Company's ability to draw premier customers and partners attracts new investor
PORTLAND, Ore. - June 17, 2002 - ProSight Inc., the leading provider of IT portfolio management software, today announced that the company has secured more than $8 million in the first closing of its follow-on round of venture capital, including funding from a new lead investor, Giza Venture Capital, as well as additional funding from its existing investors, BRM Capital, Prism Opportunity Fund and Sequoia Partners. The company's total amount of private funding now totals $36.2 million.
We have watched IT portfolio management become a strategic tool for large organizations to transform the way technology decisions are made in accordance with business objectives," said Shuki Ehrlich, Managing Director, Giza Venture Capital. "ProSight has a leading position in the market as shown by its distinguished customers, including AXA Financial Services, Baxter Healthcare, Ford Motor Company, the United States Internal Revenue Service, and Snap-on Tools. With the additional support of global partners such as Fujitsu Consulting, we anticipate even broader market reach for ProSight. We have full confidence in the quality of the product and ProSight team and see their road to success.
The $8.2 million completes the first portion of ProSight's third major round, which will remain open on a limited basis for an additional 90 days.
"We are pleased with this additional support from our investors, and our ultimate goal remains attaining profitability," said John Cimral, ProSight's chief executive officer. "The continued support of our loyal investors, as well as the addition of a new investor, highlights not only confidence in our products and company, but confidence in the value of portfolio management, as a whole."
ProSight delivers portfolio management software and professional services to enable organizations to get the highest value from their investments in technology. Anyone in the organization using the application-from the executive level to the individual team member-can easily review and collaborate on the technology portfolio, creating an invaluable resource for increasing corporate efficiency and the success rate of technology spending.
About Giza Venture Capital
Giza Venture Capital (www.gizavc.com) is an Israel-related technology fund renowned for its track record and has managed three funds totaling $311 million. The Funds have invested in 60 companies in the sectors of Communications/IT and Life Sciences, with 20 successful exits including: Precise (NASDAQ:PRSE), Oridion (ORID), Butterfly, Libit , M-Systems (NASDAQ:FLSH), Zoran (NASDAQ:ZRAN), Scorpio and DSPC. Giza is backed by leading international investors from USA, Europe, Asia and Israel which include: GE Equity, NIB Capital, Deutsche Banc Alex Brown, Bessemer Trust, GIC, Temasek, Bank Hapoalim and Bank Leumi. Giza's headquarters are located in Tel Aviv with offices in London, Silicon Valley and Singapore.
About BRM Capital
BRM Capital, which is headquartered in the US and has offices in Israel, is an active investor that provides entrepreneurs with financial resources, in addition to technological, operational and business development assistance to help them accelerate growth and gain market leadership. Public portfolio companies include BackWeb (NASDAQ:BWEB), Brio Technologies (NASDAQ:BRIO), Check Point Software Technologies (NASDAQ:CHKP) and CrossWorlds Software Inc. (NASDAQ:CWLD). For more information on BRM Captial, visit www.brm.com.
About Prism Opportunity Fund
Prism Opportunity Fund is a venture capital fund headquartered in Chicago, Illinois. Prism makes direct equity investments in emerging, privately held companies with driven, entrepreneurial management teams and market validated products, services, or technologies. Prism pursues companies in four markets: information technology, publishing and/or content, outsourcing and/or business services and specialty manufacturing. For more information on the Prism Opportunity Fund, visit www.prismfund.com.
About Sequoia Partners
Sequoia Partners, Inc. of Walnut Creek, Cal., US, focuses on "sell side" information technology mergers & acquisitions. Established in 1986, the company has supported ProSight since its founding.
ProSight Inc., the experts in portfolio management software, combines software with services and knowledge resources to equip companies with software for the effective management of technology investments, resources and performance, enhancing value visualization and strategic collaboration capabilities— enterprisewide. ProSight partners include Changepoint Corp.; Evolve Inc.; EYT, formerly known as Ernst & Young Technologies; Fujitsu Consulting; the PCI Group; PlanView; Robbins-Gioia, LLC; Sequencia; WBB; and Westech Information Systems. The company is headquartered in Portland, Ore.
For more information, please visit www.prosight.com. For more information on portfolio management, visit www.portfoliomgt.org.
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