Authoria Secures $10.5 Million to Underwrite Aggressive Growth Strategy

Authoria, Inc., a leader in strategic Human Capital Management (HCM) solutions, today announced it has closed a $10.5 million round of funding and expects a second close of up to an additional $3.5 million to close later this quarter.  CIBC Capital Partners, a new investor, led the round which also included active participation by existing investors.

The new funds will be used to support further growth and expansion, including the close of the Advanced Information Management, Inc. (AIM) acquisition, announced in May and closed in June.  The Authoria Advisor Series, the company’s new suite of communication, compliance, compensation, and performance products, blends AIM’s powerful suite of highly integrated enterprise pay-for-performance solutions with Authoria’s just-in-time knowledge and coaching for managers and employees.

"This new round of funding sends a clear signal to the market; as consolidation continues in the HR solution marketplace, Authoria will be one of the winners," said Tod Loofbourrow, president and CEO of Authoria. "Customers will always prefer to work with vendors who will be part of the landscape for the long term.  Authoria’s financial strength, world-class products, strong partnerships with customers and leading HR outsourcers, and experienced management team provide a total package unmatched in the industry.”

“There is a significant market opportunity for the integrated HR suite of solutions provided by the Authoria and AIM product lines,” said Thomas Cusick, managing director, CIBC Capital Partners.  “The strong market response to the company’s solutions, as demonstrated by their blue chip customer list, was a key factor in driving our decision to invest.  As enterprises increasingly focus on improving employee productivity as well as the efficient delivery of critical HR information, we believe Authoria is well positioned to be the market leader.”

“Authoria continues to think outside the box in terms of how to heighten levels of satisfaction among its base of more than 200 of North America’s largest employers,” said Mark Siegel, managing director at Menlo Ventures.  “Creative, customer-facing solutions like Authoria Choice and innovative products like Manager Advisor, combined with bold business decisions – such as the AIM acquisition -- create a surefire investment win.  Over the last several years, we’ve been continually impressed with the company’s agility and the management team’s market knowledge and thought leadership.”

“Together, Authoria and AIM create the dominant player in strategic Human Capital Management,” states Mark Gormley, founding partner, Capital Z Financial Services Partners.  “The combination of performance management, compensation management, succession planning from AIM and communication and point-of-need coaching and feedback from Authoria redefines the category.  The integrated solutions provide a rich user experience as well as enhanced managerial tools and support, all things the marketplace is seeking.”

About Authoria
Authoria’s strategic human capital management (HCM) solutions help employers support enterprise-wide pay-for-performance initiatives and reach their high-level business objectives through their people. Authoria combines compensation and performance management with just-in-time knowledge and coaching for employees and managers, driving shareholder value at over 200 leading organizations, including Boeing, Pfizer, and Unocal. Authoria provides a strategic approach to effective communication, empowering employees to better understand and use benefit, policy and total compensation information. Visit www.authoria.com/news15

Note to editors: Authoria is a registered trademark and the Authoria logo and Authoria Advisor Series are trademarks of Authoria, Inc. in the U.S. and in other countries. All other names are used for identification purposes only and may be trademarks of their respective owners.  The software is protected by U.S. Patent Nos. 6,505,183, 6,633,859, 6,640,216 and other patents pending.