170 Systems Tallies $14M
The Cambridge, Mass., maker of business process management software raises first-round financing for expansion and sales and marketing.170 Systems, a Cambridge, Mass., maker of business process management software, has raised $14 million in first-round financing for expansion and sales and marketing initiatives.
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.
"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.