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ASP - Monday, June 27, 2005

eProject - Profile

HQ: Seattle, WA

Founded: 1997

Management: Company has new CEO - highest ranking officer is Steven Anderson who is COO. He was previously CEO of CypherGuard.

Investors: In June 2005, eProject raised $8M from Kennet Venture Partners and Genevest. The company has raised $16M to date.

Business Model: eProject hosts software that it licenses to medium-size businesses to help manage projects with features such as team calendars, decision polling, a central document repository, task scheduling, time and expense tracking and resource allocation tools. eProject claims 45% sales growth in 2004, its first profitable year. It has 350 customers and predicts it will close out 2005 with $8M in revenues.

Competitors: Microsoft Project, Primavera Systems, Niku (now Computer Associates) and eRoom (EMC).

Dirt: We have done test-drives of several products in this sector and find a lot of value in them, particularly for consulting-type gigs. However, the type of information that is typically input into eProject and the like is very sensitive and larger companies and consulting firms in particular are reluctant to allow a third-party to host this data. As Salesforce.com and others are making great headway hosting sensative data, we expect this to change and for eProject and others to grow at a faster clip.