Insite Software Raises $15M In Capital, Appoints New CEO
An influx of investment cash and new CEO is coming to Insite Software, following a year of rapid employment and sales growth.
The Minneapolis-based business-to-business (B2B) software company will receive $15 million in funding from Volition Capital, a Boston-based equity firm, that wants to tap the booming B2B online sales market.
“B2B e-commerce is a rapidly growing market and Insite Software is well-positioned to capture market share,” Volition Capital managing partner Roger Hurwitz said in a statement. As part of the transaction, Hurwitz will join the software company’s board.
Insite has been in growth mode with an expanding roster of manufacturers and distributors. In the past 12 months, the company has doubled the number of employees to 110.
The company announced earlier this week that Tony Abena, currently a board member, is assuming the role of chief executive. Abena was previously the chief operating officer for the start-up investment division at New York-based Deloitte.
Steve Schaffer, who preceded Abena as CEO, has stepped down but will continue to work on the leadership team as president and chief financial officer. The company said Abena's skills with analytics and so-called “Big Data” make him the right choice to lead the company, while Schaffer's financial operations acumen make him a good fit for the CFO role.
“Since becoming a member of our board earlier this year, Tony has been instrumental in driving market and customer strategy to help us determine the best growth ‘roadmap’ for the company,” Schaffer said in a statement.