ROCKVILLE, MD, April 24, 2009 – Intelliworks, Inc., a leading provider of relationship management software for higher education, has raised $2.25 million in Series D growth capital from existing investors Columbia Capital and Novak Biddle, plus an additional $1.5 million venture loan from Toronto-based MMV Financial. Intelliworks is privately held with investment from Novak Biddle Venture Partners, Columbia Capital and Redshift Ventures.
“Intelliworks will use this financing to expand its market presence and continue to develop the breadth and depth of our solutions,” said Todd Gibby, Chief Executive Officer of Intelliworks. “We are pleased to have MMV Financial as a new investment partner and feel that their support of Intelliworks in the current economic environment validates the success we have achieved and our rapid growth in the industry.”
Intelliworks enables enrollment, admissions and marketing professionals to make purposeful connections with students through its web-based CRM, program admissions and marketing automation solutions built specifically for higher education. Hundreds of organizations, ranging from large colleges and universities to programs and departments within individual institutions, leverage Intelliworks’ software-as-a-Service (SaaS) platform to recruit students, market their programs, grow enrollment and drive tuition-based revenue.
“Intelliworks has become a leader in providing relationship management solutions to the higher education industry. Since launching its SaaS platform in July 2007, the company has experienced tremendous growth,” said Greg Dimmer, Senior Vice President, MMV Financial Inc. “Intelliworks has a very effective management team, an impressive, growing client base throughout North America and strong support from its institutional investors.”
Intelliworks enables enrollment and admissions professionals to make purposeful connections with students through its Web-based relationship management, marketing and recruitment services. Leading institutions around the globe leverage Intelliworks’ relationship management solutions for higher education to increase enrollment, enhance marketing performance and improve operational efficiency. For more information, visit: www.intelliworks.com
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.com
About Columbia Capital
Columbia Capital is a premier venture capital franchise in wireless, broadband, media, and enterprise information technology investing. Since our formation in 1989, we have taken a sector-focused approach to investing, and have funded over 120 companies in our core markets. Our sector focus allows us to regularly identify disruptive emerging companies and to recognize and build value throughout a company’s lifecycle — from early stage investments, to large growth stage financings and special situations. For more information, visit www.colcap.com
About Novak Biddle Venture Partners
Novak Biddle Venture Partners is a leading early stage venture capital firm focused on unique, cutting-edge technology investments in the Eastern United States, as well as targeted opportunities nationwide. With $580 million under management, Novak Biddle operates five venture funds that currently provide equity financing and management assistance to 42 portfolio companies. Novak Biddle continues to seek business situations where the combination of ideas, dollars, experience, and relationships can create long term, sustainable value. A sampling of companies funded by Novak Biddle include: RFID first-mover Matrics, voice over IP trailblazer Telogy, education technology leader Blackboard Inc. and intelligent video surveillance pioneer ObjectVideo. For more information, visit www.novakbiddle.com
For more information or to arrange for an interview, contact:
Director of Marketing
Tel: (240) 238-3232
MMV Financial Inc.
Executive Vice President
Tel: (416) 977-9718
Fax: (416) 591-1393