Edenbrook Solutions Officially Launches with VC Funding
UK-based CRM (customer relationship management) consultancy Edenbrook Solutions, today announced that it has secured funding from a consortium of investors led by Elderstreet DrKC Ltd, the technology investment arm of Dresdner Kleinwort Capital. The secured, undisclosed sum officially launches Edenbrook Solutions as an enterprise integration specialist, delivering fast, cost-effective solutions for the increasing numbers of companies planning to integrate disparate ERP (enterprise resource planning) and CRM applications.
The company secured funds amidst evidence of large-scale project cancellations and uncertainty in the IT services sector. Elderstreet investment manager David Fisher said: “Today’s climate makes it difficult for VCs to invest. Edenbrook Solutions however stood out. The strength of the board, its past successes and chosen market segment mitigated a lot of the risks associated with investing in early stage businesses. Edenbrook was not espousing the benefits of nice-to-have niche eBusiness consulting, which saturated the market this time last year. This team had an impressive, proven track record in the Oracle applications market. We saw a solid delivery company building on proven methodologies and re-usable knowledge.”
The Edenbrook management team formerly founded Fulcrum Solutions, the UK’s largest independent Oracle consultancy. Developing methodologies and tools for helping companies fully exploit Oracle databases and technologies, the team grew Fulcrum Solutions to a turnover of $18m inside three years, before selling the company to Whittman-Hart.
Fisher added: “We were also excited by the company’s vision. Following massive expenditures in ERP and CRM software over the last 18 months, companies now need to add value to their investments through integration. The real revenue generating opportunities, in our view, will come from integrating core back-office applications to front-end CRM applications. In addition, Edenbrook is well ahead of the curve in terms of project management – something we see as critical when it comes to enterprise integration.”
Edenbrook marketing director David Kilpatrick said: “Companies are increasingly discovering that CRM and eBusiness solutions alone, are failing to deliver their anticipated value within the organisation. It is difficult to become customer centric when corporate data is scattered across a large number of applications, often running on different architectures. Without a clear strategy for managing these data islands, companies will fail to gain any advantage from CRM initiatives.”
Kilpatrick added: “We’ve also found that most organisations are not prepared for the change required to become a truly customer centric organisation. We have a successful track record in managing the cultural aspects of CRM and eBusiness solutions.”
Edenbrook’s official launch coincides with the acquisition of enterprise middleware specialist Futureproof. The acquisition extends Edenbrook’s core CRM and ERP competencies to include J2EE (Java 2 Platform Enterprise Edition), IBM’s MQSeries messaging middleware and business integration platform and XML, which allows data interchange in heterogeneous application environments. Edenbrook supports and enhances CRM solutions supplied by CRM market leaders Siebel Systems Inc. and Oracle.
Notes to editor
About Edenbrook Solutions
Edenbrook Solutions is an independent CRM technology consultancy that supports and enables the implementation and integration of CRM, ERP and Internet-based solutions. The company delivers packaged solutions based on technology supplied by Oracle Inc., Siebel Systems and Chordiant Software. The company specialises in integrating these technologies within J2EE frameworks.
Founded in January 2001, the company was set up to meet the speed of innovation in business software
products. Targeting mid-market organisations, the company utilises a unique combination of skills and
knowledge to manage a portfolio of specialist units. These include a dedicated Oracle Applications practice focused on implementing solutions using Oracle’s eBusiness suite, a CRM practice and an integration unit set up to assist companies in the integration of disparate enterprise applications.
Part of the company’s unique skill set stems from its rich ERP heritage. Edenbrook’s senior management team founded Fulcrum Solutions, which became the UK’s largest independent Oracle consultancy in less than three years.
Edenbrook Solutions serves financial services, telecommunications and manufacturing companies. It has a consortium of investors led by Elderstreet DrKC. Part of Dresdner Kleinwort Capital, Elderstreet invests in early stage software and IT services ventures.
The Management Team
Edenbrook Solutions’ financial director and founding member, Anderson has twenty years experience in IT consulting. As a founding member of Fulcrum Solutions, Anderson managed the 300-strong UK technology practice as well as a team of 50 finance, human resources, IT and administration staff. Before founding Fulcrum Solutions, he worked at Oracle for 10 years where he grew the Commercial Sector consulting division from 30 consultants to more than 250 generating revenues of $50m. Steve started his career at Hoskyns plc working in programming, design, analysis and project management.
Founding member and marketing director for Edenbrook, Kilpatrick was also a founding member of Fulcrum Solutions where he focused on product development and marketing. He was also the architect of Fulcrum Solution’s innovative service lines and services marketing strategy with operational responsibility for Fulcrum US. At Oracle, Kilpatrick was the UK’s youngest consultancy manager growing his business with key leisure and manufacturing accounts from $1million to over $6 million per annum in two years.
Robinson is sales director for Edenbrook Solutions. Before jointly founding Edenbrook, Robinson was branch manager of the combined London operations of Whittman-Hart and Fulcrum Solutions. At Fulcrum Solutions he focused on the recruitment, engagement management and retention of the consulting force. Prior to that Robinson worked for Oracle UK, managing the consulting sales teams in the industrial, retail, pharmaceuticals and consumer sectors - teams that generated joint annual revenues in excess of $35 million.
About Elderstreet DrKC Ltd
Elderstreet DrKC Ltd is one of the UK's leading venture capital houses, specialising in early stage funding for high growth businesses in the European software and computer services sector. The company is headed by Michael Jackson, who is also the Chairman of the Sage Group plc. The company's investment team, comprising over 10 investment executives manages over £150 million of committed funds and has existing investments in over 35 technology companies.
Elderstreet has been investing in software and computer services companies since 1993. Elderstreet believes that the operational experience of its partners has been an important part of its success in attracting top quality investment opportunities and assisting entrepreneurs to develop their companies. To date, most of Elderstreet’s investments have been in the UK. However, the company sees significant opportunities for software companies with a pan-European strategy. Companies in which Elderstreet has invested include Micromuse Inc, which is listed on NASDAQ and has grown from a 1994 capitalisation of £4m to over £2.5bn.
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