XLerant, Inc., a provider of budget preparation software for mid-sized and large organizations, today announced the close of a $3 million Series B round of financing. Chrysalis Ventures led the round alongside existing investors, including Connecticut Innovations. In conjunction with the financing, Chrysalis Principal Wright Steenrod will join XLerant's board of directors.

The investment will be used for sales and marketing expansion in North America. Founded in 2005, XLerant replaces traditional, restrictive spreadsheets with an easy-to-use, yet sophisticated budgeting and planning application called BudgetPak. This intuitive software provides maximum user flexibility and expanded financial control. Customers often choose BudgetPak because it drives greater fiscal ownership among managers and allows leaders to align financials with organizational strategy.

"Great organizations strive to get more line manager ownership of budget numbers. BudgetPak improves line manager flexibility while also expanding financial control. It's the best of both worlds," XLerant CEO Ted Dacko said. "XLerant takes organizations beyond the days of error-prone Excel spreadsheets and builds budget accountability at all levels. We facilitate a better budget through a better budgeting process.

"XLerant already has a great product and enthusiastic customers," Dacko said. "Now it has received funding from what I consider to be the leading venture capital firm in America. Chrysalis will be an extraordinary partner as we accelerate our growth."

Dacko formerly served as CEO of HealthMedia, a provider of web-based personalized wellness and disease prevention programs based in Ann Arbor, MI and backed by Chrysalis Ventures and other investors. Dacko grew and led HealthMedia to a successful acquisition by Johnson & Johnson in 2008, delivering a substantial return to investors. Previously, Dacko held senior positions with Hyperion, Orion Micro Systems, Comshare, Corporate Class Software, FAME Software and Interactive Data Corporation.

"Ted has proven he can build and lead successful, profitable companies," said Chrysalis' Wright Steenrod. "After his great results at HealthMedia, we are thrilled to partner with him again in his latest venture, which addresses a long-standing market pain point and has already developed a devoted customer base."

Connecticut Innovations, a leader in supporting entrepreneurial, technology-driven entities in the state, invested in XLerant in 2007.

"We at Connecticut Innovations are pleased to have supported XLerant in its early years. We're delighted it already has grown to the point of earning further investment from a leading venture capital firm," said Peter Longo, Connecticut Innovations president and executive director. "Funding from Chrysalis Ventures is a tremendous endorsement."

About XLerant, Inc.
XLerant is a software solutions company that builds and implements innovative, practical, and incredibly powerful corporate budget preparation software for mid-sized and large organizations, energizing a "Culture of Budget Accountability" among users. The company serves clients in several industries, including higher education. XLerant's premiere budgeting and planning application, BudgetPak, replaces spreadsheet-based budgeting and provides maximum user flexibility and financial controls. Improved communication, greater ownership of the numbers and increased transparency enables companies to better manage financial performance throughout the fiscal year.

About Chrysalis Ventures
Chrysalis Ventures manages one of Mid-America's largest funds for early-stage and growth investments with approximately $400 million under management. Since 1993, the firm has invested in over 65 companies, primarily in the healthcare and technology sectors. With headquarters in Louisville, Kentucky, Chrysalis has offices in Cleveland, Pittsburgh, Ann Arbor and Houston. The firm seeks to partner with entrepreneurs to build enduring businesses in industries undergoing significant transformation.

About Connecticut Innovations
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI's mission.