Internet-based software vendor Niku Corp said yesterday that it has completed its third round of funding, raising $40m from investors and strategic partners. Niku said participants in the round include new institutional investors Amerindo Investment Advisors Inc, Charter Growth Capital, Essex Investment Management Company LLC, and investment affiliates of Soros Private Equity Partners LLC as well as strategic partners, CNET and TATA Consulting, India’s largest IT consulting firm. Proceeds from the financing will be used for working capital, capital expenditures and other general corporate purposes, the company said.
In addition, Niku announced named Joshua Pickus, 38 as its president of vertical markets. Pickus will spearhead Niku’s efforts to deliver its products to additional industries, such as networking and communications, advertising and public relations, law and financial services. The Redwood City, California-based company claims to be the first company to deliver a comprehensive enterprise portal for large and medium-size services organizations such as IT consulting firms and internal IT departments at corporations. It also offers iNiku.com, an internet portal that enables independent consultants to run their business on the web.
