Bay Street-based management software firm
Blueprint has
announced that they've recently raised $15.9 million in venture capital to finance growth in the US, Europe and Asia.
The company, which makes requirements definition and management software to streamline IT operations for large institutional clients including banks, governments and insurance companies, already has offices in four US cities.
Founded in 2002 as Sofea Inc. the company set out to tackle the "requirements definition" problem facing companies. It was
rebranded as Blueprint in 2007 as it entered the US market. The company has shown consistent growth since then, more than doubling its client base, to more than 200 clients, since spring 2010.
The new round of financing, led by Tandem Expansion Fund, comes as the industry prepares for rapid expansion.
"The requirements definition and management software market is at a tipping point for explosive growth over the next two to three years," said investor Roger Wilson of BDC's IT Venture Fund in a statement.
Blueprint expects to benefit from that growth. "We have demonstrated that we can dramatically improve the software development performance of our initial set of Global 2000 customers, leaving us well positioned as a leading requirements platform as global demand takes off," said Blueprint president and CEO David Nyland in the company announcement. "For this we need to grow our presence in the US, EMEA [Europe, the Middle East and Africa] and Asia.... We are now significantly strengthened by our financial partners who have validated our business plan and are supporting us with expansion capital to enhance our global penetration."
Writer: Edward Keenan
Source: Robert Bartlett, Blueprint