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Tech Industry

Wizmo garners new funds

Wizmo, an IT consulting company, has received $4.2 million in third-round funding. Sandler Capital Management led the round, with investors Wheatley Partners and Novell participating. Wizmo plans to put the funds toward working capital. The company expects to be cash-flow positive in the fourth quarter of this year and to post a net profit by the first quarter of 2003, said Mike Lindseth, the company's chief executive officer.

In total, Wizmo has raised more than $41 million in venture capital, most recently $34.6 million in second round funding in July 2000. The Eden Prairie, Minn.-based company has gone from a high of about 170 employees down to about 70 workers now, but it plans to have about 80 employees by the end of the year, Lindseth said. As part of its funding announcement, Wizmo said that it has signed a deal with transaction processing outsourcer Automatic Data Processing to host some of its time and labor management applications.