Utah firm gets $40M boost – Omniture Inc. — Funding Environment Bodes Well for Utah

Funding to help Orem company grow its Web analytics business

In one of the biggest venture capital deals of the year, Utah’s home-grown Omniture Inc. has received $40 million in funding from a group of investors led by Bank of America (BA) Venture Partners.

Josh James, the Orem company’s chief executive, said the new capital will allow the Web analytics provider to expand rapidly and "put some real distance" between Omniture and its competitors.

"We’re looking at multibillion dollar opportunities," James said. "And in this industry, whoever gets the largest the fastest is going to win."

By Steven Oberbeck
The Salt Lake Tribune

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$40 million Funding Round for Omniture Bodes Well for Utah

by Leah M Jensen

Utah’s economic agenda of late has not only been focused on luring large companies to Utah, but on maintaining and growing the companies that already exist. Gov. Jon M. Huntsman’s administration has continued to push this agenda by insisting that cultivating these local companies requires capturing funding that in recent years has been invested in Silicon Valley, and by convincing investors that Utah is back in business.

And what better way to convince investors than through example?

Omniture, an Orem-based Web analytics firm, has just closed a $40 million round of venture capital funding, led by California-based BA Venture Partners. Prior rounds of funding equalled $25 million, taking their total to $65 million. Josh James, co-founder and CEO of Omniture, believes these funding dollars speak volumes about the quality of technology emerging from Utah.

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