Dear Radar 2008: Everest Software

Everest Software provides small and mid size companies with a fully integrated business management software so that they can run their businesses more efficiently. It allows companies to quickly manage and track their business operations online and offline in order to increase efficiency and improve their bottom line. It is a comprehensive solution which integrates various departments of a business like accounting, order fulfillment, marketing, payroll, inventories and more to give an entire picture of the business, all as Software-as-a-Service. Originally named iCode, the company was founded in 1994 by Bijal Mehta and Ali Jani. It is headquartered in Dulles, Virginia.

In February 2006, Everest received $8 million in funding from Boulder Ventures and existing investors Sierra Ventures and Updata Partners. In 2002, the company received funding from Updata Partners for $4 million. Actis, a venture capital firm from London invested $1.5 million in Everest’s 1998 initial round. Other local investors include eMedia Club and The Capital Investors. The company has raised approximately $21.5 million since 1998.

According to an article in the Washington Business Journal, sales of general business software to small and mid size companies (under $30 million in annual revenue) are expected to increase to $7.1 billion in 2009 from $4.9 billion in 2005. This creates a huge opportunity for Everest to take more of the market. Unlike Microsoft and SAP who have scaled down their existing products to cater to the small and mid size market, Everest provides a product built especially for this segment. Some of the company’s other competitors are Salesforce.com, Intaact and NetSuite. Given the market size, there’s certainly room for multiple players.

In 2007, Everest launched eAuction Pro, an eBay integration feature designed to let sellers more efficiently manage their eBay stores. Besides this the company has built strong alliances with Google and other major e-commerce sites.

Although revenues are undisclosed, the company is expected to go public soon, after it crosses the $100 million revenue mark, indicating strong traction. Everest Software serves over 3,000 small businesses in 49 countries.