WebAction, Inc seals US$ 11 million financing

By IVCPOST Staff Reporter

Jul 08, 2013 05:03 PM EDT

Real-Time Big Data Server company WebAction, Inc announced that it has clinched an US$ 11 million financing for research and development expansion, sales and marketing investment increase and other business expansion endeavors.

The Series B financing is headed by a top global growth equity firm, Summit Partners.

"We are delighted to have Summit Partners join the team as their experience and success with rapidly growing companies makes them the ideal partner for WebAction," said Ali Kutay, Chairman and CEO of WebAction, in a statement through peHUB.

"Given our prior joint successes with Summit Partners, we are well positioned to deliver industry-leading solutions to the enterprise market," he added.

Kutay was CEO and President of GoldenGate Software, a previous Summit Partners portfolio company. He was also part of the Board of Ogone, another Summit Partners portfolio company.

Peter Chung, Summit Partners' Managing Director, said that they "look forward to partnering with the WebAction team in support of the company's long-term growth strategy."

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics