Updata Taps New Venture Partner to Support Information Technology Venture Capital Investments.RED BANK, N.J. & RESTON, Va. -- Updata Partners, an Information Technology focused venture capital firm, today announced Mr. Richard (Rich) Erickson joined the firm as a venture partner in Updata's New Jersey office. Erickson brings Updata Partners over 20 years of executive experience in the IT industry as the founder of a successful startup and as the 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. of a public company. In his new capacity, Rich will source and lead new investments and work with existing portfolio companies to meet their objectives. "We are very pleased to welcome Rich Erickson to Updata Partners," said John Burton John Burton is the name of:
"It was important for me to take a leadership role where I could leverage my experience growing, merging and divesting companies, while making use of my skills as a board member," said Rich Erickson, Venture Partner, Updata Partners. "My role at Updata is a perfect fit. I'm pleased to be part of a team that's well respected for its technological expertise, sound guidance and professionalism. I look forward to identifying new investment opportunities, helping our portfolio companies meet their goals, and assisting our M&A affiliate, Updata Capital, with my domain knowledge of IT services and software." Updata Partners has a strong track record investing in early and growth stage information technology companies. Updata today announced it recently closed its third fund, Updata Partners III L.P., at $154.5 million. Portfolio companies of Updata Partners include: ObjectVideo, GetPAID, iCode and CoreStreet. Previous investments include: CareerBuilder, OTG (1) See USB OTG. (2) (The OBJECTive Technology Group, Ltd., Alexandria, VA) An organization that was devoted to distributed computing and object technology. Founded in 1994, it augmented the object and Internet standards community and served as an intermediary between Software, The Kernel Group and ChangePoint. Prior to joining Updata Partners, Erickson was the President and Chief Executive Officer of AlphaNet Solutions Inc., a publicly held information technology outsourcing Information Technology Outsoucing or ITO is a company's outsourcing of computer or Internet related work, such as programming, to other companies. It is used in refence to Business Process Outsourcing or BPO, which is the outsourcing of the work that does not require so much company and former Updata portfolio company. In less than two years as CEO, Erickson drove the turn around of AlphaNet, including its restructuring and ultimate sale to Ciber (NYSE NYSE See: New York Stock Exchange : CBR (1) (Computer-Based Reference) Reference materials accessible by computer in order to help people do their jobs quicker. For example, this database on disk! (2) (Constant Bit Rate) A uniform transmission rate. ). Earlier, Erickson was Senior Vice President of U.S. Operations for iXL, an Internet application consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a with over 2000 employees. While at iXL, he championed the restructuring of the firm and its public-to-public company merger with Scient. Erickson started his career at Excelan, one of the TCP/IP TCP/IP in full Transmission Control Protocol/Internet Protocol Standard Internet communications protocols that allow digital computers to communicate over long distances. Internet network pioneers. While at Excelan, he participated in the company's growth and Initial Public Offering before its ultimate sale to Novell. Previously, Erickson was a principal at Digital Network Associates (DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. ), a private network and systems integrator. Under his guidance, DNA grew from a start-up to almost $20 million in revenues when it was sold to United States Office Products (USOP USOP United States Office in Pristina USOP User Service Order Profile ) in 1997. At USOP he helped acquire, divest and integrate numerous technology services businesses. Erickson holds a Bachelor of Mechanical Engineering degree from Villanova University. Mr. Erickson's photo is available upon request kmilne@mojomarcom.com. About Updata Partners Based in Reston, Va. and Red Bank, N.J., Updata Partners is a venture capital and private equity firm that focuses its investments in early and growth stage firms with innovative information technology software and software-based services. Led by a well-connected senior investment team, Updata Partners has a strong balance of operating and investing experience that enables them to effectively address challenges faced by entrepreneurs. The firm also selectively provides recapitalization and management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. financing for information technology businesses. Updata Partners is an affiliate of Updata Capital, Inc. a leading investment bank specializing in mergers and acquisitions for the IT industry. For more information about Updata Partners, please visit www.Updata.com Updata Partners is a registered trademark of Updata, Inc. All other company or product names listed herein are trademarks or registered marks of the respective owners. |
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