Salesnet Rings Up $7.8 M

Tuesday Feb 12th 2002 by Colin C. Haley
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The Boston sales force automation ASP adds new financing for product enhancement and predicts it will turn a profit by year's end.

Salesnet, a Boston application service provider (ASP) focused on sales force automation software (SFA), has raised $7.8 million in new financing for product enhancements and predicts it will turn a profit by year's end.

Prism Venture Partners led the round. Phoenix Investment Partners and Juniper Venture Capital also participated. Since its founding in 1997, the firm has raised $20 million. The firm's last round, $6.1 million, was closed in March.

"We believe that Salesnet will be the first global SFA ASP enterprise application to reach profitability on the least amount of invested capital," said Mike Doyle, Salesnet's chairman and CEO.

More than 5,000 companies have signed up for Salesnet's subscription-based SFA application. Current clients include American Express Incentive Services, British Telecommunications, Charter Communications, Pan-American Life, Staples, Inc., and Tellabs.

"Salesnet's capital has been dedicated primarily to improving its deeply focused technology to meet the dynamic business needs of its customers," said David Baum of Prism. "That's what will separate a strong IPO from a risky financial endeavor -- a company's commitment to its customer base."

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