| May 23, 2005 | Venturewire |
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| TriActive Raises $7 Million in New Financing |
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| Portfolio Company: TriActive |
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TriActive Nets $7M Series F, Bringing Total Raised To $35M
By Clancy Nolan
TriActive Inc. has raised $7 million to bolster marketing and sales of its hosted systems management software.
The Series F round, led by Mass.-based Key Venture Partners, is the second round TriActive has netted since revamping its product and management team in late 2002.
Key Venture invested $5 million in the round, which closed in early April. Existing shareholders El Dorado Ventures and Sierra Ventures also participated, though both firms' stakes were diminished somewhat by the round, said Chief Executive Sol Suberi.
TriActive was originally formed in 1997 to develop systems management software. The company grew quickly, raising roughly $24 million from El Dorado, Sierra and TL Ventures, and hiring a staff of about 100 people. But the business stalled, shutting its doors briefly in July 2002, Suberi said.
TriActive revamped its products - which are designed to offer a range of systems management services through a hosted software model - and hired Suberi in September that same year.
TriActive now has about 35 employees and installations at more than 70 small and medium-sized companies in the retail, healthcare, education and other sectors, Suberi said.
The company's suite of products is designed to provide desktop configuration management for small to mid-size businesses, and includes asset inventory, patch management, software distribution and reporting features.
As TriActive refocusing its business, El Dorado and Sierra put about $4 million more into the company in a 2003 Series D round, and also bought out TL Ventures, which is no longer a shareholder, Suberi said.
The company began raising its Series F round in October. "The reality is there's essentially two layers - an old round and a new round," Key Ventures Managing Director David Dame said of the round. "It's a clean capital structure."
As a result of the round, Dame will join Comverge Inc. President and CEO Robert Chiste, El Dorado General Partner Tom Peterson, Sierra Managing Director Steven Williams and Suberi on the five-member board. "We are very bullish on...software as a service," said Dame.
Austin, Texas-based TriActive plans to reach profitability by mid-2006, and has no plans to raise additional venture capital.
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