Changepoint Corp, a Toronto, Canada provider of software for service firms has taken $4.5m in its third round of funding en route to flotation in 18 months time. The investment puts the company’s market capitalization in the region of $45m.
Gerry Smith, president and CEO of Changepoint describes his company’s software as ‘ERP for services.’ Changepoint’s professional services automation (PSA) automates business processes in project management, sales and marketing, resource management and helpdesk services using Microsoft’s SQL Server 7.0 database. The software enables services firms with either Lotus Notes or Microsoft NT to manage projects remotely over the web, something that rival software from Evolve Inc.com and Niku.com, both US start-ups, can’t do Smith claims.
Changepoint has already taken two waves of funding, $2.75m in 1996 and $4m in 1997. Venture capitalist Vengrowth has taken part in all three and is joined by CA Delaney Investment Management and The Best Fund for this round. The money will be spent in geographic expansion both across the US and in Europe. Changepoint will set up a London office in two month’s time and five branches, in Chicago, New York, Atlanta, Dallas and either San Francisco or Los Angeles.
