Expands Executive Leadership Team; Funds Targeted to Accelerate Business Development
StoredIQ Inc., a leading provider of Intelligent Information Management solutions for eDiscovery, records and compliance management, today announced that it has closed $10 million in new investment financing and expanded its management team in preparation for accelerated growth. The financing round, led by PerformanceEdge Partners and existing lead investor S3 Ventures, provides the company with the funds needed to extend its marketing and sales initiatives and grow new partnerships. The company also announced that it has appointed Phil Myers as the new CEO and H.E. Buddy Wilson as vice president of business development to lead those efforts.
StoredIQ has rapidly gained traction with customers across several vertical industries, including financial services, healthcare and oil and gas. This successful round of funding continues StoredIQ's impressive momentum and growth marked by expanded partnerships with Symantec and Dell, the recent launch of StoredIQ Intelligent Information Management Platform 6.0 and its market-leading eDiscoveryManager application, as well as numerous industry recognitions including KM World 100 Companies that Matter, Network Products Guide 2010 Product Innovation Award, and Info Security 2010 Global Product Excellence Award.
"StoredIQ's unique approach to addressing real and critical problems that large organizations face in understanding and managing the unprecedented growth of their information repositories is changing the game for its enterprise customers," said Phil Myers, CEO of StoredIQ. "80 to 85 percent of corporate data today resides in unstructured files, email, SharePoint and other sources that are largely invisible to the company, creating high risk and management costs. I am delighted to join StoredIQ's leadership team and capitalize on the tremendous market opportunity that now exists to solve this critical information management problem."
"We are also very pleased to have Buddy Wilson join StoredIQ's management team," said James Schellhase, executive vice president and COO of StoredIQ. "Buddy has substantial channel and business development experience working with a range of companies, from early stage to multinational corporations. Most recently he served as vice president within the global strategic partner and channel sales organizations for Symantec. Buddy will be a great asset as StoredIQ continues to meet growing customer demand through its channel organization."
Phil Myers and Buddy Wilson each bring more than 25 years of successful management of high growth technology companies in the enterprise software space. Prior to joining StoredIQ, Phil led similar technology companies from start-up to $100m+ businesses, including Novadigm in Distributed Systems Management, SalesLogix in CRM and Cyclone in Collaborative Commerce. Phil is a co-founder and general manager at PerformanceEdge Partners.
About StoredIQ
StoredIQ is a leading provider of enterprise-class Intelligent Information Management solutions, enabling organizations to gain visibility and control over business-critical information to help meet their compliance, governance and legal discovery requirements. The company provides a range of integrated solutions for fast response to litigation and investigations, for proactive "litigation readiness," and for information protection and risk management, as well as storage management. Industry-leading companies rely on StoredIQ's award-winning technology to streamline their information management and eDiscovery processes to reduce the risk, complexity and cost of litigation. For more information, visit www.storediq.com.
StoredIQ is a trademark of StoredIQ, Inc. All other trademarks may or may not be trademarks or registered trademarks of their respective owners.
Contacts:
StoredIQ Inc.
Ursula Talley, 512-334-3101
VP, Marketing
utalley@storediq.com
or
Lois
Paul & Partners
Ariel Burch, 781-782-5848
ariel_burch@lpp.com
