The backing cames from Boston-based Polaris Venture Partners. Because of its support, three of the firm's partners -- Jonathan Flint, Dave Barrett and John Gannon -- join 170 system's board of directors.
"The team at 170 Systems is exceptional; they have organically grown a first-rate, profitable enterprise software business," Flint said. "There is a large market for their solutions because 170 Systems reduces cost and helps companies become more efficient."
170 Systems software helps Global 1000 organizations make better use of enterprise applications in finance and accounting, customer relationship management, procurement, order management, project management/billing, and human resources.
170 Systems products are in use in 40 countries. Customers include British Telecommunications, Sandia National Laboratories, and various agencies within the US government.
"Demand for our solutions is growing rapidly and we felt that it was the right time to partner with a venture firm," said Karl Buttner, president and CEO of 170 Systems.