Austin, Texas February 11, 2003 Lombardi Software, a provider of business process management (BPM) solutions, has raised more than $13 million in its latest round of funding, the company announced this week.
Lombardi said it would use the investment to accelerate its growth and expand sales in the business process management market.
"We have all the elements in place to build a highly successful company," said Rod Favaron, CEO of Lombardi. "Our goal now is to continue growing our customer base and to execute our plan."
Favaron added that Lombardi would use the new funding to continue development of its TeamWorks solution, version 3.3 of which debuted last August.
Lombardi's current customers include Dell Computer, Hasbro and Royal Dutch/Shell.
Led by Palomar Ventures, the latest funding round also included previous Lombardi investors Austin Ventures and Sanders Morris Harris. As part of the funding, Jim Gauer, general partner with Palomar Ventures, joins John Thornton of Austin Ventures and Chip Davis of Sanders Morris Harris on Lombardi's board of directors.
Lombardi contended that the business process management market is one of the few categories in enterprise software experiencing strong growth in today's economy. The privately held company said it has experienced more than 400 percent revenue growth in the last year.
"The focus today in Fortune 1000 companies is on solutions that increase value by reducing costs and time to market, improving efficiency and minimizing risk," said Jim Sinur, vice president and research director at technology consultancy Gartner. "A BPM solution like Lombardi's can make a significant impact for an organization, quickly improving processes and delivering immediate business value."