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Model Metrics, a Leading Software-as-a-Service Development and Delivery Company, Secures $2.5 Million in Series A Funding(October 28, 2008)
SAN FRANCISCO, CA and CHICAGO, IL -- (Marketwire) -- 10/28/08 -- Model Metrics, a leading technology and service provider in the Software-as-a-Service and Platform-as-a-Service industries, today announced it has raised $2.5 million in Series A financing from private investors. This first round of funding will be used to accelerate the development and launch of new mobile solutions for the iPhone and drive growth of core application development and implementation services for salesforce.com's Salesforce CRM applications and Force.com Platform.
Model Metrics builds custom applications utilizing cloud computing to deliver on-demand technology solutions to midsize and Fortune 1000 companies. A longtime consulting partner of salesforce.com, Model Metrics has completed nearly 1,000 successful implementations for a loyal customer base that includes many of the nation's most recognized and respected organizations. Last year, Model Metrics landed nearly 250 new client projects and achieved a customer retention rate of more than 95 percent.
"Model Metrics is one of the nation's leading innovators in the Software-as-a-Service industry and continues to deliver cutting edge technology and bold capabilities with cloud computing," said Fred Hoch, president, Illinois Technology Association. "Their work on the iPhone and partnership with salesforce.com demonstrates their level of talent and creativity. Raising a significant round of funding in this economic climate reinforces their potential. I'm looking forward to what Model Metrics will bring next to the market."
Model Metrics earned attention earlier this year by enabling users of the iPhone to leverage salesforce.com's Salesforce CRM applications and Force.com platform on the mobile device, and won awards for its innovative delivery of offline functionality on Salesforce. Its products include the PerfectCall productivity suite for contact centers and Expense2GO for iPhone, which lets users manage business expenses from their iPhone and synchronizes with online expense management in Salesforce.
Model Metrics also recently announced that it became one of only three salesforce.com partners authorized to deliver Salesforce CRM training in North America. Currently Model Metrics is the sole authorized trainer in Chicago, Minneapolis, Detroit, Kansas City, and Indianapolis.
Since its founding in 2003, Model Metrics has grown organically and today has over 60 employees with headquarters in Chicago and offices in San Francisco, Los Angeles, Detroit, Minneapolis and Dallas.
Model Metrics Chief Executive Officer Adam Caplan said, "This first round of funding leaves us well positioned to accelerate product development and our SaaS consulting business to capitalize on the burgeoning market opportunity for cloud computing solutions utilizing Salesforce CRM applications, the Force.com Platform and iPhone. Model Metrics has the leadership team, the talent, the technology, and the market potential necessary to attain phenomenal growth. We are grateful to have assembled a lineup of world-class investors who share in our vision."
About Model Metrics
Model Metrics delivers applications and services at the cutting edge of the fast growing Software-as-a-Service and Platform-as-a-Service industries. Since its founding in 2003, Model Metrics has become one of salesforce.com's most diversified and respected partners. Headquartered in Chicago with offices in San Francisco, Los Angeles, Detroit, Minneapolis and Dallas, Model Metrics' customer base spans all industries and includes enterprises such as AAA, ABN AMRO, Allstate, Aon, CME Group, Honeywell, Lands' End, InfoUSA, MasterCard, Morton Salt, and Tribune Company.
With a focus on mobile and contact center innovation, CRM transformation, and Salesforce training, Model Metrics serves customers in all major industries. Its team of technologists and consultants has successfully completed hundreds of successful client engagements in both mid-sized and Fortune 1000 companies and its world-class application development skills enable clients to exceed complex business demands. Model Metrics' Force.com, Adobe Flex and AIR, and mobile development capabilities for iPhone enable the creation of custom CRM and non-CRM applications featuring multimedia-rich user experiences. To learn more, visit www.modelmetrics.com or email firstname.lastname@example.org or call 312.587.3037.
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