Enterprise 3.0 Collaboration: eProject (Part 3)

[Part 2]

Looks like the company is strong in terms of Market Opportunity and Solution Offering. But how about the Team?

SM: What is your personal background?
JP: I joined eProject in April 2006 to lead our rapid growth and continued market leadership. With more than 20 years of senior management experience in the high tech sector successfully leading companies to rapid growth and market dominance, I’m responsible for directing the strategic development of the company and driving new product and partnership opportunities.

I came to eProject from F5 Networks (NASDAQ: FFIV) where I served as Senior Vice President (SVP) and GM since 2004 and was responsible for leading the overall security business P&L as well as corporate development. Originally, I joined F5 in 2000 as SVP of Marketing and Business Development.

Prior to F5, I served as Senior Vice President and Co-General Manager, Media Systems Group for RealNetworks. Before that, I was with Intel as Vice President of Business Marketing. My additional experience includes senior executive management positions at Sequent Computer Systems, Cray Research and Sequoia Systems.

SM: What is the financing background of eproject?
JP: We have raised private financing from Kennet Ventures and angel investors totaling $12M.

SM: What kind of traction do you have?
JP: eProject currently has 650+ enterprise customers and 100k users and is adding approximately 2,000 users and 30 customers a month. Many customers begin with few user seats to test the product and quickly expand their user base. For example, Real Networks began with 75, then quickly expanded to more than 600 as other functional teams began using the service. eProject can also handle robust projects, such as managing 2,500 unique tasks for one of Oakley’s corporate divisions.

SM: Is your team complete? Does it have depth?

JP: Our management team is well-rounded and comprised of a group of extremely talented executives with diverse backgrounds and a great breadth of experience, vision and technology and business software expertise. They bring experiences from a diverse set of companies large and small including Oracle, Niku, Microsoft, Visio, eRoom, and F5 Networks. The Management team is:

Jeffrey A. Pancottine – President & Chief Executive Officer
Steven Anderson – Vice President of Corporate Development
Nancy Ordway – Chief Financial Officer
Chris Lynch – Vice President of Engineering
Christian Smith – Vice President of Sales & Marketing
Mike Jensen – Vice President of Technical Services
Chris Broyles – Vice President of Professional Services

SM: Looks like the key functional positions (sales, marketing, product) are covered, and most importantly, they are all executing! What is the revenue & profitability status of the company?
JP: In FY06, bookings (a more precise measure of new business performance in the OnDemand model where revenue is recognized over the term of the subscription) were $16M with a 120% y/y growth.

(to be continued)

Part 1
Part 2
Part 3
Part 4
Product Review

This segment is part 3 in the series : Enterprise 3.0 Collaboration: eProject
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