Thursday, June 5, 2008

Edocs founder Kevin Laracey shacks up with Sigma

Sigma + Partners, the Boston VC firm, just announced they've added Kevin Laracey, formerly founder and CEO of edocs, as a venture partner.

Edocs was acquired by Siebel Systems back in 2004, for somewhere between $115 million (the amount reported initially) and $145 million (the amount Sigma lists on Laracey's bio -- which could include later incentive payments for hitting certain milestones).

That means that the company, which made Web-based account management and billing software, was a middling success for its investors. Edocs raised $80 million in VC from Sigma, Charles River Ventures, JAFCO Ventures, and others. So it was slightly less than a 2x deal when Seibel acquired it.

As with all newly-minted VCs, it'll be interesting to see Laracey's first few deals...

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