The new round of funding for Initiate Systems Inc., a leader in master data management (MDM) solutions, ended up with $26 million funds. Two new investors- Dunrath Capital, EMC Corporation and Informatica Corporation also participated along with the existing investors, Sigma Partners, Apex Venture Partners and First Analysis Group. Paladin Capital Group led the round.

Bill Conroy, Initiate’s President and CEO, said, “Investors have been very enthusiastic about participating in this round of funding.” While talking about the benefits that these investors will offer, he added, “The influence of these investors is a strategic advantage, as we capitalize on new opportunities and extend our leadership in MDM. This funding empowers us in our mission: Helping customers unlock the value of their data assets.” 

The company has a series of achievements to its credit. Securing these recent investments is the latest on the list. Apart from this, in 2007, it almost doubled its revenue and customer base, as per the figures of the year 2006. And in consequence to this rapid growth, Initiate added more than 85 employees last year. It was also recognised  as one of Chicago’s fastest growing companies in 2007. Intelligent Enterprise magazine included Initiate as a “company to watch” among its 2008 Editors’ Choice Awards.

The biggest achievement of the company lies in its Initiate Master Data Service™ software. It received the 2007 Product of the Year Award in the category of data integration from Search Data Management. This software helps the organisations in identifying data related to a single person, place, or thing – and securely share that information – using a highly accurate, scalable, and rapidly deployed solution. Initiate solutions are used around the world in a wide range of industries, including banking, hospitality, insurance, retail, retail pharmacy and healthcare organizations, as well as by state, provincial and federal government agencies. Hence Initiate Systems, Inc. enables organizations to strategically leverage and share critical data assets. The Company operates globally through its subsidiaries, with corporate headquarters in Chicago and offices across the U.S., and Toronto, London and Sydney.

Paladin Capital Group is a premier private equity firm that provides expansion capital for growing companies. Its head quartes are in Washington D.C. It is focused on investing in businesses with products and services that address homeland security issues, an important growth sector for Initiate.

Niloo Howe, managing director, Paladin Capital Group, said, “Initiate has strong leadership and high-performing solutions that address critical requirements for data accuracy and data integration.” He further added, “We are confident about Initiate’s prospects for continued success and look forward to supporting the company as it continues to grow.”

Dan Kossmann, chief financial officer, Initiate Systems, Inc., said, “This fundraising strengthens our balance sheet and allows us to continue expanding our market position while building a predictable, profitable business.”

This entry was posted on Tuesday, July 1st, 2008 at 6:20 am and is filed under Venture Capital Funding. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.