Thursday, October 2, 2008

North Atlantic Capital, Kodiak Ventures pour $7M into SaaS

By Mass High Tech Staff

Portland, ME-based North Atlantic Capital and Boston-based Kodiak Ventures have paired to provide $7 million in Series B funding to Atlanta-based Astadia Inc., an IT consulting and services provider for software-as-a-service applications.

In conjunction with the funding, North Atlantic Capital managing director David Coit has been appointed to the company’s board. He joins Kodiak Venture Partners general partner Chris Greendale and Glasshouse Technologies Inc. (based in Framingham) CEO Mark Shirman as New England natives on the Astadia board. Other members include the company’s CEO, J. Ernest Riddle, and its vice president and chief sales officer Blake Wolff.

Astadia received its first round of funding, which was undisclosed but included an investment from Kodiak Venture Partners, in January of this year.

Astadia is a systems integrator for software-as-a-service (SaaS) applications and is the largest partner of salesforce.com. The company focuses on cloud computing and boasts customers in 30 countries. Other partners include Eloqua Corp., Google Inc., Workday Inc., Xactly Corp. and Kadient Inc. of Nashua N.H.

North Atlantic Capital lists four other SaaS focused companies in its portfolio, including Cybertrust Inc., Vivisimo Inc. and Orange Conn.’s Tangoe Inc.

With a broader portfolio, Kodiak Venture Partners counts Glasshouse and Kadient among its investments.