Company's Innovative SaaS Offering Poised to Revolutionize the Online Travel Industry.
Menlo Park, CA (PRWEB) August 2, 2007 -- Canaan Partners, a $2.4 billion global venture capital firm, today announced it has led a $15 million, Series B investment in EzRez Software, Inc., a B2B provider of next generation online travel systems. The new funding will enable EzRez to drive product development and international growth to meet the increasing demand for robust, online travel systems that can be easily branded and customized for multiple businesses. Canaan general partner John Balen will join EzRez's board of directors.
Canaan continues to invest in software companies with innovative SaaS solutions that accelerate business growth and expand markets. Canaan was an early investor in market disrupting, e-markeplace pioneer CommerceOne. The firm's current portfolio includes SuccessFactors, a company revolutionizing HR software with a comprehensive SaaS solution, and ID Analytics, the nation's only real-time fraud prevention system.
"EzRez is disrupting the online travel market through its next generation, Web-based solution," said Canaan general partner John Balen. "At Canaan, we look to invest in companies offering innovative, market changing solutions at just the right time and EzRez is a great example of this. The online travel industry continues to expand and EzRez is poised for significant growth with a solution that allows any company to offer world-class, online travel products that fit their unique business requirements.
EzRez permits any business to easily package and sell air, hotel, rental car, vacation activities, and other travel components to their customers online through their own branded or corporate Web sites. Founded in 2003, EzRez works with some of the biggest travel brands, such as Starwood Hotels and Jet Blue, to power online travel booking systems that can offer uniquely tailored travel products based on the audience, event or business need. EzRez's next generation travel infrastructure is breaking down the barriers of traditional travel sites, such as the OTA's, by allowing companies to launch customized and branded travel sites quickly. By understanding the unique challenges of selling travel online, EzRez enables companies to merchandise travel on a more granular basis than ever before and thereby lowers costs, improves efficiency and increases customer satisfaction.
"We are changing the way online travel can be offered and consumed and this round of funding will help fuel our innovation and growth even further," said Tina Fitch, President and CEO of EzRez. "Our Web based solution allows any company to customize and create a branded online travel site for their business, event or target audience in less than 24 hours. Our SaaS model, unique technology infrastructure and wide partner network allow us to provide a world class, online travel system that is customizable and scalable in a way no other online travel site has been before."
About Canaan Partners
Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. For 20 years, they have taken an active and committed role in the companies in which they invest, and have completed more than 65 mergers and acquisitions and 51 IPOs. With $2.4 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech industries. Among its successes are DoubleClick, the leading online advertising solution, Match.com, the most popular online dating site in the world, and Acme Packet, one of the top ten performing IPOs of 2006. Other Canaan technology investments include SuccessFactors, The Active Network, Blurb, Dexterra, ID Analytics and GroundWorks. Canaan has offices in California, Connecticut, India and Israel. For more information visit: www.canaan.com
About EzRez Software Inc.
Founded in 2003, EzRez Software Inc. is a software company that helps any business enhance its Web presence with intelligent and easy packaging and selling of air, hotel, rental car, vacation activities and other related travel components for customers to purchase online or through a travel agent. In addition to packaging and merchandising solutions, EzRez offers the needed inventory through direct access to its vast network of travel-related services and distributors, helping to broaden offerings and lower distribution costs while increasing efficiency. More information is found at www.ezrez.com.
Contact
Erin McMahon-Lyman
Marketing Alchemist
Phone (415) 649-1390
Gina Vakili
Canaan Partners
Phone (650) 854-8092
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