Tenrox Receives $4.6 M Investment from Novacap
With New Financing Company is Better Positioned for Significant Growth
PASADENA, CA, October 31, 2005 -- Tenrox, the Integrated Operational Control and Compliance Software Company, today announced a $4.6 million investment from Novacap - a leading private equity and venture capital firm. With this funding, Tenrox will continue to accelerate its growth by investing more in software delivered as a service, opening new sales and service offices in the U.S. and overseas, and making additional investments in research and development.
According to Rudolf Melik, CEO of Tenrox, there are increasingly mounting pressures on organizations to account for and track projects and business processes not only in terms of profitability and efficiency, but also to address regulatory requirements such as Sarbanes-Oxley (Bill 198 in Canada), and other regulations.
"The project and workforce management industry is a fast growing industry, and Tenrox is without a doubt the fastest growing player in this market in North America," said Alain Belanger, Vice President, Novacap. "After meeting the Tenrox management team and taking a closer look at the company's product offering, we were very impressed by what we saw. Tenrox has a clear focus, a valuable, high potential customer base, and a solid well-rounded product. The growth challenge for Tenrox is to increase its sales and marketing efforts to continue expanding and supporting its growing Fortune 1000 customer base."
"Novacap is an ideal business and financial partner to help Tenrox provide better solutions for its customers," said Rudolf Melik, CEO of Tenrox. "The financial resources provided by Novacap serve as a major vote of confidence in Tenrox's business plan, our management team and our progress to date. We will use all of our resources to make sure our customers truly benefit from the investments they make in Tenrox."
Managed by the same executive team since its inception, Tenrox has over the past 10 years demonstrated consistent profitability with an average revenue growth rate of 40% per year. Over the years, Tenrox has been recognized with many corporate awards and industry accolades by such organizations as Deloitte & Touche, Ernst & Young, Profit 100, Microsoft and Branham Group. The Company's cutting-edge software has also received numerous product awards by industry-leading publications such as VARBusiness, CRN Magazine, ComputerWorld, CPA Technology, Channel Business and more.
Novacap is a leading private equity and venture capital group managing over $250 million in capital. Novacap invests mostly in private companies with the objective of turning them into world class businesses that can dominate their market niche. Novacap Technologies, its venture capital division, concentrates its activities on high-tech companies in the information technology and communications industries. Novacap Industries, its private equity division, targets dominant players in various industries that are looking to grow, either organically, by way of strategic alliances or through acquisitions. The Novacap team is characterized by an extensive operational and financial expertise in a variety of sectors. To learn more about Novacap, please consult the website www.novacap.ca .
Tenrox is the leader in Project Governance and Compliance Solutions on the Microsoft Platform. Tenrox solutions track budgets, facilitate compliance with corporate governance, labor and industry regulations, and improve productivity and decision-making.
Since 1995, Tenrox has served over 800 organizations in 50 countries including Blue Cross Blue Shield, Caterpillar, Corning Cable Systems, Fireman's Fund Insurance, Wilmington Trust, First National Bank, Hydro Quebec, Invensys, Major Drilling, Pioneer Natural Resources, State of Wyoming, The Pentagon, University of Michigan, Visa, Fisher Scientific, Merck, and Wyeth. Tenrox software is available through direct sales channels and a network of worldwide resellers and partners. For more information, visit www.tenrox.com , call (626) 796-6640 or email at email@example.com