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Intelligent InSites Receives Venture Capital Funding Former Microsoft Senior Executive Backs Real-Time Location Software Company
Fargo, ND - October 13, 2008 -
Intelligent InSites, Inc., announced today that Arthur Ventures, a Fargo-based venture capital group, has chosen the company to be the first major investment from its initial $11.3 million dollar growth fund. As part of the investment, former Microsoft Senior Vice President and current Arthur Ventures Chairman Doug Burgum will sit on the Intelligent InSites Board of Directors.
“We are pleased to be partnering with a dedicated group of investors that has a firm understanding of our mission to profoundly improve the safety, satisfaction, and quality of life of our healthcare clients and the patients and residents they serve,” said Intelligent InSites CEO Mark Rheault. “As a member of our board, Doug Burgum’s guidance will be an invaluable asset to our company. He knows exactly what it takes to grow an innovative technology company into a worldwide market leader because he has done it.”
Burgum, a Stanford MBA grad, former McKinsey & Company consultant, and well-known software industry entrepreneur, was formerly Chairman and CEO of Great Plains Software. In 1997 he successfully took Great Plains public, and in 2001 sold the company to Microsoft for $1.1B. He then served as a Microsoft corporate officer and senior vice president for the Microsoft Business Solutions division until last year when he retired from Microsoft.
Rheault said the infusion of capital from Arthur Ventures will allow the company to expand its sales and marketing efforts, and further develop its product offerings. Intelligent InSites is projecting to grow by 500-700% this year, and will continue to expand rapidly in 2009.
“Intelligent InSites is a company with aggressive goals and tremendous potential for growth,” said Arthur Ventures Chairman Doug Burgum. “With a product conceived and developed in this region, but with global application, and an ambitious plan to succeed, it was exactly the kind of business we were looking for.”
Arthur Ventures Managing Director James Burgum was part of the due diligence process prior to an earlier investment by two regional investment groups in Intelligent InSites. “From early on, Intelligent InSites was a company we had on our radar,” said James Burgum. “They had great regional support from angel investors in their first round and we felt Arthur Ventures could fill a financial gap that would help them get to the next level.”
According to Mark Rheault, “This latest round of investment led by Arthur Ventures sends a strong signal that we are an established, stable, growing company that can fully support our quickly growing client base and major technology partners.”
About Intelligent InSites
Intelligent InSites is a leading provider of enterprise visibility solutions for the healthcare market. Its mission is to profoundly improve the safety, satisfaction, and quality of life of their clients and the people they serve by consistently delivering superior technology products and services.
The InSites Enterprise Visibility Platform™ improves operational performance by providing healthcare organizations with a single system capable of locating patients, staff, equipment, and inventory via information derived through a variety of wireless real-time location technologies. The information is then leveraged to streamline and automate patient flow, asset management, and inventory management activities, resulting in increased productivity and efficient deployment of resources.
The platform serves as the core of the enterprise visibility strategy for Intelligent InSites’ healthcare clients by enabling the seamless integration of real-time location data with their existing IT systems, communication systems, building systems, and mobile devices. The platform also allows customers and integrators to customize and enhance the system to suit their unique requirements and environment. For more information, visit www.IntelligentInSites.com.
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Contact Information
Houston Klassen
Intelligent InSites
701-499-3611
press@IntelligentInsites.com
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