Portera Reports Strong Growth

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Serving the "underserved" services sector helped Portera achieve cash-positive status this month, the company said.

The privately held ASP did not detail its earnings results, but said that its revenue increased more than 125 percent in 2001 and it closed 121 new deals during the year. In the fourth quarter, Portera had 30 customer wins with clients such as the New Zealand government and DynCorp, a $1.8 billion organization.

"Given the beating the technology industry took last year, our strong revenue growth and customer acquisition rate clearly indicate that we are meeting the needs of a highly underserved market," said Gary Steele, CEO of Portera, in a statement.

Portera offers hosted professional-services automation solutions to consulting firms, government contractors and the services divisions of large corporations.

During the year, Portera received a cash infusion of $16 million led by Van Wagoner Capital Management, bringing the total investments made in the company to $120 million.

The ASP also formed several partnerships, two of which were with fellow ASPs ManagedOps.com and salesforce.com.

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