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Date Posted: 10/21/2009
Copanion Secures $10.2 Million Venture Capitol Funding
Additional financing secured to expand sales and marketing efforts and further fuel
Copanion’s leadership in document automation
ANDOVER, MA – October 20, 2009 – Copanion, Inc., an innovator in tax document automation, today announced it has closed a $10.2 million round of venture capital funding, co-lead by Commonwealth Capital Ventures and Pilot House Ventures Group. This round will further fuel Copanion’s momentum in the tax and accounting profession and fund expansion into new market segments for its SaaS-based document automation solution.
As part of the financing round, Edward Jennings, Copanion’s former SVP of marketing and sales, has assumed the role of CEO. Founder Steven Ladd has stepped down as CEO and moved into an advisory role—responsible for new market development.
“Moving forward, we have aggressive plans to expand our sales and marketing efforts,” stated Jennings. “With development of the core technology largely complete, we will now focus on expanding our go-to-market initiatives to increase revenue in the tax market and explore several other markets.”
“We are excited about the in-roads Copanion has made in the accounting market and the broad applicability of their technology beyond tax document automation. We are committed to supporting their evolution from an early stage R&D organization to a high growth SaaS solution provider across multiple vertical markets,” stated Jeffrey M. Hurst, General Partner and a Co-founder of Commonwealth Capital Ventures.
This latest funding round closed in October 2009.
About Copanion
Copanion is a leading innovator in tax document automation. The company saves tax professionals hundreds of hours during tax season with accurate and secure web-based applications for automating client tax document organization, data entry and review. For more information about Copanion, visit Copanion.com.
The Copanion and GruntWorx names and logos are trademarks or registered trademarks of Copanion in the United States and in other countries. All other companies and products referenced herein are trademarks or registered trademarks of their respective holders.
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