May 24, 2004
Autotask Lands 100th Customer and $2.5 Million Investment
Dual Milestones Validate Business Concept and Mark Successful Expansion into New Markets
Rensselaer, NY - Autotask Corporation, a provider of web-based, real-time project tracking and process automation solutions for professional service and other project-driven organizations, today announced two milestones -- the closing of a $2.5 million Series A equity investment with FA Technology Ventures (FATV), and its 100th customer -X-Ray Optical Systems, Inc. of East Greenbush, New York.
Founded in 2001, Autotask provides business management solutions to professional services companies and internal service groups, where on-time and on-budget project delivery are critical to success. Autotask® is an integrated application that provides Customer Relationship Management (CRM), Sales Automation, Project Management, Time & Billing and Service Desk functionality, offered as a web-hosted or enterprise solution. The company's customers include IT service firms, consulting practices, and marketing/advertising agencies. Part of the new funding will go towards expanding into new vertical markets, such as Systems Integrators/resellers, architectural/engineering firms, and manufacturers.
"The funding validates our business model and reinforces the value of a recurring revenue stream," said Dick Frederick, Autotask President & COO. "The addition of our 100th customer broadens our market presence into the manufacturing sector. With thousands of end users, Autotask is rapidly expanding into new vertical markets while continuing to build its 'on demand' processing capabilities. The new funding will hasten Autotask's transition from a development company to a sales and marketing organization."
100th Customer X-Ray Optical Systems, Inc. Demonstrates Growth Opportunities in New Service Markets
Autotask today also celebrated the landing of its 100 th customer, X-Ray Optical Systems, Inc. (XOS), www.xos.com , a leading global manufacturer of x-ray optics, components, and analyzers serving OEMs and end-users.
XOS purchased Autotask to solve the problem of engineering and research project management. The company chose Autotask for its ability to integrate project management directly into Solidworks® (SolidWorks Corporation), a Computer-Aided Design program for mechanical design.
"Autotask gives us the ability to manage multiple engineering projects, plan resource requirements, provide feedback and collaboration with other members of the design team, and places constraints on how project time and fiscal resources are spent," commented David Gibson, CEO of X-Ray Optical Systems, Inc. "We anticipate that the integration of Autotask will increase overall project efficiency by fifteen to twenty-percent through less time spent on project meetings; a reduction in expediting resources (raw materials, goods produced, and human resources); and increased efficiency in managing project documents. We expect that by centralizing project information with Autotask, we will reduce 'islands of information' that force each project team member to retain and update all information associated with a project."
About Autotask Corporation
Autotask (www.autotask.com) provides business management and project tracking solutions delivered as a web service on-demand. Autotask makes it easy to manage and track people, projects, time and costs by connecting project teams to business teams for better business decisions.
Founded in March 2001, Autotask now has about 100 customers with several thousand users across 28 states and Canada including leading software developers, consulting organizations and technology based services companies using Autotask products. Autotask was recently named the 2004 Rising Star by TechConnex.
For product information or a web-based demonstration of Autotask, please contact Jack Miller, VP of Sales, at (518) 720-3500 x223.
About FA Technology Ventures
FA Technology Ventures provides equity capital for early to expansion stage information and energy technology companies. The fund looks for companies founded upon technological breakthroughs or innovative business models that are led by experienced, passionate entrepreneurs. FA Technology Ventures plays a lead role in investments and actively looks to add value by partnering with management teams to maximize their chance for success. More information is available at www.fatechventures.com Contact Giri Sekhar (617) 757-3885.
About X-Ray Optical Systems, Inc.
X-Ray Optical Systems is the world leader in developing and making x-ray optics and analyzers based on x-ray optics. The optics and analyzers are primarily used to measure material properties across a wide variety of industries including: microelectronics, pharmaceutical, energy, cement, etc. The private company employs approximately 35 people. It was established in 1990 to develop the technology and now holds numerous patents in the U.S. and other countries that help protect the Company's ability to keep manufacturing in the New York Capital Region.
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