Additional Funding and Management Team Expansion Spur Centerstone Software's Strategic Initiatives.Business Editors/High-Tech Writers WESTWOOD, Mass.--(BUSINESS WIRE)--March 3, 2003 Centerstone Continues Momentum with an Increase of Funding to More Than $10 Million; Appoints New 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. and VP of Sales Centerstone Software, Inc., the leader in Workplace Resource Management, announced today that the company has secured an additional $3.2 million in venture capital funding, bringing cumulative funding to more than $10 million. Investors include Egan-Managed Capital, Trans-National Group Services, Corning Technology Venture Partners, and the Massachusetts Technology Development Corporation, all of Boston. The company also announced the appointments of CEO Matthew Durkin and Vice President of Sales Steven Walsh. Centerstone will use the investment to further enhance its position as the industry leader of Workplace Resource Management solutions and to support sales, marketing, and product development initiatives for e-Center One, a collaborative product suite for workplace managers and executives. The Web-based solution ties together multiple databases and software products throughout the workplace, allowing companies to effectively manage the lifecycle of their real estate, facilities, space, personnel, life-safety, operations, and asset information. With real-time access and a complete view of their workplace, organizations can now immediately access data for financial reporting, decision-making, strategic analysis, scenario planning Scenario planning or Scenario thinking is a strategic planning method that some organizations use to make flexible long-term plans. It is in large part an adaptation and generalization of classic methods used by military intelligence. , and on-going management. "Centerstone has continued to thrive and show positive momentum over the course of a poor economic fiscal year," said Robert Creeden, General Partner at Egan-Managed Capital. "The innovation and leadership that Centerstone's management team possesses will help drive the company's strategic initiatives and enhance the company's position as the leader in the growing Workplace Resource Management market." Centerstone also announced the appointment of Matthew Durkin as president and chief executive officer, as well as the hire of Steven Walsh as vice president of sales. Matthew Durkin's promotion was awarded for his corporate commitment, enterprise sales and business development background, results driven methodology, and proven experience in leading high-growth organizations. Durkin will focus on the strategic growth of the organization, identifying and establishing partner affiliations and enhancing customer relationships. Before joining Centerstone, Durkin held executive positions at Terascape Software, first as a vice president of sales and marketing, and then as chief executive officer. While there, Durkin successfully adopted a strong channel strategy and orchestrated the company's acquisition by EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. . Prior to Terascape, Durkin was at CLARiiON, where he established West coast sales and eventually worldwide sales operations. While there he closed several OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and deals including Hewlett-Packard, Silicon Graphics and Dell Computers with a cumulative value at more than $1 billion - the largest deals in the company's history. In total Durkin grew annual sales to $600 million in just five years. As vice president of sales, Walsh will be responsible for the continued growth of Centerstone's sales team. Prior to joining the Centerstone team, Walsh worked at Giantloop Inc., a storage networking solutions provider, as vice president of business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Walsh's background also includes roles as area vice president for Alliance Consulting, a technology consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a where he grew the business to over 140 consultants and $30 million in sales, and EMC Corporation EMC Corporation (NYSE: EMC) is an American Fortune 500 and S&P 500 manufacturer of software and systems for information management and storage. It is headquartered in Hopkinton, Massachusetts, USA. , where Walsh enjoyed a successful sales career from 1986 to 1998. During his tenure at EMC, Walsh was worldwide director of sales for the Network Storage Group and built a worldwide overlay sales division for EMC's Celerra product line. About Centerstone Centerstone Software offers an integrated Internet hosted model delivering a complete offering of Workplace Resource Management capabilities. Centerstone's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , e-Center One(R), is the industry's first integrated Internet solution that provides a secure, centralized platform for workplace information. With e-Center One, corporate managers and service vendors gain real-time access to a full range of critical workplace resource data, including floor plans, real estate portfolios, equipment locations, lease information, life-safety, operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. , evacuation information, personnel locations and more. Centerstone's extensive client roster includes PeopleSoft, GENUiTY, GE Plastics, Digitas, FleetBoston Financial FleetBoston Financial was a Boston, Massachusetts-based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were given the Bank of America logo. and Pearson Education Pearson Education is an international publisher of textbooks and other educational material, such as multimedia learning tools. Pearson Education is part of Pearson PLC. It is headquartered in Upper Saddle River, New Jersey. . Founded in 1999, Centerstone is located in Westwood, Mass. Visit Centerstone on the Web at www.centerstonesoft.com. |
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