TopSchool Raises $7 Million in Growth Capital
Denver, CO - March 10, 2009 - TopSchool, a
leading SaaS provider of administrative solutions optimized for
small to mid-size higher education institutions, today announced
that it has secured $7 million in its second round of venture
capital funding. This round was led by New World
Ventures.
Current investor Alsop Louie Partners, which led TopSchool's
first round of venture financing, and new investors Access Venture
Partners and Education Sales Management also participated in the
round. In addition to driving product and market development
of its SaaS Student Lifecycle Management system, the capital will
be used to fund increased technical support and account management
to ensure strong customer service for TopSchool's growing client
list of colleges and universities across the country.
Matthew Schnittman, CEO of TopSchool, commented, "We are
thrilled to have New World Ventures, Access Venture Partners and
ESM join the TopSchool family. Adding investors of this
caliber to our existing relationship with Alsop Louie Partners will
enable TopSchool to continue to grow and reach profitability.
The market for a SaaS or Cloud Computing solution in higher
education that addresses data management needs across the student
lifecycle is exploding, and this funding will position TopSchool to
become the clear leader in this space."
Over the next five years, spending on IT Cloud Computing or SaaS
solutions is expected to grow almost threefold, reaching $42
billion by 2012, according to industry research firm IDC. This
trend is clearly occurring in higher education as well, as more and
more institutions recognize that their total cost of ownership of
IT systems can be greatly reduced through SaaS applications.
"Having had an outstanding outcome with this management team at
eCollege, and looking at the opportunity in this market, we are
thrilled to invest in TopSchool and join the board of directors,"
said Chris Girgenti, managing partner of New World Ventures.
"There really has not been a SaaS offering in higher education in
the administrative solutions space, and since this has been one of
the largest IT expenditures in higher education, we believe it will
be an exciting time for TopSchool and its clients."
About TopSchool
TopSchool (www.topschoolinc.com), a leading SaaS provider of
administrative technology solutions optimized for small to mid-size
higher education institutions, enables institutions to effectively
drive decisions and insights across the student lifecycle.
TopSchool's Student Lifecycle Management (SLM) system provides a
comprehensive information management solution - a CRM to aggregate
and manage leads, a customizable student and faculty portal, a
student information system that is easy to implement, a robust
ad-hoc reporting suite, and a customer service model that serves
students, faculty and administrators. TopSchool SLM is
architected using next generation technologies and offered
exclusively in a SaaS model - which means TopSchool manages one
version of the software for all customers, translating into quick
and inexpensive implementation, easy configuration, no maintenance
costs, and no upgrade fees.
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