OAK BROOK (IL) 15 November, 2004. Interface Software announced today that it has won three new venture capital customers, a further sign of the companys growing dominance in this highly competitive vertical market. Austin-based Austin Ventures, Larchmont, New York-based Bessemer Venture Partners, and San Francisco-based Walden International have all acquired InterAction. as the centerpiece of their client data management strategies.
InterAction's focus on relationship capital management functionality that uncovers and identifies strategic relationships renders it a natural fit for this deal-driven market. "Knowing the right people and having the right contacts is essential to success in this industry," said Dave Benton, vice president of IT at Austin Ventures. "InterAction gives us confidence that we are aware of and are leveraging every relevant relationship we possess."
Indeed, InterActions unique data model for tracking people, companies and relationships is critical for conducting due diligence and portfolio company tracking, essential for most venture capital firms. The system also provides robust functionality enabling firms to streamline and manage key stages and activities critical to the fundraising process. InterAction helps prevent firm embarrassment and facilitate more accurate reporting regarding a client's commitment to a forthcoming fund.
"To do our jobs effectively we must keep tabs on hundreds of portfolio companies, their management teams and investors," said Benton. "Compared to all the other CRM products we looked at InterAction, once implemented, will provide the most robust, intuitive and effortless environment for tracking these types of complex relationships."
Interface Software also has distinguished itself in the venture capital space by providing tailored, vertical market functionality such as co-investor tracking, portfolio company monitoring, and fund communication, which eliminates the need for costly customization. "Quick visibility into the people associated with a fund or investment their role, activities and relationships is critical for us to provide a high level of communication and investor support without embarrassing mistakes or surprises," said Stuart Appley, chief information officer at Walden International. "InterAction proved much more flexible than other systems in delivering the out-of-the-box functionality we need to run our business."
Moreover, a challenge most CRM providers face in this market is the investment professional's lack of time, interest and technical know-how to learn a new software product. Interface Software overcomes this obstacle by embedding key CRM functionality directly into Microsoft Outlook and IBM Lotus Notes enabling users to work in an environment in which they already are comfortable and productive. "We see InterAction as an extension of Outlook for most of our users," said Fred Shilmover, director of IT at Bessemer Venture Partners. "The integration is seamless, so we don't have the same worries about learning curve and user uptake as we would have had with other CRM products."
"Interface Software understands the unique business requirements of the venture capital industry and the professionals that use CRM systems," said Mitchell Grossbach, Interface Software's vice president of vertical markets. "We are proud of the traction we have achieved in this vertical market and look forward to working closely with our customers and being a strategic partner in their success."
InterAction is also used widely in the investment banking, private equity, asset management and hedge fund vertical markets.