Budgeting, Planning & Forecasting

Budgeting, Planning & Forecasting

May 23, 2011

Josh James, Former CEO Omniture, Raises $10 Million in Angel Funding from Industry Visionaries and Leaders

Shacho Inc. announced that Josh James, co-founder and former CEO of Omniture (News - Alert) has raised $10 million in funding from within the technology industry. Among those who have helped contribute are individual investors, venture capital firms that often participate in early-stage rounds, in addition to individuals who were on the board of directors of Omniture.

Omniture is an SaaS (News - Alert) company which was co-founded by Josh James. He also served as its CEO before the business was sold to Adobe in 2009 for $1.8B.

Some of the prominent angel investors include Marc Benioff (News - Alert), Chairman and CEO, of salesforce.com; Ron Conway/David Lee, SV Angel; Lars Dalgaard, Founder and CEO, SuccessFactors; Andreessen Horowitz, LLC; Mark Gorenberg, Managing Director, Hummer Winblad Venture Partners; Hiroshi Mikitani, CEO, Rakuten (Japan); John Pestana, Co-Founder, Omniture; Dan Rose, Vice President, Facebook (News - Alert); Paul Sagan, CEO, Akamai; S. Steven Singh, Co-Founder, Chairman and CEO, Concur; John Thompson, Chairman, Symantec; CEO, Virtual Instruments and Hummer Winblad Venture Partners.

The angel funding will be used to actively further a new venture for the company. This will provide a resolution for what James considers a contradiction prevailing in today’s business intelligence market.

In a release, Josh James said that “We are fortunate to have attracted such high-caliber angels whose experiences and insights will help accelerate our aggressive plans for growth; and given what we are planning to do, it’s apropos that we have CEOs and founders of the four largest SaaS companies. Today’s business intelligence solutions leave executives with blind spots because the information they receive is not real time and it’s often inaccurate and incomplete. We are on an aggressive path to fix this pervasive problem that has yet to be addressed.”

John Thompson, Chairman of Symantec (News - Alert) and CEO, Virtual Instruments, explained that “Small companies are hotbeds for innovation. I am pleased to lend my experience in enterprise software and in growing global companies to this exciting new venture.”

WPP Chief Executive Officer Sir Martin Sorrell stated that WPP, the world's leading marketing communications services firm, is a strategic investor in this round. Josh understands the issues and challenges of senior-level executives as well as the need for SaaS based solutions that generate clear ROI for clients. WPP is pleased to be among his investors.”

Calvin Azuri is a contributing editor for TMCnet. To read more of Calvin’s articles, please visit his columnist page.

Edited by Rich Steeves

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