PM News From Industry- October 2006
American PPM Software Company Innotas Emerges from
Stealth Mode with New Name, New Brand, New CEO &
VC Backing
Innotas, a California company formerly known as Project Arena, has issued a series of news releases this week announcing that it is “emerging from stealth mode” and unveiling the industry’s only pure, on-demand Project Portfolio Management (PPM) solution designed to meet the needs and cost constraints of mid-sized organizations, while ensuring customers a 10 to 20 percent reduction in hard costs. The company also announced the appointment of Keith Carlson as President and CEO, a $5.5M initial round of venture funding, the Innotas product roadmap, and a new corporate brand and identity, all strategic moves aimed at propelling the company into a new phase of growth.
Innotas provides on-demand Project Portfolio Management (PPM) solutions for mid-sized organizations. The company's business model is based on providing on-demand software in order to lower costs for customers while enabling Innotas to accelerate product innovation. The company has approximately 2,000 users in a wide range of industries including financial services, healthcare, retail, high technology, telecommunications and energy.
According to new Innotas CEO Keith Carlson, "Not only is licensed software dead, but vendors that don't fully embrace Software as a Service will become extinct. Further, the hybrid approach - offering both on-demand and on-premise software - will not work long-term because it hampers the vendor's ability to quickly and consistently bring new functionality to customers."
"By embracing a pure, on-demand delivery model," Carlson stated, "Innotas is doing for project portfolio management what Salesforce.com has done for customer relationship management." Carlson joined Innotas following successful executive tenures with Traiana, Kintana, DigitalThink, and Accenture, a global management consultancy.
The company has received an infusion of $5.5M from three California venture capital investors: ComVentures, ArrowPath Venture Partners, and Cedar Circle. The company now plans to announce new product releases every four to eight weeks, ramp up its sales force, grow its user base to 25,000 users, and triple the company's revenues each year for the next three years. For more information on Innotas, dial +1-510-281-2300 or visit www.innotas.com.
To see the Innotas press releases, visit the pmforum.org News Room at:
http://www.pmforum.org/blogs/press/2006/09/innotas-names-keith-carlson-president.html
http://www.pmforum.org/blogs/press/2006/09/innotas-accelerates-growth-with-more.html
http://www.pmforum.org/blogs/press/2006/09/innotas-accelerates-growth-with-more.html