MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–June 4, 2003–
Cash Flow Positive Status and Series a Financing Position Company
to Aggressively Tap into $10 Billion Business Analytics Market
Pilot(TM) Software, a leading provider of business analytics solutions, today announced that it has closed more than $5 million in Series A financing. Key investors include Excelsior Venture Partners III, LLC, a fund managed by U.S. Trust; G-51 Capital, a Texas-based venture capital firm; and individual investors, including J. Patrick Horner, founder of Electronic Data Systems’ (EDS) Government Systems Group and Perot Systems; and members of the Pilot Software management team. The funding will be used to help the company continue to tap into the $10 billion business analytics market through expanded sales, marketing, product development and customer support efforts.
“Today’s challenging economic environment makes deciding which companies to invest in more difficult than ever,” said David Fann, a managing director of U.S. Trust. “With three consecutive quarters of increasing sales, a strong product line targeted at a multi-billion dollar market and an equally impressive executive team, Pilot Software met all our criteria.”
Under the terms of the agreement, J. Patrick Horner will join the Pilot Software board of directors, effective immediately (for more details, see press release “Pilot Software Appoints Analytics Veteran Jonathan D. Becher as Chief Executive Officer and President” www.pilotsoftware.com/CEOrelease.html).
“Since the company’s inception in June 2002, Pilot Software has signed-up more than 200 customers and has established worldwide sales distribution and a strong marketing foundation,” said J. Patrick Horner, Pilot Software investor and board member. “I am confident that Pilot Software will continue to increase sales to secure a significant portion of the growing business analytics market.”
“With the addition of $5 million and being cash flow positive, companies can be assured that Pilot Software has the financial resources necessary to continue to provide the quality business analytics solutions for which it is known,” said Jonathan D. Becher, newly-appointed chief executive officer and president of Pilot Software.
About U.S. Trust’s Excelsior Venture Partners III
Excelsior Venture Partners III, LLC is the third private equity fund managed by U.S. Trust. The $150-million fund was formed in May 2001. In addition to this fund, U.S. Trust manages two other funds, UST Private Equity Investors Fund, Inc. and Excelsior Private Equity Fund II, Inc. The three funds total nearly $400 million in assets under management. Collectively, the funds have invested directly in 51 private companies, with a special focus on information technology, communications, life sciences and information services. For more information, please visit www.ustrust.com/privateequity.
About G-51 Capital
G-51 Capital is a venture capital firm with over twenty-five direct investments since 1996. The fund is a “Gap Keeper” in the early stage technology field. G-51 Capital works with two constituents: entrepreneurs and institutional venture funds bridging financial and performance gaps for early stage software, hardware and business services companies. G-51 Capital portfolio companies have raised in excess of $150 million and recent portfolio merger and acquisitions from 2002 include Digital Motorworks by ADP and Psionic Systems by Cisco Systems. For more information, please visit www.g51.com.
About Pilot Software
Pilot Software is a leading provider of open, integration-friendly business analytics solutions that enable organizations worldwide to measure and meet business performance objectives by transforming corporate data into profitable decisions. Named to DM Review’s 100 list as one of the best business intelligence providers, Pilot Software’s solutions include business intelligence, data integration, performance management and Web analytics technologies that provide organizations with a 360-degree view of virtually every aspect of their business, including financial, operations, marketing, sales, and product development. The resulting information enables Pilot Software’s customers to increase sales, deepen customer relationships, build better products, streamline operations, and make better overall business decisions. Customers include Coors Brewing Company, The Boeing Company, General Services Administration, LendingTree, Pacific Life Insurance, and Swiss Re.
Pilot Software was founded in 2002 and has headquarters in Cambridge, Mass. and Mountain View, Calif. The company is privately held with funding from Excelsior Venture Partners III, LLC, a private equity fund managed by U.S. Trust; G-51 Capital, a Texas-based venture capital firm; and individual investors. Pilot Software can be reached at 650/230-2830. More information about Pilot Software is available at www.pilotsoftware.com.
Note to Editors: Pilot is a trademark of Pilot Software Acquisition Corp. All other trademarks are the sole property of their respective owners.
