By Alfred Branch, Jr.

Coming on the heels of the company closing on the acceptance of $34 million in institutional funding, TicketsNow has given Sridhar Murthy, formerly the firm’s chief financial officer, the new title of Chief Operating Officer.

The company made the move in part because Murthy has developed a knack for bolstering relationships with venture capital firms. Murthy’s new role is a newly created position and it covers “the full spectrum of the finance function including financial planning and analysis, controllership, treasury and tax, and investor relations.” Besides his tenure at TicketsNow, Murthy’s background includes a stint at Coopers & Lybrand in addition to several financial jobs with technology companies.

TicketsNow is the nation’s second-leading reseller of event tickets in the secondary market, behind StubHub!, according to the exclusive ranking by www.TicketNews.com of the secondary ticket market....

“Sridhar Murthy's title change was done to further enhance the growth of TicketsNow and drive efficiency in our business,” said Jennifer Swanson, director of marketing communications for TicketsNow. “Mr. Murthy will operate in the dual capacity of COO and CFO.”

Several venture capital firms invested the $34 million, which TicketsNow began raising in the spring of 2006, and officials said the money “will be used to grow TicketsNow and maintain the company’s leadership position within the online secondary ticket industry.” Officials did not disclose the specific plans they have for the money.