Kana Soars on Funds Infusion

Kana Software(KANA Quote) said it will get a $55 million infusion of equity financing from an agreement with Technology Crossover Ventures for a private placement and a recently completed $10 million common stock financing.

TCV will purchase between $39 million and $45 million in convertible preferred stock, and the company has been issued warrants to purchase about 1.9 million shares of Kana stock.

Kana, a company that sells products to manage automated customer service transactions on the Internet, had $52 million in cash at the end of the recently completed third quarter after its merger with Broadbase Software. The company now expects to break even on fourth-quarter revenue of about $24 million.

Shares of Kana Software were recently trading up 23% to $1.65 in premarket Instinet trading.