TimeTrade Systems Raises $5.6M in Funding, Led by Ascent Venture Partners
TEWKSBURY, MA – September 24, 2010 – TimeTrade® Systems , the world leader in online appointment scheduling announced today the completion of a $5.6M financing round, led by Ascent Venture Partners with participation by CommonAngels and other returning investors. The round included the conversion of $1.7M in convertible notes issued in December 2009.
The financing will accelerate TimeTrade’s product line expansion and to build out its sales and marketing teams. In August 2010, the Company shipped its new TimeTrade Workgroup Edition product as part of the expansion of its Appointment CRM™ strategy. TimeTrade supplies appointment-scheduling applications and SaaS platform services to a worldwide client base of customer-centric companies including Best Buy, Coldwell Banker, Sears, and Sprint; as well as education and government leaders like the Mayo Clinic and the U.S. Department of Homeland Security.
The product line expansion is focused on bringing these time-scheduling capabilities to workgroups and division-level sales, support and marketing teams through an easy-to-use Web-based application. With TimeTrade, these organizations typically save 10 to 20% of operating expense by streamlining the efforts and overhead involved in scheduling sales and service meetings with customers and prospects.TimeTrade’s award-winning online appointment setting solutions supplant conventional scheduling methods such as cold calling, phone and email tag– which are inefficient and tiresome for customers and company representatives alike.
The Company plans to use the proceeds of the financing to continue its product line expansion and to further build out its sales & marketing teams and programs to help meet the expanded demand for its products. The Company expects to announce further enhancements to its core Appointment Cloud™ architecture for online appointment scheduling services, and to introduce a key Lead Router capability that provides the world’s first appointment-based lead generation engine.
“I was pleased that we were able to raise substantially more than we targeted. I believe this financing round solidly reflects the continued confidence and support of our investors and their belief in the growing role online appointment scheduling will play as a central element in the fabric of the Social Web and the increasing importance of online connections to how companies do business with other companies and with consumers,” said Ed Mallen, CEO of TimeTrade Systems. “TimeTrade delivers tens of millions of appointments each year for our largest customers and we are excited about making this capability more readily available to more sales and marketing teams– to help them accelerate the sales cycle, while also improving customer satisfaction that will drive loyalty and repeat revenue.”
About TimeTrade Systems
As the worldwide leader in online appointment scheduling, TimeTrade’s Software-as-a-Service (SaaS) solutions make it easy for customers and prospects to connect and converse with sales and service individuals inside a company. TimeTrade products enable real-time, rule-based appointment scheduling across team members, locations and timeslots to help companies make the personal connections that drive their business and accelerate their revenues.
For more than a decade, Fortune 500 multinationals, small businesses, government agencies, universities, sales teams, and individuals have chosen TimeTrade to help them better engage, interact with, and satisfy their customers– across every stage of the customer lifecycle. TimeTrade’s proven Appointment CRM™ solutions deliver bottom-line business results; drive lead nurturing and Inbound Sales™, while also increasing customer satisfaction and loyalty. For more information visit www.timetrade.com.
All product names and references contained herein remain the service marks, trademarks, or registered trademarks of their respective owners.
TimeTrade Safe Harbor Statement
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TimeTrade Systems, Inc. or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, statements herein that describe TimeTrade Systems’ business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those in forward-looking statements.
If any such uncertainties materialize or if any of the assumptions prove incorrect, the results of TimeTrade Systems, Inc. could differ materially from the results expressed or implied by the forward-looking statements we make. All statements other than statements of historical fact could be deemed forward-looking statements, including: any projections of earnings, revenues, or other financial items; any statements regarding strategies or plans of management for future operations; any statements concerning new, planned, or upgraded services, products, or developments; statements about current or future economic conditions; and any statements of belief.
The risks and uncertainties referred to above include – but are not limited to – risks associated with TimeTrade’s business model; possible fluctuations in our operating results and rate of growth; interruptions or delays in Web hosting; breach of our security measures; immature market conditions; our ability to expand, retain, and motivate our employees and manage our growth; risks associated with new releases of our services; and risks associated with the activity of vendors whose products and services are competitive with the Company. TimeTrade Systems, Inc. assumes no obligation and does not intend to update these forward-looking statements.
Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase our services should make the purchase decisions based upon features that are currently available.