Fuego Secures $5 Million in Funding
Award-Winning BPM Vendor Receives Additional Investment to Finance Global Expansion
Plano, TX (PRWEB) November 18, 2004
Fuego®, the thought leader in agile business process management (BPM) solutions, today announced that it has closed $5.0 million in additional institutional investment capital. The funding will be used to expand the company’s operations at a time when sales of FuegoBPM, its award-winning BPM software suite, have grown dramatically. FuegoBPM is an advanced BPM software system that enables companies to easily model business processes, connect those processes to people and systems, run them, manage process exceptions and measure and monitor their effectiveness as the foundation for achieving continuous process improvement.
The company will use the additional investment to expand its sales, marketing and customer services functions to meet customer demand, as well as to expand into important international BPM markets within the next year. Fuego is a profitable venture, and has added over 50 new enterprise customers so far this year, growing revenues by more than 100 percent. FuegoÂ’s last investment round was attained in October 2001.
“We’ve always known that the FuegoBPM product was technologically superior,” said Noel Fenton, General Partner at Trinity Ventures, a Fuego investor. “The execution of the management team has been outstanding – the company has grown well beyond our expectations this year, and we are very excited about its future”
During the past year, the company and product has received numerous accolades, including BPM Solution of the Year from Business Integration Journal, Best Process Optimization BPM Vendor by BPM Today, as well as very favorable product reviews from leading industry analyst firms such as Gartner, META Group, Forrester Research, IDC, Butler Group, and others. The company recently released FuegoBPM version 5.5, again setting the bar for BPM software with features such as multi-process simulation/optimization and monitoring, point-and-click BAM, wizard driven rules creation and much more.
In addition to Trinity Ventures, based in Menlo Park, Calif., Sevin Rosen Funds, Stephens Group, SSM Ventures, and Star Ventures also participated in the $5.0 million investment in Fuego.
“We are thrilled with the continued insight and support that our distinguished board of directors and investors are providing to the company,” said Jon Lauck, Fuego President and CEO. “Their guidance has helped propel the business and I am very excited to work with them as we take the business to the next level.”
About Trinity Ventures
Founded in 1986, Trinity Ventures is a value-added investor that provides capital, networks and resources to early-stage software, services, communications and networked systems companies. With more than $1 billion under management, Trinity Ventures has a proven track record of working in close collaboration with entrepreneurs to build leading companies, such as Extreme Networks, Network Alchemy, Crescendo Communications, Forte Software, Illustra and Starbucks. For more information on Trinity Ventures, please visit www. trinityventures. com.
About Fuego
Fuego provides innovative solutions to design, execute and continuously improve dynamic business processes that span people, applications and organizations. With Fuego, companies can quickly close the gap between business strategy and process execution to gain immediate payback. Since 1999, Fuego customers have implemented some of the largest BPM solutions in the world involving tens of thousands of users and millions of transactions across the insurance, healthcare, manufacturing, banking, telecommunications, education and energy services industries. Fuego is institutionally financed with headquarters in Dallas and offices across North America, and in Buenos Aires, and Mexico City. For more information, contact Fuego at 972-801-4200, or visit http://www. fuego. com (http://www. fuego. com).
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