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, in which returning investors Advanced Technology Ventures, Charles River Ventures, Catamount Ventures, Oak Hill Venture Partners, and Silicon Valley Bank also participated. As a result of the round, the Carlyle Group’s senior adviser, Charles Rossotti, has joined the board of directors.

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. Customers include Fortune 1000 companies in the retail and manufacturing industries. Spertell replaces Liquid Engines co-founder Arti Arora who will continue at the company as CTO.
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.

Founded in March 2000, Sunnyvale, CA-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.