(WEB HOST INDUSTRY REVIEW) — The company behind DotNetNuke, the most widely adopted content management platform for Microsoft .NET, has secured $8 million of Series B financing, which it will use to accelerate product development and expand marketing and sales initiatives.
According to DotNetNuke Corp. (www.dotnetnuke.com) in its Tuesday announcement, this financing follows a banner year for the company, which recently announced it had signed 500 paying customers and 50 certified commercial partners following its commercial launch in February 2009. The financing was led by new investor UV Partners (www.uvpartners.com) with participation from existing Series A investors August Capital (www.augustcap.com) and Sierra Ventures (www.sierraventures.com).
“DotNukeNuke had phenomenal market traction during our first year,” DotNetNuke president and chief executive officer Navin Nagiah said in a statement. “We signed nearly 500 customers for our subscription products and closed nearly 40,000 transactions to 15,000 customers on Snowcovered.com, our online marketplace for third party add-ons. While we did not need capital given our revenue traction, we liked the partnership and the terms so we decided to close a new round. We welcome and look forward to working with UV Partners.”
Since its commercial launch a year ago, DotNetNuke has made several product enhancements to its Professional, Elite and Elite Premier Editions, most recently integrating Telerik RadControls for ASP.NET AJAX. It has also moved the distribution of DotNetNuke’s open source version, Community Edition, to CodePlex, Microsoft’s open source project hosting site.
UV Partners’s Chris Cooper said that web content management continues to gain importance and open source solutions are increasingly seen as a viable alternative to proprietary solutions. “We have been impressed by the execution of the DotNetNuke Corp. team and its ability to capitalize on the opportunity,” he said in a statement. “The company is rapidly becoming a significant player in the content management space and its position as a Microsoft .NET solution gives it a unique position in the competitive landscape.”
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