Just in Time Solutions Inc. has received $10 million in a private placement, bringing the total amount of capital raised by the four-year-old company to $15 million.
The investors are Wells Fargo/Norwest Services Corp., Norwest Venture Partners, Advanced Technology Ventures, and Intuit Inc.
Just in Time develops software that helps companies send electronic versions of consumer bills through a variety of distribution points, including Internet portals, bill payment service providers, and banks.
Its customers include Intuit, which uses it with the Quicken '98 personal financial management software; AT&T Corp., which intends to give its 70 million customers the option of getting phone bills over the Net; and Bank of America, which is adding the software to its electronic bill payment and presentment service for corporations.
Just in Time said it would use its new funding to bolster direct marketing and sales efforts, and to enhance its BillCast software. The company has 85 employees.
We have not tried to close a tremendous amount of business, but I think we have enough of the market seeded that now we will be focused on ramping up our visibility, said Brian Valente, senior director of marketing.
The funds, raised Aug. 9 in the company's second round of equity funding, would also help it to develop interactive customer service capabilities for BillCast, he said.
We feel comfortable with the amount of money, Mr. Valente said. It will certainly give us a fair amount of running room.
Kevin Hall, general partner at Norwest Venture Partners and a member of Just in Time's board, said, Electronic bill presentment and payment is one of the fastest growing and potentially most lucrative segments of the Internet. We wholeheartedly support the company's continued growth in this explosive marketplace.