Acorn Systems Secures Series `A' Round of Funding Led by Insight Capital Partners; Top Venture Firms Invest in Leading Profit Management Software Developer.Business Editors/High-Tech Writers HOUSTON--(BUSINESS WIRE)--Sept. 26, 2001 Acorn Systems, providers of Enterprise Profit Optimization software Free and Open Source software
Acorn Systems has also named Leland Putterman to the position of chief executive officer. Putterman was originally an angel investor An individual who invests his or her own money in a private company, which is typically a startup. An angel investor is not an employee or member of a bank, venture capital firm or other financial institution that normally makes such investments. of Acorn's and has been brought on to lead the strategic direction of the company and continue driving customer growth and sales. Acorn's investors recognized a compelling opportunity to invest in one of the leaders in the emerging space of profit management software. Mike Triplett, principal of Insight Capital Partners, said, "Acorn Systems has demonstrated that it is the clear market leader in a new enterprise software category surrounding the analysis and optimization of an organization's profits. With a customer base experiencing a payback period Payback Period The length of time required to recover the cost of an investment. Calculated as: of often less than five months, Acorn has dramatically increased its customers' shareholder value." Triplett added, "Insight is excited about this opportunity, and coupled with the new leadership of Leland Putterman, believes Acorn Systems will expand on its current market-leader position." "Acorn Systems is extremely excited to have closed on our Series A Round and to have that Round led by Insight Capital Partners," said newly appointed Acorn CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Leland Putterman. "Given the current difficult environment for funding, our ability to raise this money is a testament to the high value our products bring to our customers and to our hard working employees." In the year and a half since Acorn Systems released its enterprise software product, it has quickly become a solid software firm with over 100 customers. The company, co-headquartered in Houston and Philadelphia, has strategic relationships with industry leaders such as Deloitte and Touche, as well as Techsys Inc. About Acorn Systems Inc. Founded in 1996, Acorn Systems is the leader in profit management and optimization solutions. Acorn Systems helps clients measure, analyze, predict, and then optimize Net Operating Profits at any level of granularity desired including products, vendors, customers, even individual orders, in order to maximize shareholder value. Acorn's clients come from many industries including metals, foods, electronics, paper, healthcare, industrials, chemicals, and others. For more information, visit www.acornsys.com, or call 1-800-98ACORN. About Insight Capital Partners Founded in 1995, Insight Capital Partners is a leading private equity firm that invests in companies in e-business segments of the information technology industry. Insight maintains positions in over 50 portfolio companies throughout North America, Europe and Asia, and approximately $1 billion in private investor funds under management. Over the past two years, several members of Insight's portfolio, SeeBeyond Technology Corporation SeeBeyond Technology Corporation (formerly Software Technology Corporation) was a software company listed on the NASDAQ stock market (NASDAQ: SBYN). On 28 June 2005 the sale of the company for $387m to Sun Microsystems was announced; the deal was completed by August. (Nasdaq:SBYN), Click Commerce Inc. (Nasdaq:CKCM), I-many Inc. (Nasdaq:IMNY IMNY Internet Marketers of New York ), Convergent Group (Nasdaq:CVGP CVGP Customs Value per Gross Pound (shipping) ), Illuminet (Nasdaq:ILUM), C-bridge Internet Solutions (Nasdaq:CBIS CBIS Computer Based Information System CBIS Christian Brothers Investment Services CBIS Cincinnati Bell Information Systems CBIS Chinese Biodiversity Information System CBIS Certified Brain Injury Specialist ), SynQuest Inc. (Nasdaq:SYNQ) and Quest Software (Nasdaq:QSFT), debuted as public companies and currently represent in excess of $6 billion in market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . Insight has built a strong global reputation for being a value-added partner to senior management of high growth e-business companies. For additional information about Insight Capital Partners, visit www.insightpartners.com. About Pennell Venture Partners Pennell Venture Partners (PVP See portable video player. ) is an early-stage venture investor based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's Silicon Alley. PVP is the General Partner of PVP Marathon Fund, L.P. and PVP Marathon Fund II, L.P. (collectively, the Marathon Fund). PVP was formed to meet the need for professional early-stage risk capital in New York and help fill the gap in the investor marketplace between angel investors and institutional venture capital funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: . For additional information, visit www.pennell.com. |
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