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    Marketing Automator Act-On Banks $42 Million in VC Funding

    By
    Chris Preimesberger
    -
    April 15, 2014
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      Marketing automation software provider Act-On Software, which focuses on small and mid-market enterprises, revealed April 15 that it has landed $42 million in new venture financing.

      Technology Crossover Ventures led the round with existing investors Norwest Venture Partners, Trinity Ventures, U.S. Venture Partners and Voyager Capital also participating.

      Beaverton, Ore.-based Act-On will use the new capital to accelerate its business on all fronts, including new product development, sales expansion, and brand recognition. The company now has raised $74 million since it was founded in 2008.

      Act-On’s marketing automation software ties inbound, outbound, and lead-nurturing programs together across email, web, mobile and social media.

      Marketing automation is one of the fastest growing categories in business software, increasing at a 60 percent clip annually in a market that is expected to reach $1.2 billion this year, according to Raab Associates Inc.

      CEO Raghu Raghavan said that Act-on now has about 2,000 customers, “but there are at least 200,000 companies in North America alone that are in our sweet spot.”

      David Yuan, general partner at TCV, will join Act-On’s board of directors. TCV also has funded ExactTarget in email marketing, Facebook in social media infrastructure and Splunk in big data management.

      Avatar
      Chris Preimesberger
      https://www.eweek.com/author/cpreimesberger/
      Chris J. Preimesberger is Editor-in-Chief of eWEEK and responsible for all the publication's coverage. In his 16 years and more than 5,000 articles at eWEEK, he has distinguished himself in reporting and analysis of the business use of new-gen IT in a variety of sectors, including cloud computing, data center systems, storage, edge systems, security and others. In February 2017 and September 2018, Chris was named among the 250 most influential business journalists in the world (https://richtopia.com/inspirational-people/top-250-business-journalists/) by Richtopia, a UK research firm that used analytics to compile the ranking. He has won several national and regional awards for his work, including a 2011 Folio Award for a profile (https://www.eweek.com/cloud/marc-benioff-trend-seer-and-business-socialist/) of Salesforce founder/CEO Marc Benioff--the only time he has entered the competition. Previously, Chris was a founding editor of both IT Manager's Journal and DevX.com and was managing editor of Software Development magazine. He has been a stringer for the Associated Press since 1983 and resides in Silicon Valley.

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