SAN MATEO, Calif.–(BUSINESS WIRE)–Dec. 16, 2003–
Unprecedented Growth and Success in Financial Services
Leads to Over-Subscribed Funding
Cogency Software, Inc. the leading provider of enterprise risk and performance management applications for financial services, today announced a $7.5M round of funding. This funding enables Cogency to capitalize on its burgeoning market leadership and bring Cogency Wisdom, its enterprise software solution, into new financial services sectors.
This latest round of financing is led by Apex Venture Partners, a new investor in Cogency Software. Altos Ventures joins as the second outside investor and BA Venture Partners, Bain Capital and Globespan Capital Partners all return with follow-on investments. Apex Venture Partners’ Armando Pauker and Altos Ventures’ Anthony Lee both join Cogency’s board.
“During the past year, we have been pleased to see Cogency’s rapid success in the financial services marketplace and its clear market leadership in the hedge fund technology marketplace,” said Armando Pauker, general partner, Apex Venture Partners. “Such dramatic results in a very short timeframe are what we look for when considering investments in companies. In 2003, Cogency has exhibited expert management, tremendous product and technical expertise and above all, a completely client-centric culture — altogether, these are the ingredients that make a great company.”
“Cogency’s customers and two new outside investors demonstrate the market demand for risk management solutions in today’s financial services institutions large and small,” said Kate Mitchell, managing director, BA Venture Partners. “As the regulatory environment and business risks become more complicated a simplifying solution that crisply aggregates sources of risk becomes more and more imperative.”
Cogency Software has signed some of the industry’s leading financial services firms including clients in trade settlement and processing and the hedge fund and alternative investment sector. Recent client additions include Ramius Capital Group, York Capital Management, Elliott Management Corporation and StoneHedge Partners.
“The rapid uptake of Cogency Wisdom in multiple sectors throughout the US financial services marketplace is proof-positive validation of our belief that Cogency Wisdom is the new platform of choice for financial services,” said Sameer Shalaby, president and CEO, Cogency Software. “We have signed premier brands in trade settlement and processing, and most notably, hedge funds. Our sustained growth and success leave us ready to make our next significant push. Already, we have generated interest in new solution areas and look forward to expanding Cogency Wisdom for asset and money managers, pension and endowment funds and trust funds,” continued Shalaby.
“Altos Ventures is very pleased to be partnering with the top-notch management and investor team at Cogency,” said Anthony Lee, partner, Altos Ventures. “The company is rapidly establishing itself as a leading financial services solution by delivering compelling applications in record time. More broadly, we at Altos believe that Cogency is well-positioned to lead a new class of software solutions that are simpler, smarter and more flexible than the current generation of business applications.”
Cogency Wisdom provides financial services firms a platform for aggregating, monitoring and reporting on a wide variety of data flowing throughout the enterprise. Cogency Wisdom aggregates internal and external business data, allowing end-users to apply complex business rules and perform sophisticated analysis of aggregated data to make profit-driving, actionable decisions.
About Cogency Software
Cogency Software provides enterprise data aggregation and monitoring applications for financial services companies. Through the power of Cogency Wisdom(TM), we help companies manage and reduce overall risk by providing integrated, enterprise-wide, real-time analytical applications aggregating disparate information about investments, clients, institutions and operations, delivered using Web browsers, e-mail, PDAs and pagers. Presentation of analytical applications is geared for executives who need an enterprise-wide view to better manage and operate their business. Cogency is headquartered in San Mateo, California.
For more information: www.cogencysoft.com or 650-655-6700
