Rivio, a provider of Web services to small businesses, raised $12 million in its fourth round of financing led by a group of investors including management consultancy Accenture. Other companies that invested in this round include Bank of America and venture capital firms Opportunity Capital Partners and Softbank Venture Capital. The latest round brings a total of $61 million in capital raised for the Santa Clara, Calif.-based company.
Founded in 1999, Rivio's core small business Web products help companies manage daily operations and tasks such as human resources, payroll, purchasing and employee communications. Earlier this year, Rivio formed a partnership with Microsoft as part of the software giant's own small business push with its bCentral Web site, aimed at providing smaller companies with software and services.
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