SAN MATEO, CA: Biz360 has named a new CEO, Bud Michael, to replace founder You Mon Tsang. The company also secured $10.5 million in funding.
The moves are reflective of the 184% growth it experienced in 2002, said Tsang. "It's always been my plan to appoint a new CEO when the company hit 50 people," he explained.
Prior to joining Biz360, Michael was EVP of products and marketing for KANA, a provider of CRM technology.
Tsang will retain his seat as chairman of the board and assume the new title of CMO.
The funding came from BA Venture Partners, Adobe Ventures, Granite Ventures and Foundation Capital. Funds, noted Michael, will be used to further educate the market about the availability of analytics tools like Biz360's Market360.
"To demonstrate growth to Wall Street, companies need to step outside their enterprise and understand how they are doing relative to others in the market," said Michael. "Our biggest challenge lies in creating an awareness that this capability exists."