Authoria – Profile
HQ: Waltham, MA
Management: CEO Tod Loofbourrow has stuck it out for the past 7 years before making the bold move to work with VCs. Loofbourrow looks like a robot-freak, and he is, having penned the seminal 1973 tome How To Build A Computer Controlled Robot.
Tod “I, Robot” Loofbourrow
Investors: Raised $10.5M in July 2004 from a gaggle: CIBC Capital Partners (Lead), Capital Z Partners LLC, Dain Rauscher Wessels, Fidelity Ventures, HLM Venture Partners, Menlo Ventures, Norwest Venture Partners, Pequot Ventures, Towers Perrin, and Van Wagoner Capital Management.
Business Model: Software powers human resources portals on Fortune500 Intranets. Company is particularly well-known for its compliance content, such as health & welfare information but is making the case for more challenging applications that allow managers to set and adjust bonus targets and allow employees to track their progress towards getting bonuses. HR portals are becoming ubiquitous with an estimated $1B spent on them in 2003 and more than 50% of corporations say they will invest in them this year. Authoria had $25 million in sales last year and is profitable. It has experienced 100% growth annually for the last four years. Authoria recently acquired a competitor – AIM.
Competitors: Enwisen, Online Benefits
Dirt: Although Authoria probably didn’t need its latest round of funding, the company knows it has a fight on its hands, particularly with Enwisen. Authoria dominates the F500, but Enwisen has the next tiers down and is moving up. Enwisen is an ASP similar to Salesforce, compared to Authoria which sits behind the firewall, like Siebel. Take notice of what is happening in that battle.