Website Pros Secures $10 Million in Funding from Insight Venture Partners
JACKSONVILLE, FL - December 15, 2003 - Website Pros, Inc., the leading provider of website design, hosting, and application infrastructure for small to medium-sized businesses, today announced the completion of a $10 million round of equity financing with Insight Venture Partners, a venture capital firm based in New York, N.Y. The funding will be used to further advance Website Pros' rapid growth by expanding operations, sales, and marketing.
"The internet continues to provide tremendous sales and marketing opportunities for small and medium-sized businesses. This investment and partnership with Insight Venture Partners will allow us to maintain and enhance our ability to provide the products, services, and technology to meet our customers' needs anywhere along their e-business lifecycle," said David Brown, Website Pros' President and Chief Executive Officer."
Founded in 1999, Website Pros offers comprehensive and affordable internet solutions that make it easy for businesses to create, expand, or manage their internet presence. Products include website design and hosting services, e-commerce capabilities, website promotion and optimization, and site management and reporting. With one of the largest and most specialized website sales forces in the country, Website Pros sells over 4,000 website software and services subscription packages per month. Partners including Discover Network, IBM, Network Solutions, and DellHost have chosen Website Pros to provide internet services to their small and medium-sized business clients.
"Our decision to invest in Website Pros is based on the long-term value we see in the Company's business model and technology, coupled with its track record of solid growth, positive cash flow, and ability to execute," said Deven Parekh, Managing Director at Insight Venture Partners. "The Company is the clear leader in a market that is growing rapidly, and Website Pros' ever-expanding list of partners and customers clearly validates the value of Website Pros' services."
Deven Parekh and Jeff Lieberman of Insight Venture Partners will join the Website Pros' Board of Directors. Friedman Billings Ramsey assisted Website Pros with the financing.
About Website Pros, Inc.
Website Pros, Inc. is a leading provider of website building tools, services, and internet solutions. The company offers a comprehensive suite of website design, customer support, and technology platforms tailored to the needs of the small and medium-sized businesses. Additionally, Website Pros partners with enterprise companies to help these partners build stronger, more profitable relationships with their business customers.
Based in Jacksonville, Florida, Website Pros, Inc., is privately held and is funded by Insight Venture Partners, Norwest Venture Partners, and Crosspoint Venture Partners. Website Pros can be reached by calling 1-800-GET-SITE. More information is available at www.websitepros.com.
About Insight Venture Partners
Insight Venture Partners, with approximately $1 billion in funds under management, is the leading venture capital firm specializing in enterprise software companies. Insight invests in entrepreneurial companies developing technology-based solutions for the corporate enterprise. Headquartered in New York, Insight has taken a global approach to e-commerce investing in a market where speed, domain expertise, and the ability to execute are the foundations of success. More information on Insight is available at www.insightpartners.com.