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IDe Fuels Growth By Securing $13.25 Million In Venture Financing
CONCORD, Mass., Dec. 5 /PRNewswire/ -- Integrated Development Enterprise, Inc. (IDe®), the leading provider of integrated development chain management (DCM) solutions, today announced that it secured $13.25 million in venture capital funding from five firms. Led by new investor Tudor Ventures, the funding partners also include Dominion Ventures, Flagship Ventures, HarbourVest Partners LLC, and management consultants PRTM. IDe will use the funds to increase its market share with ongoing marketing and sales activities.
IDe's software is being implemented at companies such as Avaya Inc., Crompton Corporation, Donaldson Company Inc., Honeywell Automation & Controls, MTD Products Inc., Owens Corning, and Shure Incorporated.
The IDe solution helps companies turn product strategy into product success by automating and integrating the key management activities of product development, including idea, portfolio and pipeline, resource, project and program, process, time, and partner management, as well as management of related product development financials and reports. Real-time integrated development allows companies to maximize product throughput, increase development productivity and predictability, achieve faster time to market, and realize process excellence. IDe solutions also help companies manage corporate portfolios and enterprise initiatives beyond new product development, such as information technology, capital projects, advanced product quality planning (APQP), and Six Sigma.
Development chain management, also referred to as product portfolio management or product chain management by industry analysts, acts as the business layer of product lifecycle management (PLM). According to Kevin O'Marah, vice president of AMR Research, "Product portfolio management is emerging as one of the highest impact areas of a comprehensive PLM strategy. This is true across industries and up and down the scale of company size." (AMR Research report, "Product Portfolio Management is About Risk Management Not Business Process," December 5, 2002)
To manage the development chain effectively, product companies need a comprehensive set of integrated capabilities. "Product development companies that want executive teams to be able to make better product decisions should short-list tools from vendors that offer not only core portfolio management functionality but also a combination of additional functionality such as enhanced project management and resource management functionality, idea management and support for phase-gate product development methodologies," said Erica Rugullies and Margo Visitacion, senior industry analysts in the Giga Information Group report "Making Sense of the Converging Portfolio ManagementMarket," September 2002.
"Our goal is to be the standard enterprise application used to manage the business of developing products," said Rich Moore, president and CEO of IDe. "This new financing will allow us to add new customers and to expand within our installed base at a faster rate."
"We only invest in growing companies who have a large market opportunity," said Bob Forlenza, managing partner for Tudor Ventures. "Our research indicates that there is a huge untapped market for solutions that help product companies maximize their R&D investment. We are committed to help IDe increase its footprint in the market."
"As an existing investor, we are pleased to be increasing our investment in IDe," said Stephen Ricci, partner of Flagship Ventures. "In these economic times, we are cautious as to where to invest our funds. We think that IDe is a great company and positioned to exploit its lead in the market."
"Product companies need to develop new products to drive revenues," said Michael McGrath, managing partner for PRTM. "The IDe solution gives product developers a better method by which to align decision-making, balance portfolios, minimize pipeline bottlenecks, manage risk and allocate resources. At PRTM, we see growing demand for the IDe solution, even in a slow economy. "
About IDe
IDe is the leading provider of development chain management (DCM) solutions for integrated product development. With IDe's patent pending solution, companies can more profitably manage the business workflow of integrated product development™ and maximize their return on investment in product development. www.ide.com
About Dominion Ventures
Dominion Ventures is a venture capital company uniquely positioned to meet the needs of growing companies by providing expansion capital. Founded in 1985, Dominion Ventures was created with the goal of providing capital and value-added resources to private companies in the information technology, communications, life sciences, healthcare, and service industries. Its affiliated company, Dominion Capital Management, provides venture leasing. In the past fourteen years, Dominion and its affiliate have invested more than $270 million in 160 companies combined. www.dominion.com
About Flagship Ventures
Founded in 1999, Flagship Ventures is an entrepreneurship and venture capital firm comprising a family of funds: OneLiberty Funds, AGTC Funds and NewcoGen Group. They currently invest from $400 million in funds raised in 2000 and manage a total pool of committed capital approaching $600 million. The Flagship Ventures team consists of 32 professionals focused on creating, financing and building companies in the life science, information technology and communications sectors. Complementing their internal team is an extensive network of Advisor Partners who are actively engaged in evaluating, and often co-founding, new ventures. www.flagshipventures.com
About HarbourVest Partners
HarbourVest Partners, LLC, is a global private equity investment firm. It was founded in 1997 to assume the business of Hancock Venture Partners, Inc., which was formed in 1982. HarbourVest is 100% owned by its twelve managing directors. HarbourVest invests in all types of private equity funds, including venture capital and leveraged buyout funds, and also directly in operating companies. HarbourVest currently manages investments in North America, South America, Europe, Asia, Australia and Africa. www.harbourvest.com
About PRTM
Pittiglio Rabin Todd & McGrath (PRTM) is the leading management consultancy to the technology industry. PRTM helps technology companies structure their strategies, their organizations, and their core business processes for competitiveness, profitability, and growth. Since its inception in 1976, the firm has worked with over 1,000 technology companies in over 5,000 engagements worldwide. www.prtm.com
About Tudor Ventures
Tudor Ventures is the venture capital and private equity arm of Tudor Investment Corp., an internationally recognized diversified investment management firm with $6 billion in assets. Tudor has been investing in venture capital and other private equity opportunities since the early 1990s. Over this time, Tudor and its principals have invested in over 75 companies, with a strong record of investment success, and the firm currently manages over $500 million in capital. www.tudorventures.com
IDe, Integrated Development Enterprise and IDweb are registered trademarks; and IDpipeline, IDresources, IDprojectview, IDprocess, IDfinancials, IDpartner, and IDreportview are trademarks of Integrated Development Enterprise, Inc. All other products and names are trademarks of their respective owners.
Source: Integrated Development Enterprise, 12/5/2002.
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