The Salt Lake Trib has the story.
A $40M investment, led by Bank of America Venture Partners. Hummer Winblad came in again. Valuation at least $200M post. They needed the cash .. number of employees tripled in the last 12 months and they intend to hit 600 in the next 12. If I assume $100K/year (loaded) per person, which is probably conservative even for Utah, that’s a $60M expense rate. Fortunately they are projecting $40M in sales, so assuming they can ramp sales, they can sustain the losses for a couple of years.
Interestingly enough, $40M is more than Accrue’s IPO.