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Sikka Software raises $5.5 million

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Sikka Software is a retail healthcare cloud platform that has raised $5.5 million in Series B funding. This round of funding was led by Sierra Ventures with participation from AMA Ventures. More details below:

PRESS RELEASE

MILPITAS, Calif. – February 24, 2015 – Sikka Software, the leading retail healthcare cloud platform, raised its Series B funding of $5.5 million led by Sierra Ventures with participation from its Series A investor, ATA Ventures. This new capital will enable Sikka to scale sales and marketing and continue its rapid growth across key practice areas.

Sikka is revolutionizing the field of retail healthcare software by providing the Sikka Platform Cloud which is seamlessly connected to over 400 combinations of practice management and financial systems covering over 96% of the dental, veterinary, audiology and optometry markets and provides a single application programming interface that anyone can build apps on. The company began with a simple vision, to help healthcare providers and small offices optimize their businesses via a series of easy-to-use cloud based applications through the Sikka Platform Cloud.

Since 2011, Sikka has achieved the following milestones:

· Cloud platform with 26 apps for over 13,500 practices in dental, veterinary, hearing and vision, servicing more than 23,000 doctors.

· Processing over 100 million monthly interactions with customers including payments, claims, patient communications, receivables, supplies, lab services, patient financing and more.

· $4.8 billion of transactions processed in 2014 through the rapidly growing Sikka ecosystem

· Continuing momentum by adding nearly 500 new healthcare practices each month

“We are excited to raise our next round of financing, which will allow us to accelerate the already rapid growth we have experienced over the past 3 years,” said Vijay Sikka, CEO of Sikka Software. “Given our broad footprint in the retail healthcare space, we are well positioned to be the leader in this large underserved market. Sierra Ventures has strong domain expertise in the small retail software space, starting with their investment in Intuit.”

“We have been very impressed with the strong progress that Sikka has made over the past few years, expanding from dental practices to veterinary, optometry and hearing care,” said Mark Fernandes, Managing Director of Sierra Ventures. “The company is at the nexus of retail healthcare information, which is one of the fastest growing segments of the market.”

Mark Fernandes, will join Sikka Software’s Board of Directors, which currently consists of Vishal Sikka, CEO of Infosys; Hatch Graham, Managing Director of ATA Ventures; and Vijay Sikka, CEO of Sikka Software.

About Sikka Software

Sikka Software Corporation is revolutionizing the retail healthcare industry via its platform cloud, analytical tools, apps and big data leadership. The retail industry includes over 2.1 million providers worldwide and over 600,000 in the United States. Sikka Platform Cloud allows seamless compatibility to over 96% of the dental, veterinary, vision care and hearing care markets in the United States. Sikka Software Corporation has over 13,500 installations and is experiencing strong growth and market presence in the retail healthcare big data space. For more information, please visit www.sikkasoftware.com

About Sierra Ventures

Sierra Ventures is a VC firm focused on investments in Consumer and Enterprise Information Technology. Since 1982 Sierra has raised 10 funds with over $1.7B in committed capital, backed 25+ companies that had successful IPO’s, and 50 that had substantial M&A exits. Sierra has continually leveraged the Sierra franchise to provide strategic and operational support, including the largest CIO Advisory Board in the industry, to achieve broad success across its portfolio of investments. For more information, please visit www.sierraventures.com