Cambridge, MA – April 7, 2008 – PowerSteering Software, the leading On-Demand Enterprise Project & Portfolio Management (PPM) software used to manage IT, Six Sigma, New Product Development, and other strategic initiatives, has secured a $2 million venture loan from MMV Financial Inc. as part of a larger financing package. The Company’s existing investors, Advent International and Hudson Ventures, also participated in the financing.
“PowerSteering is unique in that it is the only SaaS (Software-as-a-Service) company focused on Enterprise PPM” commented Ron Patterson, Executive Vice President of MMV Financial Inc. “Their innovative, On-Demand business model and significant untapped opportunity in the IT PPM sector make this an attractive opportunity for MMV.”
“This funding will allow us to accelerate our investments in product development and in our global services and support infrastructure.” commented Stephen Sharp, Chairman & CEO of PowerSteering. “MMV was able to structure a deal that met our needs and we are very pleased to have them as a partner.”
About PowerSteering Software
PowerSteering Software is the leader in On-Demand Enterprise PPM software for Information Technology, Operational Excellence, New Product Development and other enterprise initiatives. Its easy-to-use software provides executives at the US Army, Raytheon, Ingersoll Rand, Merck, Johnson & Johnson, United Health Group, TD Bank, Washington Mutual, IBM, Heinz, Best Buy and over 120 other customers with executive visibility, strategy alignment, and enhanced team productivity to drive strategy and accelerate results across the enterprise. For additional information, please visit http://www.powersteeringsoftware.com/
Linda Duchin
VP, Marketing
PowerSteering Software Inc.
617-995-5763
lduchin@psteering.com
About MMV Financial Inc.
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Quebec, HSBC, NewStar Financial Inc., and Wells Fargo Company. For more information visit: www.mmvf.com, or contact:
Ron Patterson
Executive Vice President
MMV Financial Inc.
416-977-9718
rpatterson@mmvf.com