and equipment. Between customers who can leverage TimeTrade for consumer self-service to those that can use it for internal applications, the market potential is huge. We look forward to working with the TimeTrade team, who are transforming appointment scheduling from a cost center to a business driver.”
“I am pleased to have had the opportunity to work with the TimeTrade management team from nearly the company’s inception, through its remarkable growth, and we welcome Ascent’s participation for this next stage,” said James Geshwiler, the managing director of CommonAngels, the firm that provided the early-stage institutional capital for TimeTrade.
“We view this financing as a strong vote of confidence from our existing and new investors,” says Ed Mallen, TimeTrade president and CEO. “We doubled our revenue for the third consecutive year in 2006 and we’re on track to do so again. Our own recent survey revealed that 88 percent of the respondents reported happier and more loyal customers after having deployed TimeTrade’s Web-based appointment scheduling. These results translate directly to our customers’ bottom line and continue to fuel our penetration into key markets. This new round of financing will help accelerate our revenue growth by expanding our sales and marketing teams and driving new offerings with additional engineering resources.”
TimeTrade brings together providers and consumers of appointments. The on-demand service manages and accounts for an organization’s precious “time inventory” and enables a high level of rules customization and comprehensive back-end systems integration to ensure end-to-end resource allocation, and assist in business transactions.
About TimeTrade Systems
TimeTrade Systems is the leading provider of transaction-based appointment scheduling. Privately held, the company’s more than 300 customers comprise some of the largest brand names in financial services, retail and healthcare, as well as a strong presence in the education and government sectors. Customers include David’s Bridal, HQ/Regus Business Centers, Quest Diagnostics, PETCO, Department of Homeland Security and NJ Motor Vehicle Commission. TimeTrade can be reached at www.timetrade.com.
About Ascent Venture Partners
Ascent is an active investor, offering strategic advice, leveraging its broad network and working patiently with portfolio companies to overcome challenges. Ascent takes pride in the number of entrepreneurs who return to work with the Ascent team on multiple investment opportunities. Ascent has raised four venture funds totaling $400 million and has invested in over 80 companies. Ascent is currently investing out of the firm's fourth fund, a $140 million fund launched in 2004.
About CommonAngels
Named after Boston’s historic public meeting grounds, CommonAngels® is a group of 70 leading private investors and several dozen limited partners in two co-investment funds. The team has rich expertise in over 58 specific sectors; have founded and sold more than 100 companies; and participated in more than 34 IPOs. CommonAngels finance the region's most innovative high-tech ventures with a focus on capital efficiency.
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