Wealth management vendor netDecide secures $9.2 million funding

Wealth management vendor netDecide secures $9.2 million funding

Virginia-based online wealth management systems vendor, netDecide Corporation, has secured an additional $9.2 million from a combination of venture capital and financial services companies in a series "C" round of private investments.

The round was co-led by Dominion Ventures and Walker Ventures with additional investments from Bank of America, Ernst & Young LLP, Legg Mason, WomenAngels.net and existing individual investors.

netDecide says it will utilise the funding to support an aggressive sales and marketing strategy targeting the $293 billion worldwide market for financial services technology as well as to make continued investments in its long-term product development efforts.

In line with the new financing, Kate Armstrong, president and chief executive officer, and Evan Burfield, netDecide co-founder, have left to pursue other interests.

Raghu Chintala, senior vice president of customer management, has been named interim CEO until a replacement for Armstrong is found. Burfield's previous responsibilities with the company have now been transferred to James Reagan and Stan Paul within their newly created positions as chief technology officer and senior vice president for sales, respectively.

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