| Liquid Engines Soaks Up $9.2M Series C; Names CEO Venturewire Professional [http://www.venturewire.com]
Feb 12, 2004 Liquid Engines, a cash flow and tax management software company,
said it raised $9.2 million in Series C financing and named Gwen
Spertell its new CEO. New investor the Carlyle Group led the round. Returning investors
Advanced Technology Ventures, Charles River Ventures, Catamount Ventures,
Oak Hill Venture Partners, and Silicon Valley Bank also participated. The funds will be used to expand sales and marketing. Liquid Engines'
software enables CFOs to manage cash flow and taxes by analyzing
the cash and tax effects of corporate transactions. The product has
been on the market for ten months, said Ms. Spertell. Customers include
Fortune 1000 companies in the retail and manufacturing industries. As a result of the round, the Carlyle Group's senior adviser, Charles
Rossotti, has joined the board of directors. He served as Commissioner
of Internal Revenue from 1997 to 2002 after co-founding American
Management Systems in 1970 and serving as its president, CEO, and
chairman. Also on the board are Ed Lazear, chairman and co-founder of Liquid
Engines as well as professor of human resources management and economics
at the Graduate School of Business at Stanford University; Steve
Baloff, partner at Advanced Technology Ventures; Joel Rosen, venture
partner at Charles River Ventures; A. Michael Spence, winner of the
2001 Nobel Prize in Economics, professor emeritus of management in
the Graduate School of Business at Stanford University, and a partner
at Oak Hill Venture Partners; Jed Smith, managing partner of Catamount
Ventures; and Ms. Spertell. Ms. Spertell comes to Liquid Engines most recently from Intelligent
Results where she was president and CEO. She has also served as COO
of BackWeb Technologies. Ms. Spertell spent eight years at Oracle,
where she held senior management positions in sales, consulting,
and alliance development. She replaces Liquid Engines co-founder Arti Arora who will continue
at the company as chief technology officer. Founded in March 2000, Sunnyvale, Calif.-based Liquid Engines has
raised $21 million to date. The company closed a $10 million Series
B round in February 2001 co-led by ATV and Charles River. The company
has also received backing from individual investors. It has 30 employees
and is hiring in sales, marketing, consulting, and development.
 back to news & events
|
