Host Analytics, developer of financial software for businesses, today announced it has secured a third round of funding for $15 million. This brings its total funding to around $30 million. It will use the funding to continue product development and feed marketing as well as sales.
Host Analytics helps companies use Web-based software to help companies manage their budget, forecast their revenue, consolidate financial reports, and more. The company calls the process corporate performance management and targets large and mid-sized companies as well as the public sector.
The company’s competitors include Oracle and SAP, which offer high-end solutions, as well as Adaptive Planning, a lower end solution. According to CEO Jon Kondo, the market is a “flat-out race for growth and expansion.”
The Redwood City, Calif.-based company, founded in 2000, began by building traditional software, then switched to an online model. The company secured a first round of funding in 2008 for $6 million and then a second round for $8.65 million.
The current round was led by Next World Capital. Return investors ATV Capital, Starvest Partners and Trident Capita also participated.