British budgeting software supplier Adaytum Software has become a US corporation as part of a $5.1m venture capital deal, it was announced today. The investment was led by US ‘Top 20’ firm St. Paul Venture Capital, with participation from Hambrecht & Quist and other private US investors. Guy Haddleton, CEO of Adaytum, called the injection of cash an exciting milestone and described how he hopes to use the capital to expand commercial operations in the US. The company will use the capital to enlarge its sales and support infrastructure, recruit additional consultants, and release several new products, currently in development. The goal is to expand into the enterprise software market with its flagship budgeting product Adaytum Planning. Adaytum Software was founded in 1990 and counts Lucent Technologies and Boise Cascade among the most recent of its 700 international clients.
