Software developer Copanion has closed a $10.2 million round of venture capital financing and named a new CEO.
The funding round was led by Commonwealth Capital Ventures and Pilot House Ventures Group. The Andover, Mass.-based company plans to use the extra money to expand the sales and marketing efforts behind its Web-based tax document automation software, and move into new vertical markets beyond accounting and tax. The company previously closed a Series A round of $6 million in financing in 2006.
As part of the new financing, the company also announced that former senior vice president of marketing and sales Edward Jennings has assumed the role of CEO. Founder Steven Ladd has stepped down from the CEO spot and moved into an advisory role tasked with new market development. Chief technology officer Depankar Neogi has also stepped down, and his role is being filled by Dr. Girish Welling, the head of research and development.
Moving forward, we have aggressive plans to expand our sales and marketing efforts, said Jennings in a statement. With development of the core technology largely complete, we will now focus on expanding our go-to-market initiatives to increase revenue in the tax market and explore several other markets.
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