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October 5, 2007
SeaTab Software Secures $9M
SeaTab Software Inc., a Bellevue technology company that makes online business software, has scored $9 million in new venture capital.
SeaTab is part of a wave of companies offering business software via the internet, also known as software as a service. The idea is that businesses, rather than paying for traditional software packages up front, can go to the internet and access individual applications as needed, keeping costs down.
SeaTab specializes in a particular kind of business software known as business intelligence. Such software pulls together internal company data -- sales, inventory and customer activity, for example -- to identify trends and help businesses make strategic decisions.
Business intelligence has been around for a while, but only a few companies successfully offer it over the web, said SeaTab CEO David Weld. The traditional approach is to send an army of consultants to install business intelligence software at a company, a process that can take anywhere from six to 18 months, Weld said. SeaTab allows companies to send data online and get results immediately or within a couple of weeks, depending on the complexity of the request, he said.
"Companies don't have to ramp up expertise, or buy extra servers. That's part of the SaaS (Software as a Service) value proposition," Weld said.
Emergence Capital Partners, a venture capital firm in San Mateo, Calif., that specializes in online business software, led the new investment in SeaTab. Trident Capital of Silicon Valley also took part in the round, along with members of the management team and angel investors. Gordon Ritter, a general partner at Emergence Capital, will join SeaTab's board of directors.
The new investment brings SeaTab's total venture capital to $14 million. The company, which was founded in 1998, raised $5 million from Trident Capital in December.
SeaTab says nearly 12,000 companies have used its software, either as direct customers or customers of systems that incorporate its software. The company's software is embedded in expense management software offered by Concur Technologies Inc. SeaTab's direct customers include Recreational Equipment Inc., Bartell Drugs and Zones Inc., Weld said.
The market for business intelligence software is growing rapidly and last year increased 11.5 percent to $6.25 billion worldwide, according to the IDC, a technology market research firm in Framingham, Mass.
The big players in the market are Business Objects SA, SAS Institute Inc., Cognos Inc., Microsoft Corp. and Hyperion, which was acquired in March by Oracle Corp. Weld said SeaTab's main competitors in business intelligence over the web are LucidEra Inc. of San Mateo, Calif., and Oco Inc. of Waltham, Mass.
SeaTab Software Secures $9M
SeaTab Software Inc., a Bellevue technology company that makes online business software, has scored $9 million in new venture capital.
SeaTab is part of a wave of companies offering business software via the internet, also known as software as a service. The idea is that businesses, rather than paying for traditional software packages up front, can go to the internet and access individual applications as needed, keeping costs down.
SeaTab specializes in a particular kind of business software known as business intelligence. Such software pulls together internal company data -- sales, inventory and customer activity, for example -- to identify trends and help businesses make strategic decisions.
Business intelligence has been around for a while, but only a few companies successfully offer it over the web, said SeaTab CEO David Weld. The traditional approach is to send an army of consultants to install business intelligence software at a company, a process that can take anywhere from six to 18 months, Weld said. SeaTab allows companies to send data online and get results immediately or within a couple of weeks, depending on the complexity of the request, he said.
"Companies don't have to ramp up expertise, or buy extra servers. That's part of the SaaS (Software as a Service) value proposition," Weld said.
Emergence Capital Partners, a venture capital firm in San Mateo, Calif., that specializes in online business software, led the new investment in SeaTab. Trident Capital of Silicon Valley also took part in the round, along with members of the management team and angel investors. Gordon Ritter, a general partner at Emergence Capital, will join SeaTab's board of directors.
The new investment brings SeaTab's total venture capital to $14 million. The company, which was founded in 1998, raised $5 million from Trident Capital in December.
SeaTab says nearly 12,000 companies have used its software, either as direct customers or customers of systems that incorporate its software. The company's software is embedded in expense management software offered by Concur Technologies Inc. SeaTab's direct customers include Recreational Equipment Inc., Bartell Drugs and Zones Inc., Weld said.
The market for business intelligence software is growing rapidly and last year increased 11.5 percent to $6.25 billion worldwide, according to the IDC, a technology market research firm in Framingham, Mass.
The big players in the market are Business Objects SA, SAS Institute Inc., Cognos Inc., Microsoft Corp. and Hyperion, which was acquired in March by Oracle Corp. Weld said SeaTab's main competitors in business intelligence over the web are LucidEra Inc. of San Mateo, Calif., and Oco Inc. of Waltham, Mass.
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