Manoj Saxena's Webify gets $11.5 M fund
By agencies   |   Thursday, 16 June 2005, 19:30 IST
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AUSTIN: Manoj SaxenaÂ’s Webify Solutions, a provider of industry specific, service-oriented business software has raised $11.5 million in series C round. The new round was led by Constellation Ventures, a Bear Stearns Asset Management Venture Capital Fund, and Trident Capital, with repeat participation by existing Webify investors like The Entrepreneur's Fund, VPSA, and Dali Hook Partners. The company will use the proceeds of the new funding to continue product development and sales channel growth. "We are delighted to see the commitment and confidence shown by all our investors," said Manoj Saxena, CEO of Webify. "We've had tremendous product growth and customer acceptance of Webify in the insurance and healthcare markets this past year, and the new funding will allow us to further enhance our products to reach and serve a wider range of customers and partners." Webify recently announced four new products within the Webify Insurance on Demand solution consisting of the Webify SOBA Fabric(TM) and three Webify SOBAs (Service Oriented Business Applications) for Insurance at the ACORD LOMA conference in Orlando on May 24. The company also announced winning a $94 million deal with IBM in May to supply Webify's products to Fireman's Fund Insurance Company.

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