Investment to fuel product innovation, organic growth and strategic acquisitions
AUSTIN, Texas — Sept. 24, 2014 – Magnitude Software, a leading provider of Enterprise Information Management (EIM) software, today announced it has secured up to $100 million in capital investment led by Audax Group, a leading middle market private equity firm, and a significant personal investment by Chris Ney, the company’s chairman and chief executive officer. Magnitude Software will use the investment to further build the company through product innovation, organic growth and strategic acquisitions.
“Every company is under increasing pressure to manage and govern information across the enterprise, and to deliver this information faster and more consistently than ever before,” said Magnitude Software CEO Chris Ney. “This investment, coupled with our laser focus on customer success, presents us with an incredible opportunity to deliver unprecedented product and services innovation to customers in every industry in this high-growth EIM market.”
According to Gartner revenue forecasts, the addressable market segments for Magnitude Software products is an $18.2 billion market which is projected to grow at a combined 7.9 percent CAGR to $26.7 billion by 2018.1
Magnitude Software was formed in a merger of equals between business intelligence leader, Noetix and data management leader, Kalido. Today the company serves more than 600 global enterprise customers with over 200,000 users, enabling them to manage data as an enterprise asset. The company’s offerings include solutions for business intelligence, data warehousing, reporting, analytics and master data management. The additional capital investment will enable Magnitude Software to expand its product offering footprint by building and buying products that complete the end-to-end information management experience for customers.
In conjunction with the new capital investment, Magnitude Software is formalizing Chris Ney’s role as chairman and CEO with headquarters in Austin, Texas. As CEO, Mr. Ney will guide the company’s overall corporate vision and strategic direction, and drive its acquisition, integration, and growth strategies. Ney was previously the co-founder and president of Silverback Enterprise Group, where the team completed the strategic acquisition of nine industry-leading enterprise software companies and leveraged their synergies to build two powerful new entities: Upland Software and Magnitude Software.
Magnitude Software’s leadership team remains the same, with Nigel Turner as president, Doug Moore as executive vice president and chief financial officer and Darren Peirce as vice president and chief technology officer.
“Our goal is to build a unique culture of innovation to address customer business problems and meet the technology demands of the evolving EIM market,” said President Turner. “We appreciate Chris’s tireless efforts to drive this incredible capital investment for our company’s long-term vision and are thankful for the confidence of our investors. We are excited to have their support as we accelerate our growth.”
- Source: Gartner, “Forecast: Enterprise Software Markets, Worldwide, 2011-2018, 1Q14 Update.” Addressable market segments from the Gartner report include analytic applications and performance management, CPM suites, data integration tools, data quality tools, other data integration software, requirements definition and management, and business intelligence platforms.