CIMdata PLM Industry Summary Online Archive
9 March 2005
Company News
Mathsoft Secures New Round Of Funding To Accelerate Development Of Calculation Management Solutions
Mathsoft announced it has secured a $3 million follow-on investment from Edison Venture Fund to finance its development and deployment of calculation management solutions in engineering and product development organizations around the world.
Edison's investment in the company now totals $6.5 million, which includes Edison's 2001 funding of the management buyout that created the current Mathsoft. Mathsoft now sells products in more than 40 countries and is expanding direct sales and service organizations in North America and Europe. Customers include Bechtel, Intel, Lockheed Martin, NASA and Siemens.
"Edison's financial support and advice have been instrumental in fostering Mathsoft's growth and innovation, and this follow-on investment is critical in satisfying the intensifying demand for our calculation management solutions," said Mathsoft Chairman and CEO Chris Randles.
The company's recently announced Calculation Management SuiteT is a customizable solution for creating and centrally managing the engineering methods and values that represent product development and engineering designs. The Web-based suite lets engineers simultaneously design and document their work and centrally manage it for reuse, auditing, oversight, publishing and collaboration throughout the entire development process. The result is faster product development, higher product quality and easier compliance with regulations.
"Globalization and competitive pressures are pushing companies to innovate more often and bring products to market more quickly," stated John Martinson, Edison's managing partner and a member of Mathsoft's board of directors. "Many of these companies will succeed or fail based on how well they manage their quantitative engineering information, and we see Mathsoft helping them succeed."
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion-stage ($5 to 20 million revenue) information technology businesses. Initial investments range from $3 million to $5 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison's 18 investment professionals are based in three offices: Lawrenceville, N.J., Bala Cynwyd, Pa., and McLean, Va. Industry specialties include application software, education, financial services, healthcare and pharmaceutical, IT and electronics. Edison's successes include ACT!, Best Software, BTG, Dendrite, Eastern Telelogic, Gain Capital, InSoft, Visual Networks, Vocus, and many information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $420 million under management and is actively making new investments. http://www.edisonventure.com .
Mathsoft software is the internationally recognized standard for technical calculations and applying mathematics. Ninety percent of Fortune 1000 companies, 500 government agencies and 2,000 colleges and universities around the world use Mathsoft to capture the strategic value in their engineering calculations. More information on Cambridge, Mass.-based Mathsoft is available at http://www.mathsoft.com .
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