The GenSight Group secures $3 million in first
round of funding
Transatlantic project portfolio management
company to increase sales and support activities to meet growing
demand
Bala Cynwyd , PA & London, UK – September
27, 2007 – GenSight, a provider of Project Portfolio
Management (PPM) software, has secured its first round of funding
with a $3 million investment from SIG Strategic Investments, LLLP,
an affiliate of Susquehanna International Group, LLP (SIG). Available
immediately, this initial investment will be used by GenSight to
double its headcount over the next twelve months to meet increasing
market demand for its solutions. The company will expand its sales
activities and customer support across the United States and Europe.
GenSight’s innovative project portfolio management solutions
streamline new product development and IT governance, so that companies
can manage projects more effectively and reduce project risk. The solutions
simplify the complexity of corporate resource allocation so that clients
can optimize the use of limited resources to secure competitive advantage.
GenSight’s technology and business processes have been implemented
globally in sectors including pharmaceutical, healthcare, consumer
goods, chemical, financial services and telecommunications. Current
c ustomers include Johnson & Johnson, Sun Chemical, Georgia Pacific
and British Telecommunications (BT).
IDC forecasts strong continuing growth in the IT PPM segment, following
growth of 17% in 2006, stating that expected software revenue for PPM
to IT projects alone will move to the $1.1 billion mark by 2011 .
Todd Simkin, director of asset management at SIG, said: “Project
portfolio management is a market with significant potential for growth.
We identified GenSight as a key player in the market based on its product
offering and client base. GenSight’s innovation in the field
of strategic decision making software has differentiated it so strongly
that there are no other companies that compete directly. GenSight’s
clear business plan and sales track record convinced us that this is
the right choice for investment.”
David Munt, managing director for The GenSight Group, said: “SIG
shares our vision for a partnership approach to funding. Working with
SIG will give us invaluable support and advice, as well as the confidence
and resources we need to expand. We have ambitious growth plans and
look forward to working with SIG to deliver on them.”
Fairmount Partners, the US investment bank advising GenSight, introduced
GenSight to SIG.
About Susquehanna International Group, LLP
Susquehanna International Group, LLP is the parent company to The
Susquehanna International Group of companies (SIG). SIG, headquartered
in Bala Cynwyd, Pennsylvania, is a leading financial institution focusing
on trading and market making, investment banking, institutional sales
and research, private equity and venture capital. SIG makes markets
in more than 6,000 stocks, is among the nation’s largest option
market makers, is the leading sector index options trading firm and
is one of the largest liquidity providers in ETFs. SIG has more than
12 offices across North America, Europe and Asia. For more information,
please visit www.sig.com.
About The GenSight Group
GenSight is a leading provider of Enterprise Portfolio
Management (EPfM) solutions. Its Fortune 100 customers regard the company
as the best-in-class provider of portfolio management including portfolio
analysis, visualization and decision support technology. The company
is tightly focused and has spent over a decade innovating and honing
its technology, product and methodology and successfully developing
relationships with its customers.
The GenSight technology uses proprietary optimization algorithms
to master the complexity of portfolio management and strategic choice.
The solution is proven and has been implemented on a global basis by
leading corporations across diverse industries such as pharmaceuticals,
healthcare, consumer products, chemicals, financial services and telecommunications.
Customers achieve high value returns, typically measured as a multiple
of the implementation cost.
The company’s co-founders, David Munt and Mike Menard, have
over 25 years’ experience of technology development and portfolio
management, respectively. Mr. Munt’s experience includes a history
of technology innovation in the areas of strategic planning and portfolio
management. Mr. Menard was previously a senior executive at Johnson & Johnson
and a consultant and expert in criteria-based decision-making.
For more information please visit www.gensight.com.
# # #
Worldwide
Automated IT Project Portfolio Management Software 2007–2011
Forecast and 2006 Vendor Shares: Dynamic Consolidation Extends a
Growing Market
http://www.idc.com/getdoc.jsp?containerId=208144
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