ProClarity Corp. secures $7.75M equity funding

Brad Carlson//July 15, 2002//

ProClarity Corp. secures $7.75M equity funding

Brad Carlson//July 15, 2002//

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ProClarity Corp., which produces analytical software for corporations, recently secured $7.75 million in equity funding.

Boise-based ProClarity will use the funding primarily “to continue its aggressive growth and global expansion,” the company said in a statement.

The company recently rolled out a new software platform, added an office in Germany, and continues to grow its revenues and staff (IBR, 6-24-02).

Summit Accelerator Fund, the venture capital arm of Summit Partners, led the latest equity investment in ProClarity. Paul Boyd, with the Boise office of Stoel Rives, acted as lead counsel for ProClarity in the transaction.

Marc Friend, general partner of Summit Accelerator Fund, will join ProClarity’s board of directors.

“We look forward to working with Summit, one of the premier private equity and venture capital firms, to pursue our vision and continue our success,” Bob Lokken, ProClarity president and CEO, said in a statement.

“We have been extremely impressed by ProClarity’s clear market vision and their ability to win business within the highly competitive business intelligence market,” Friend said.

ProClarity’s products aim to “accelerate the speed at which organizations make informed business decisions that directly influence business performance,” the company said. Clients include major corporations and agencies.

Summit Accelerator Fund focuses on rapidly growing, profitable companies with capital needs of $2 million to $10 million. Typically it provides its portfolio companies with their first and only institutional venture capital.

The fund has $180 million in capital. It was founded by Summit Partners, a global, private equity and venture capital firm with nearly $6 billion in capital. Summit Accelerator Fund is co-located with Summit Partners’ offices in Boston and Palo Alto.