Summit Partners leads $11m Series B round for big data business WebAction


network dataGlobal growth equity firm Summit Partners has led an $11m Series B financing round for real-time big data server company WebAction.

The California-based company provides and end-to-end platform which powers data-driven applications by passing them structured and unstructured data.

WebAction said the new capital would allow it to expand research and development and increase investments in sales, marketing, and other business development activities.

WebAction chairman and CEO was previously president and CEO of former Summit portfolio company GoldenGate Software, which was acquired by Oracle in 2009.

He also served on the board of ex-Summit portfolio company Ogone, which was bought by Ingenico in March.

Summit managing director Peter Chung, who has joined the WebAction Board of directors, said, “It is a rare privilege to have the opportunity to back Ali Kutay and the WebAction team in another transformative company.

“We know from our history together at GoldenGate Software that this team can combine product vision and deep technical expertise to deliver uniquely valuable mission-critical solutions to their customers.”

Last month Summit made a $21m minority investment in healthcare management software provider COMS Interactive.

COMS, which makes software to manage health and disease profiles of elderly people requiring post-acute care, said the funding would be used to expand the company and marketing its products.

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