Toronto, CANADA (October 25, 2004) - HR.com, the largest research and Web destination in North America for Human Resource Executives, today announced that it has raised its first round of venture capital funding to help grow its research and HR practices. Investors include Ventures West, one of Canada´s largest private venture capital companies, and private investors Michael Egan and Jody Dyer.
Founded in 1999 by CEO Debbie McGrath, HR.com is the premier destination, and the trusted advisor, for HR vendors and senior HR professionals in the US and Canada. Issues such as training, retention, leadership development, and controlling HR costs such as health and benefits are major areas of concern for most companies.
"The funding will be used to expand our Research and Analysis department," says McGrath. "It will enable us to document and share best practices, as well as help HR Executives make the right decision to help them become more accountable, strategic and aligned to their businesses. We have expanded our ability to collaboratively be able to share our research and track HR procurement. The high caliber of investors is validation of our product and our business model. It sends a very clear message that we are committed to improving and building our resources."
"HR.com has an impressive management team and an established market position," adds Ted Anderson, Senior Vice President of Ventures West. "Human Resources is the last frontier for significant corporate savings, as the automation of internal processes such as benefits administration and procurement, employee self service, staffing, compensation/incentive management, workforce analytics, outsourcing, performance management and competencies is implemented. We believe there is a substantial opportunity for success in this market segment."
Investor Michael Egan is a serial entrepreneur who has successfully built world-class businesses. He is the founder and former CEO of InSystems Technologies Inc., a supplier of document automation solutions for financial services organizations that was acquired by Standard Register in 2002. At the time of the acquisition, InSystems had more than 350 customers in 24 countries. Mr. Egan has assisted organizations in reshaping their processes and business relationships through technology and has received a number of prestigious business and industry awards.
Atlanta-based private investor Jody Dyer has more than 30 years of hands-on business and technology management experience. He has been active in technology investments, and is a recognized expert in the area of insurance/benefits software development.
In addition to investing in this round, Michael Egan joins as Chairman of the Board of Directors. Also joining the Board is Lexis Nexis Canada General Manager, Mike Pilmer. Mr. Pilmer was a partner with Hollinger Capital, a venture capital group focused on technology startups prior to joining Lexis Nexis. He was also Vice President of Hollinger Digital, an operating subsidiary of Hollinger International that was responsible for the development of Canadian electronic media products.
"Our Board of Directors will work with the senior leaders at HR.com to implement internal best practices. They will also share their expertise in growing a successful subscription business," says McGrath.
About HR.com
People are the key to a company´s success. Today´s executives know the true value of including their senior Human Resource (HR) professionals in the big boardrooms, as they offer viable and valuable solutions to issues like leadership, hiring practices, HR technology, benefit cost containment, performance management
, and much more. And where does HR turn for the expertise they need?
HR.com is the #1 resource for strategic HR professionals in the U.S., Canada and Europe. Its mandate is to educate and inform the HR community a host of different ways: an online magazine with over 10,000 articles (including regular columns with Thought Leaders, Industry Experts and Analysts), free educational online Webinars, annual gala events (Power of People Series), one-day regional events, in-depth research reports, a network of practitioners, and much more. Positive response in the marketplace has led to HR.com´s success and growth, and will continue to do so in the years ahead.
About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada ´s leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 130 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. Investments focus on four technology sectors: Biotechnology, Communications, Energy Technology and Information Technology. For more information, visit
www.ventureswest.com.
For more information contact:
Debbie McGrath
Chief Instigator and CEO, HR.com
dmcgrath@hr.com
(905) 727-1340 x104
