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Business intelligence software maker Jaspersoft has raised $12.5 million in the fifth round of funding since it was founded in 2001. CEO Brian Gentile says he hopes this will be the final round, and it brings the total raised to $47.5 million. Despite revenues nearly double a year ago, Jaspersoft is still not profitable. Gentile says the latest funding was an "up" round for the company, in which its valuation increased, as it did in the two prior rounds.

Adams Street Partners led the latest funding, with open-source software developer Red Hat Inc. [RHT] participating. In previous rounds, Jaspersoft has raised money from Scale Venture Partners, SAP Ventures, DCM, Morgenthaler Ventures and Partech International.

Although the company was founded as proprietary software provider Panscopic Inc. in 2001, it now traces its beginnings to 2003 when it switched to an open-source software model. Subsequent acquisitions of the Romanian startup JasperReports and the Italian software developer iReport resulted in a name change. Since switching to the open-source model, Jaspersoft has raised $33 million in venture funding.

Gentile says the latest funds will be used for what he described as a "careful" market and geographic expansion and is not ruling out further acquisitions.

"Do I think we'll make some acquisitions over the next year or two? Yes I do," Gentile tells Tech Confidential. "But it's certainly not on the top of my list now."

Over the life of the company, Jaspersoft has had some 7.3 million downloads of its software, which has recently accelerated to a monthly rate of abut 300,000. Because the software helps companies save money by providing a better window into their operations, it is relatively recession proof, claims Gentile.

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