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Dec 22 2006

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CTSpace raises $5.3m

According to its latest press release, CTSpace has raised $5.3m (about £2.7m) funding in a financing round led by previous investors Insight Venture Partners and GRP Partners. The funding will apparently be used by this “leading independent collaboration on-demand company”* to “extend its leadership position” by expanding “key areas of its business including sales, marketing and international operations” (no mention of funding the redundancies!).

As I have previously observed (see CTSpace dissected), the two partners of the business, BuildOnline and Citadon, have already absorbed around £53m in investment. And this figure excludes the substantial investments eaten up by previous merger partners such as Bidcom ($63m), Cephren ($60m) and MyBau (€30m). Add these to the total invested so far and the figure climbs over £100 million!

* I imagine ‘independent’ is used to differentiate CTSpace from the Autodesk owned Buzzsaw/Constructware operation.

Permanent link to this article: http://extranetevolution.com/2006/12/ctspace_raises_/

2 pings

  1. BuildOnline investors nurse losses | Extranet Evolution

    […] Founded in Ireland, BuildOnline quickly relocated to London during the dot.com boom, and – positioning itself, first, as an e-construction marketplace, then, a provider of construction collaboration technologies (aka: ‘extranets’) – it then burned its way through around €30 million of funding raised in 2000 and 2001. Late last year, it merged with US firm Citadon to form CTSpace (see post), raising new funds from two American funders, Insight Venture Partners and GRP Partners (see post). […]

  2. De Kieviet’s Gambit – more CTSpace ‘spin’ | Extranet Evolution

    […] so far, and burned their way through, between them, somewhere over £100m to date – see CTSpace raises $5.3m); the M&A strategy hasn’t, so far, translated itself into profits, and rival […]

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