Industry Veteran Andrew Nash Joins Board of Directors
FAIRFAX, Virginia – May 25, 2006 - Nimaya Inc., a leading provider of revenue maximization applications, today announced the completion of a $3 million Series A round of financing by Updata Partners. The company will use the funding to expand its application suite that uniquely enables telecommunications, financial services, hospitality and technology organizations to better serve customers by leveraging customer-facing data assets and the systems that maintain them. Commensurate with the funding, Andrew Nash, former COO of BroadVision, will become Chairman of the board of directors. Also joining the board are Tim Meyers and Carter Griffin of Updata Partners.
Nimaya has been profitable since its founding in 1998 and has internally financed its growth. Today, the company comprises fifty employees. With the additional capital, Nimaya will expand its sales and marketing teams and further invest in software development.
“Updata’s commitment to Nimaya validates our business strategy and demonstrates to both the technical and business communities that the problems our software addresses are tangible and significant business challenges,” said John de Wit, Nimaya’s CEO. “Updata has a strong history of funding enterprise software companies with proven innovative solutions.”
Andrew Nash brings significant depth to the team, having spent over twenty years growing and transforming enterprise software and systems integration companies. At BroadVision, Mr. Nash led the turnaround of that publicly held enterprise. Additionally, he has served on the boards of many privately held companies, including Contentra, Collaborex and Baan Company.
“Nimaya has secured a well-rounded management team of industry veterans with a keen sense of market awareness and understanding of how to grow a software company into an industry leader,” said Tim Meyers of Updata Partners.
Based in Reston, Virginia and Red Bank, New Jersey, Updata Partners is a leading venture capital firm that invests in early and growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than twenty years of operational and private equity experience in the technology industry, we seek investments where the combination of our financial backing and operating expertise will accelerate growth. With $250 million under management, the firm also selectively provides recapitalization and management buyout financing. Updata Partners is an affiliate of Updata Capital, Inc., a leading investment bank specializing in mergers and acquisitions for the IT industry. For more information, visit www.updatapartners.com.
Headquartered in Fairfax, VA, Nimaya provides a leading platform and application suite for revenue maximization through virtual real-time customer data consolidation and analysis. Nimaya’s CustomerGrid™ helps companies in the telecommunications, financial services, hospitality and technology industries leverage their significant customer data assets for revenue productivity, enhancement, protection and insight. For more information on Nimaya’s products, please visit www.Nimaya.com.