The 10 year old firm based in Pasadena has been profitable from the time they released their solutions for portfolio management, time sheet management and professional service automation offerings. They have an impressive roster of clients and have secured awards and accolades from industry analysts. And now Canadian VC and Private Equity firm Novacap has stepped up with an investment that will be used to augment marketing and sales efforts. Seems more and more venture firms are seeing the benefits of investing in already productive teams with solid products that need external financing to get to the next level.
Tenrox, the Integrated Operational Control and Compliance Software Company, today announced a $4.6 million investment from Novacap - a leading private equity and venture capital firm. With this funding, Tenrox will continue to accelerate its growth by investing more in software delivered as a service, opening new sales and service offices in the U.S. and overseas, and making additional investments in research and development.
According to Rudolf Melik, CEO of Tenrox, there are increasingly mounting pressures on organizations to account for and track projects and business processes not only in terms of profitability and efficiency, but also to address regulatory requirements such as Sarbanes-Oxley (Bill 198 in Canada), and other regulations.
Rudolf Melik and the rest of the Tenrox executive suite (Ludwig Melik, Albert S. Bitton, Gus Berdebes, Ara Israilian) are also the authors of one of the better guides to implementing Professional Service Automation (PSA) for project based, labor intensive organizations.
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