Giza Venture Capital leads round; Genesis Partners, BRM Capital, Prism Opportunity Fund and Sequoia Partners participate
PORTLAND, Ore. - December 10, 2002 -Today, ProSight, Inc. announced that it has completed its third major round of financing, garnering more than $13.8 million in additional capital to sustain the company's pursuit of profitability. The round was led by Giza Venture Capital and supplemented by Genesis Partners, which joined as a new investor with a $4 million investment. Existing investors BRM Capital, Prism Opportunity Fund and Sequoia Partners also contributed to the round. ProSight also announced a financial agreement that enhances its current partnership with Fujitsu Consulting and includes the sale of $2 Million in licenses.
"ProSight's portfolio management software is a strategic tool for large enterprises like Ford Motor Company, Baxter Healthcare, the Internal Revenue Service, and AXA Financial," said Shuki Ehrlich, Managing Director at Giza Venture Capital. "The company is strengthening its leading position in the market due to the quality of its product and employees, and by partnering with global consultants like Fujitsu Consulting who assist in marketing penetration and successful product rollout."
Fujitsu Consulting has purchased licenses from ProSight to be used in its leading enterprise value management practice. The purchase of the licenses provides Fujitsu Consulting with the best-of-breed portfolio management software to automate its value management methodology and provide its clients with the most robust portfolio management solution available. The partnership will offer ProSight the ability to reach more prospective customers globally.
ProSight (www.prosight.com) develops and markets portfolio management software which enables large enterprises to manage projects, applications, assets, vendors, and resources-or any other expenditure-as if they were portfolios of investments.
"ProSight is considered a leading company in the Technology Portfolio Management market," said Yaron Polak, a partner in Genesis Partners who joined the company's Board of Directors. "We believe that this market will see an accelerated growth rate in these difficult economic times due to the pressure on enterprises to cut their IT budgets and the need to commercially realign IT functions in enterprises."
Through features like dynamic analytics and collaboration, the software, ProSighta Portfolios 3.0, enables enterprises to choose and execute those investments that return the most value to the business. After choosing the most promising corporate activities, ProSight Portfolios supports the management of these activities, ensuring have been fully implemented, according to pre-defined criteria, even as business conditions change.
"Our product enables enterprises to receive the highest value from their technology investments," said John Cimral, CEO of ProSight. "ProSight is the first company to identify the need for this type of product and it is a global leader in the field. Our ability to attract leading customers and first-class business partners has enabled us to bring on board new investors to the company. The capital raised will be used to expand the company's marketing and sales activities. Our ultimate goal will continue to be achieving profitability."
About Giza Venture Capital
Giza Venture Capital (www.gizavc.com) is one of the largest and most experienced venture capital funds in Israel with offices in Tel Aviv, Silicon Valley, London and Singapore. Giza manages three funds totaling $316 million, with capital available for investments in new companies.
Giza has led 20 of its portfolio companies to successful exits including Compugen (Nasdaq: CGEN), Oridion (SWX:ORIDN), Precise (NASDAQ:PRSE), Butterfly, Libit , M-Systems (NASDAQ:FLSH), Zoran (NASDAQ:ZRAN), Scorpio and DSPC.
Giza is backed by leading international investors from USA, Europe, Asia Pacific and Israel which include: GE Equity, NIB Capital, Deutsche Banc Alex Brown, Bessemer Trust, GIC, Temasek, Bank Hapoalim and Bank Leumi.
Giza is managed by Zeev Holtzman (Chairman and CEO), Zvi Schechter (Co-Founder & Managing Director), Ezer Soref (Managing Director), Avi Molcho (Managing Director, Life Sciences), Shuki Ehrlich (Managing Director, IT) and Ori Israely (Managing Director).
Genesis Partners (www.genesisvp.com), an Israeli venture capital fund, manages $350 million in two funds focusing on the telecommunications, data storage and enterprise software fields.
The fund is led by Eddy Shalev, Dr. Eyal Kishon, Yair Shoham, Gary Gannot and Ron Yachini. Genesis management team combines many years of experience, a technology focus and partnerships with prominent US and Canadian financial institutions, including CIBC-Oppenheimer.
Genesis Partners managers have led companies to numerous successful exits and public offerings including AudioCodes (AUDC), Fundtech (FNDT), ClickSoftware (CKSW) and Compugen (CGEN) traded on Nasdaq; VCON, traded on the French Stock Market and Butterfly that was acquired by Texas Instruments.
About Fujitsu Consulting
Fujitsu Consulting is a trusted global provider of management and technology consulting services with more than 8,000 employees in 70 offices worldwide. Fujitsu Consulting works with companies to improve their business performance through the delivery of technology-enabled solutions, including Portfolio Management, Application Outsourcing, IT Effectiveness, Content Management and Business Intelligence & Analytics. Fujitsu Consulting is a subsidiary of the $38 billion Fujitsu group. For more information, visit Fujitsu Consulting on the web at
ProSight, the experts in portfolio management, combines software with services and knowledge resources to equip companies with effective oversight of investments, resources and performance, enhancing business results and strategic collaboration- enterprisewide. ProSight is headquartered in Portland, Ore.
For more information, please visit www.prosight.com. For more information on portfolio management, visit www.portfoliomgt.org.
Note to Editors: ProSight is a trademark of ProSight, Inc.
Gina Woods, Manager, Marketing Communications
Rick Turoczy, Senior Manager, Marketing