Agillion, Inc., a business services company that helps small and mid-sized businesses build and manage personalized customer relationships online, announced today that it has closed a $40 million (US$) first round of funding led by such notable investors as Cisco Systems, Goldman Sachs, Morgan Stanley, Hambrecht & Quist, Integral Capital Partners, and MSD Capitals.
Other investors include Insight Capital, Austin Ventures, Watershed Capital and Comdisco Ventures.
In addition, Agillion has received funding from members of its advisory board including Mort Meyerson, the former CEO of Perot Systems; Tom Meredith, the chief financial officer of Dell Computer; Mark Seriff, co-founder of America Online; and Joy Covey, the chief strategist at Amazon.com.
“Customer interaction is at the heart of fueling the Internet economy,” said Eugene Lee, vice president of marketing at Cisco. “We believe that Agillion can be the Internet business service to do that. Agillion’s innovative service brings the power of the Internet — real-time collaboration, 24/7 access, direct interaction, and personalization — to its business members and their customers.”
Funding Will Be Used For Marketing
Agillion will use its first round of funding to create a major marketing campaign, hire additional staff and develop new features and strategic partnerships.
“Agillion is giving business people the necessary technology tools to make their businesses succeed and is addressing an explosive new market that has come into its own because of the Internet,” said Randall Blumenthal, vice president of Goldman Sachs. “Agillion’s Web-based, low-cost business solution is poised to revolutionize customer interaction for a wide variety of companies.”
How It Works
Agillion’s technology puts all customer information in a common online database that is continuously updated as businesses and customers interact. Businesses who use this software do not need to purchase any new hardware or software because all the information can be accessed with a Web browser.
In addition to offering services for businesses, Agillion can also create customized Web pages that allow customers to directly communicate with businesses as well as access their own information.
Agillion’s services are currently in a free preview mode. The company will charge businesses a subscription fee of about a dollar a day when its full service is launched next year.
Based in Austin, Texas, Agillion was co-founded in January by Frank Moss, the former CEO of Tivoli Systems and Steve Papermaster, the former chairman and CEO of BSG Corporation.