TimeTrade Gets $5.6M to Expand in Sales and Marketing Appointment Software

9/24/10Follow @gthuang

TimeTrade, an appointment scheduling software company in Tewksbury, MA, said today it has closed a $5.6 million Series D financing round led by Ascent Venture Partners. CommonAngels and other existing investors also participated in the round, which includes $1.7 million in convertible notes issued in December 2009. TimeTrade said it will use the money to expand its product line and to build out its sales and marketing teams and programs.

The company makes online business software for scheduling appointments. Its product is geared toward sales, marketing, and customer-support teams and uses a software-as-a-service model. The technology integrates with Salesforce.com, as well as Outlook, Google Calendar, and other related applications.

TimeTrade started in 2000, and is led by CEO Ed Mallen, a veteran of IBM, Xerox, and Xionics. It has raised a total of $17.9 million and has about 1,000 customers worldwide, including Best Buy, Coldwell Banker, Charles Schwab, Sears, J.C. Penney, Sprint, Mayo Clinic, Yale University, and the U.S. Department of Homeland Security.

“I was pleased that we were able to raise substantially more than we targeted,” Mallen said in a statement. “This financing round solidly reflects the continued confidence and support of our investors and their belief in the growing role online appointment scheduling will play as a central element in the fabric of the Social Web and the increasing importance of online connections to how companies do business with other companies and with consumers.”

Gregory T. Huang is Xconomy's Deputy Editor, National IT Editor, and the Editor of Xconomy Boston. You can e-mail him at gthuang@xconomy.com or call him at 617-252-7323. Follow @gthuang

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