Model N Secures $11 Million Investment

Provider of revenue execution solutions draws new funding, aims to expand in life sciences market

Provider of revenue execution solutions draws new funding, aims to expand in life sciences market

South San Francisco, CA — February 5, 2004 — Solution provider Model N has secured an $11million investment to expand the company's presence in the life science market.

Model N specializes in revenue execution software, offering a suite of applications for pricing, contracts, compliance, rebates and chargebacks optimized for the Life Science industry.

Meritech Capital Partners, a late-stage venture capital fund, led the latest round of funding. In addition, current investors Accel Partners and Accel KKR also participated.

Model N said it plans to use the funds to accelerate its expansion in the life sciences sector by broadening its application suite to include improved features for pharmaceutical companies in such areas as government pricing, by elevating its sales and marketing presence in the life sciences industry, and by increasing professional services to support customer deployments.

Model N says its revenue execution software brings together the complex, inter-departmental processes involved in pricing, contract creation, contract management, compliance and settlement of chargebacks, rebates and administrative fees. The solution provider says its suite can help customers shorten sales cycles, lower operational costs, maximize contract profitability and manage regulatory compliance.

"This investment is a strong endorsement of our rapid progress," said Zack Rinat, CEO and founder of Model N.

"Model N is demonstrating in both customer additions and sales revenues that their ... revenue execution applications are addressing a critical unmet need in maximizing revenues and managing compliance and regulatory risks, particularly in the Life Science industry," said Jim Breyer, managing partner of Accel Partners.