Web analytics provider Coremetrics has raised $60 million in its fifth round of funding. The company, founded in 1999, has raised a total of $111 million.
London-based private equity firm 3i led the funding round, along with existing investors Accel Partners, FTVentures and Highland Capital Partners. The company says it will use the funds to expand sales and marketing efforts.
“There is an unlimited market opportunity for us as more online businesses see the advantage of using our marketing optimization platform to grow their companies,” says Joe Davis, CEO. “With current sales win rates approaching 70%, we see a tremendous opportunity to accelerate growth by leveraging our existing product leadership position with increased marketing investment and quota-carrying sales force."
Coremetrics has increased its customer base by 46% in the past year and diversified beyond online retail, the company says. The company announced recent deals with such e-commerce sites as casual apparel retailer Aeropostale, No. 423 in the Internet Retailer Top 500 Guide, and athletic shoe manufacturer K-Swiss.
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