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Business Engine receives $22 million

Business Engine said Friday that it has raised $22 million in its fourth round of funding, bringing the company's total financing to about $70 million since its inception in 1987. Oak Investment Partners, which had invested in the company previously, led the round. Other participants included new investor Technology Crossover Ventures. Business Engine, based in San Francisco, will use the funding to increase its sales capacity, enter new markets, and expand its European operations. Business Engine makes software that helps businesses manage their IT initiatives such as software upgrades and installations. The company's software can also assist research-based businesses, such as pharmaceutical makers, organize their research projects. Business Engine pulled in $38 million in 2000 for its third round of funding and $8 million in 1998 in a second round.

    Business Engine said Friday that it has raised $22 million in its fourth round of funding, bringing the company's total financing to about $70 million since its inception in 1987. Oak Investment Partners, which had invested in the company previously, led the round. Other participants included new investor Technology Crossover Ventures. Business Engine, based in San Francisco, will use the funding to increase its sales capacity, enter new markets, and expand its European operations.

    Business Engine makes software that helps businesses manage their IT initiatives such as software upgrades and installations. The company's software can also assist research-based businesses, such as pharmaceutical makers, organize their research projects. Business Engine pulled in $38 million in 2000 for its third round of funding and $8 million in 1998 in a second round.