Model N Secures $11 Million Investment to Expand Presence in Life Science Market

Model N, Inc., a leader in revenue execution software, has secured an $11 million investment to accelerate its expansion in the Life Science market. The funding was led by Meritech Capital Partners, a late stage venture capital fund, and included current investors Accel Partners and Accel KKR. Model N plans to use the funds to broaden its application suite, enhance sales and marketing presence, and increase professional services to support customer deployments.

Key Takeaways:

• Model N secured an $11 million investment from Meritech Capital Partners, Accel Partners, and Accel KKR to expand its presence in the Life Science market.
• The funding will be used to accelerate expansion in the Life Science market by broadening its application suite, enhancing sales and marketing presence, and increasing professional services.
• Model N's revenue execution software brings together complex, inter-departmental processes involved in pricing, contract creation, contract management, compliance, and settlement of chargebacks, rebates, and administrative fees.
• According to industry analysts, failure to consistently and efficiently execute pricing strategies through customer contracts costs Fortune 1000 companies billions of dollars in uncaptured revenue each year.
• Model N's integrated suite of applications can improve top and bottom line results and lower corporate risk by shortening sales cycles, lowering operational costs, maximizing contract profitability, and managing regulatory compliance.
• Model N's customers include Ortho-Clinical Diagnostics, a Johnson & Johnson company; Guidant Corporation; C.R. Bard, Inc.; Pfizer, Inc.; and Owens- Illinois, Inc.

Statistics:

• $11 million: The amount of funding secured by Model N to expand its presence in the Life Science market.
• 2003: The year Model N made significant commitments to the Life Science market, resulting in the addition of several marquee customers and the completion of the only integrated suite of applications to improve the end-to-end process of pricing, contracts, compliance, and settlements.
• Billions of dollars: The amount of uncaptured revenue Fortune 1000 companies lose each year due to failure to consistently and efficiently execute pricing strategies through customer contracts.
• 1000: The number of Fortune companies that lose billions of dollars in uncaptured revenue each year.

Sources:

• Meritech Capital Partners
• Accel Partners
• Accel KKR
• Model N, Inc. - Press Release, January 28

Model N, Inc. - About Us webpage.