Business Engine Forms New Company, Appoints New CEO; New Company Purchases Assets of Old Company, Announces New Customer Wins and New Product.
In conjunction with the transaction, the new company has received a $4 million investment. Participating investors include Oak Investment Partners, Technology Crossover Ventures, and Morgan Stanley Venture Partners. The new company also welcomes Merritt Lutz, Advisory Director, Morgan Stanley Information Technology, to lead Business Engine's Board of Directors as Chairman.
"Mark has shown exceptional acumen in formulating and executing Business Engine's corporate vision and business strategy as chief operating officer," said Lutz, Chairman of Business Engine's Board of Directors. "He has been instrumental in leading our customer focus and his dedication and vision have won the full confidence of the board to lead the new Business Engine as CEO."
"I am excited about the future of Business Engine. We have seen an increase in recent customer wins in North America including State of California and in Europe with a large German insurance company. We are fortunate to count as customers some of the most successful and blue-chip references in our market," said Strauch, President & CEO of Business Engine. Strauch joined Business Engine in January 2001 and has since held several management positions including chief operating officer and executive vice president and general manager of Europe, Middle East & Africa.
Over 400 global IT organizations, including financial services leaders Capital One, Deutsche Bank, Lehman Brothers, Merrill Lynch and ING, rely on Business Engine to improve business performance, manage regulatory compliance initiatives, and ensure IT governance. With the Business Engine Network application suite, customers efficiently manage IT strategy, financial governance and operational execution, creating enterprise transparency that dramatically improves investment decisions, business alignment and results.
About Business Engine
Established in 1985, Business Engine is a leading provider of enterprise software for 'running the business of IT'. The Business Engine Network allows global IT organizations to manage IT strategy, financial governance and operational execution within a single Web-based solution, creating enterprise transparency that dramatically improves IT investment decisions, business alignment and delivery results. Business Engine serves over 80,000 end-users at global organizations including 20 Fortune 100 customers such as Boeing, Lehman Brothers, Merrill Lynch, Northrup Grumman, Pfizer, and Siemens. Please visit www.businessengine.com for more information.
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|Date:||Sep 9, 2005|
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