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OnForce, the World's Largest IT Service Marketplace, Secures Funding for New Market Expansion

2007-09-19 22:35 708

Company Secures $6.75 Million in Series A1 Financing, Led by Accel Partners

NEW YORK, Sept. 19 /Xinhua-PRNewswire/ -- OnForce, the world's largest marketplace for IT service professionals, today announced the completion of a $6.75 million Series A1 financing round, led by Accel Partners, the venture capital firm behind Facebook. OnForce will use this investment to build upon its highly successful IT services marketplace in the U.S., and to expand into new geographic markets and service categories.

OnForce currently has more than 10,000 service professionals and has completed over 500,000 service events in its IT services marketplace. The OnForce marketplace enables on-site service in a wide variety of technology categories, including computers, printers, networking, VoIP and consumer electronics.

"OnForce has experienced phenomenal growth and market adoption for our IT services marketplace, particularly in the last year. We've become an industry standard as the best way to find IT service professionals, and we're now ready to take our industry-leading position and apply it to new markets," said OnForce CEO Peter Cannone. "Accel has a keen understanding of market trends and international expansion, and will be invaluable to our efforts to expand the OnForce marketplace into new geographic markets and service sectors."

Harry Nelis, Accel General Partner, said, "OnForce has developed a proven and highly robust marketplace for contract IT professionals within the U.S., and we believe there is a great deal of potential in bringing this model to other markets. As a global VC, helping companies expand internationally is one of Accel's strengths. We look forward to working with OnForce's seasoned management team to further accelerate growth."

Nelis will join the OnForce Board of Directors and Accel Partner's, Judy Gibbons, formerly Corporate Vice President in Microsoft's MSN Division, will serve as an advisor. Current OnForce Board of Directors include: Marty Abbott, former SVP of Technology/CTO at eBay; Alan Weber, former Chairman and CEO of US Trust Corp; David Orfao, Managing Director, General Catalyst Partners; Isaac Kato, Venture Principal, General Catalyst Partners; and Peter Cannone, Chairman and CEO of OnForce.

In the coming months, OnForce will announce which countries and service categories it has chosen for expansion.

About OnForce

OnForce is the world's largest marketplace for contract IT service professionals. The company enables VARs, solution providers and IT staffing companies to find highly qualified IT professionals in virtually every zip code in the U.S. These IT service firms turn to OnForce to expand their geographic and skill set coverage without adding overhead or upfront expense. OnForce enables increased buyer control and reduced management costs, while improving service levels and offering faster response times than traditional methods of finding contract technicians.

Since its inception, the OnForce marketplace has been used to successfully complete more than 500,000 work orders. The OnForce community is made up of 5,000+ IT service buyers and 10,000+ IT service technicians who work in a number of technology categories, including computers, printers, networking and consumer electronics. For more information, visit http://www.onforce.com.

About Accel Partners:

Founded in 1983, Accel Partners is one of the world's leading venture capital firms. The firm is dedicated to partnering with outstanding entrepreneurs to build world-class Internet, software and networking companies. Accel Partners has more than $4bn under management from its offices in Palo Alto, London, and China, and its portfolio companies have completed IPOs that have created well over $150 billion in market capitalization. Representative current and former investments include Brightcove, Comscore, Double Fusion, Facebook, Glam, Macromedia, RealNetworks, and The Cloud. For more information, please visit http://www.Accel.com.

Source: OnForce
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