[Zope] Start-Up Niku Gets $20 Mln In 2nd Round Financing

Godfrey Lam godfrey.lam@kestrel.solect.com
Tue, 08 Jun 1999 08:44:59 -0400


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<!-- Yahoo TimeStamp: 928823423 -->
<b>Tuesday June  8  2:30 AM ET</b>
<title>Start-Up Niku Gets $20 Mln In 2nd Round Financing</title>
<h2>Start-Up Niku Gets $20 Mln In 2nd Round Financing</h2>
<!-- TextStart -->
<p>PALO ALTO, Calif. (Reuters) - Niku Corp., a
one-and-a-half-year-old Internet software start-up firm, is
expected to announce Tuesday it received $20 million in a second
round of venture capital financing.<p>The Redwood City, Calif.-based firm=
 is being backed by
venture capital firms J.H. Whitney and Venrock Associates. Also
included in the funding are Comdisco Ventures, Hambrecht &
Quist's venture fund, Access Technology Partners LP, The Phoenix
Partners and Trust Company of the West.<p>Niku, which founder and Chief E=
xecutive Farzad Dibachi said
in an interview will have revenues of $12 million to $14 million
this year, is developing software and an Internet portal that
lets service and consulting companies automate and streamline
their businesses.<p>Customers include database software maker Sybase Inc.=
,
customer relationship management software firm Vantive Corp. and
others. Niku now has 10 customers, said Anil Gupta, head of
marketing, but that's expected to grow quickly.<p>Gupta said the market f=
or Niku's software and its Internet
portal designed for individual consultants and so-called virtual
consulting firms would range from $20 billion to $60 billion in
the next several years.<p>Software that helps larger, manufacturing-orien=
ted companies
perform ``back-office'' functions such as accounting, finance,
human resources and supply chain management is sold by SAP AG,
Oracle Corp., PeopleSoft Inc. and others.<p>Front-office software to help=
 run sales forces, call centers
and customer service functions is sold by Siebel Systems Inc.,
Vantive, Clarify Inc. and Oracle.<p>But consulting firms -- such as the B=
ig Five accounting
firms -- don't have software available to them now that is
tailored to their business, which centers on knowledge,
consulting and other types of intellectual capital, Dibachi
said.<p>Niku is Dibachi's second start-up. He sold his previous
company, closely held Diba, to computer maker Sun Microsystems
Inc. in 1997 for slightly less than $100 million. Diba focused
on developing next-generation information appliances.
<!-- TextEnd -->

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