Bellevue, WA — 7/09/2003 Fidesic Corporation, the leading provider of payables, expense reporting, receivables and payment financial process automation for the mid-market, today announced that it has raised over $3 million in new funding led by Voyager Capital, with participation from Northwest Venture Associates. This round of financing, coming at a time when venture capital investments are increasingly difficult to obtain, will be used to bolster Fidesic's high-growth market opportunity by significantly expanding sales, marketing and customer implementation capabilities, while the company continues to deliver market-leading, customer-driven solutions.
Fidesic offers mid-market companies a reliable and trusted solution for payables, receivables and payment financial process automation that is easy to use and implement. Using Fidesic, companies can reduce costs, get paid faster and improve customer service and vendor relations – resulting in an immediate return on investment. Gartner Inc. predicts that small and midsize companies worldwide will spend $420 billion on technology this year.
The company has also announced the appointment of Jon Matsuo as chief executive officer. Matsuo also serves on the company's board of directors.
Matsuo brings more than 20 years experience in technology industry leadership, with a specialization in helping companies identify and develop high-growth software market segments. Before joining Fidesic, Matsuo held several senior-level management positions, including president of Concur Technologies (NASDAQ: CNQR), general manager of Delrina Corporation (acquired by Symantec), and VP of marketing for Contact Software International (also acquired by Symantec).
"Fidesic's unique solution, combined with Jon Matsuo's leadership experience and prior success in the financial applications mid-market, make this a desirable investment opportunity," said Tony Audino, Voyager Capital partner and Fidesic chairman of the board. "We are pleased to be a strategic partner, committing our experience, network and financial resources as Fidesic moves forward in delivering top-notch solutions for the payables, receivables and payment financial process automation market."
"This round of funding allows us to substantially and rapidly enhance our distribution and implementation capabilities in order to cement our leadership position during this critical market growth period," said Matsuo.