Local News

Startup Visitar Secures $1 Million in New Funding, Names Chief Financial Officer

Posted June 12, 2006

— Visitar

, a provider of hosted customer relationship management and sales force automation solutions, has landed $1 million in additional financing and also hired a chief financial officer.

The Aurora Funds and NC IDEA led the new round of investment. Both had already invested in Visitar.

As part of the deal, W. Merrette Moore, vice president for NC IDEA, will join Visitar's board.

"North Carolina, and specifically the RTP region, has a history of turning out innovative, entrepreneurial companies and Visitar is no exception," Moore said in a statement. "The company is unique in its ability to deliver key 'big enterprise' technologies to the small and mid-sized businesses which account for so much of our economic infrastructure. In today's competitive market, we believe the ability for these businesses to better compete with their larger peers is a welcome addition to a segment traditionally under-served in this regard."

Visitar raised $2.6 million in March. The company has a patent pending for its communication technology.

Stephen Wallace, a former director of financial planning at Martin Marietta Materials, takes over as chief financial officer. His most recent position was as CFO for Vista Information Technologies. He is a graduate of Virginia Tech.

"Steve's experience as a financial leader and team builder will be a vital asset to Visitar as we continue to grow and expand to meet the needs of our customers." said Visitar Chief Executive Officer Peter Licata. "In addition, the support of Aurora and NC IDEA continues to help us grow our business."

Licata, Chief Operating Officer Janet Holt, Chief Technology Officer George Sullivan, and Vice President of Marketing Hank Barnes launched the company. Holt, Sullivan and Licata worked together at telecommunications firm Avaya. Barnes' most recent position was at Cary-based Ultimus where he was vice president of marketing.

Licata was president and CEO of Vista Information Services before it was acquired by Avaya. He led global managed services at Avaya. Licata also was a founder of International Network Services.

Holt led business strategy and management for Avaya's professional services group. She founded Fulcra Solutions, an Internet communications software developer that drew Cisco as an investor.

Sullivan was CTO of Avaya's global managed services group. He was a co-founder of Vista Information Technologies.

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