Transatlantic project portfolio management company to increase sales and support activities to meet growing demand
BALA CYNWYD, Pa. & LONDON–GenSight, a provider of Project Portfolio Management (PPM) software, has secured its first round of funding with a $3 million investment from SIG Strategic Investments, LLLP, an affiliate of Susquehanna International Group, LLP (SIG). Available immediately, this initial investment will be used by GenSight to double its headcount over the next twelve months to meet increasing market demand for its solutions. The company will expand its sales activities and customer support across the United States and Europe.
GenSight’s innovative project portfolio management solutions streamline new product development and IT governance, so that companies can manage projects more effectively and reduce project risk. The solutions simplify the complexity of corporate resource allocation so that clients can optimize the use of limited resources to secure competitive advantage.
GenSight’s technology and business processes have been implemented globally in sectors including pharmaceutical, healthcare, consumer goods, chemical, financial services and telecommunications. Current customers include Johnson & Johnson, Sun Chemical, Georgia Pacific and British Telecommunications (BT).
IDC forecasts strong continuing growth in the IT PPM segment, following growth of 17% in 2006, stating that expected software revenue for PPM to IT projects alone will move to the $1.1 billion mark by 20111.
Todd Simkin, director of asset management at SIG, said: “Project portfolio management is a market with significant potential for growth. We identified GenSight as a key player in the market based on its product offering and client base. GenSight’s innovation in the field of strategic decision making software has differentiated it so strongly that there are no other companies that compete directly. GenSight’s clear business plan and sales track record convinced us that this is the right choice for investment.”
David Munt, managing director for The GenSight Group, said: “SIG shares our vision for a partnership approach to funding. Working with SIG will give us invaluable support and advice, as well as the confidence and resources we need to expand. We have ambitious growth plans and look forward to working with SIG to deliver on them.”
Fairmount Partners, the US investment bank advising GenSight, introduced GenSight to SIG and negotiated the transaction.
ABOUT SUSQUEHANNA INTERNATIONAL GROUP, LLP
Susquehanna International Group, LLP is the parent company to The Susquehanna International Group of companies (SIG). SIG, headquartered in Bala Cynwyd, Pennsylvania, is a leading financial institution focusing on trading and market making, investment banking, institutional sales and research, private equity and venture capital. SIG makes markets in more than 6,000 stocks, is among the nation’s largest option market makers, is the leading sector index options trading firm and is one of the largest liquidity providers in ETFs. SIG has more than 12 offices across North America, Europe and Asia. For more information, please visit http://www.sig.com.
ABOUT THE GENSIGHT GROUP
GenSight is a leading provider of Enterprise Portfolio Management (EPfM) solutions. Its Fortune 100 customers regard the company as the best-in-class provider of portfolio management including portfolio analysis, visualization and decision support technology. The company is tightly focused and has spent over a decade innovating and honing its technology, product and methodology and successfully developing relationships with its customers.
The GenSight technology uses proprietary optimization algorithms to master the complexity of portfolio management and strategic choice. The solution is proven and has been implemented on a global basis by leading corporations across diverse industries such as pharmaceuticals, healthcare, consumer products, chemicals, financial services and telecommunications. Customers achieve high value returns, typically measured as a multiple of the implementation cost.
The company’s co-founders, David Munt and Mike Menard, have over 25 years’ experience of technology development and portfolio management, respectively. Mr. Munt’s experience includes a history of technology innovation in the areas of strategic planning and portfolio management. Mr. Menard was previously a senior executive at Johnson & Johnson and a consultant and expert in criteria-based decision-making.
Principals of Fairmount Partners acted as advisors to GenSight in this transaction.