Marlton-based software firm eMaint Enterprises acquired by Fluke Corporation
Tom Paine
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Marlton-based eMaint Enterprises has been acquired by Everett, Washington-based Fluke Corporation. Terms were not disclosed.
Founded in 1996, eMaint is a leader in Computerized Maintenance Management Software (CMMS). It has 99 employees listed on LinkedIn, located in South Jersey, Florida, and Ireland. It was named to the Philadelphia 100 in 2015.
Given Fluke's strength in electronic test tools and software and eMaint's expertise in equipment maintenance software, it sounds like a potential Internet of Things play.
Fluke, a subsidiary of Fortive, has around 2500 employees. Fortive was spun off from Danaher Corporation this past summer. Fluke has a history dating back to the 1940s, when it was an early competitor to Hewlett Packard's original electronic instrumentation business.
Brian Samelson is eMaint's CEO and President, and Hannelore Fineman is EVP and founding partner. Matt Ferry, chief strategy officer, was previously VP-Sales for Artisan Mobile.
In response to an email inquiry about future plans from Philly Tech News, a Fluke spokesperson said that "eMaint will continue to operate as is, with initial collaborations focused on opportunity-sharing between our two customer sets."
"Yes, there is absolutely an IIoT (Industrial Internet of Things) play here: connected teams, devices and systems is the number one priority for both companies. IIoT has opened so many opportunities for innovators to overcome previous barriers to maintenance productivity, especially at mid-sized manufacturers and field service orgs," the spokesperson added. "There are no specifics at this point in terms of future roadmap."
Rittenhouse Ventures Closes its Newest Fund
Rittenhouse Ventures Closes its Newest Fund
PHILADELPHIA, Sept. 22, 2016 /PRNewswire/ -- Rittenhouse Ventures today announced the final closing of Rittenhouse Fund II. At $18 million of committed capital, Rittenhouse II builds upon the firm's strong performance in the Rittenhouse Fund I portfolio, which includes Tabula Rasa Healthcare, Core Solutions, Halfpenny Technologies, and Take the Interview.
"Our mission is to partner with entrepreneurs to deliver right-sized investments, deep expertise, regional relationships, and successful financial outcomes," said Saul Richter, Co-Founder and Managing Partner. "We greatly appreciate our investors' shared vision in our focused investment strategy."
Based in Philadelphia, Rittenhouse Ventures targets investments in capital-efficient, Mid-Atlantic software companies that provide business-to-businesses solutions in healthcare, life sciences, finance, human resources, and general business services.
Rittenhouse II has already made seven investments—GSI Health, Kynectiv, Workplace Dynamics, Life.io, Haystack Informatics, WealthHub Solutions, and KickUp. The Rittenhouse team supports portfolio companies through its expertise in fundraising strategies, business operations, technical development, and market assessments. Rittenhouse Ventures also takes an active role in board leadership, connects entrepreneurs to its Directors Network, and hosts Portfolio Leaders Forum events.
Bruce Luehrs, Co-Founder and Managing Partner, explained, "Since 1998, our team has proudly served as capital providers to the region. In the process, we have developed a strong network of companies, executives, and investment partners that creates value for our portfolio."
Investors in Rittenhouse Fund II include Ben Franklin Technology Partners and Innovate in PA, run by the Commonwealth of Pennsylvania, along with distinguished individuals—CEOs, investors, and industry experts. "We've been proud to be part of the Rittenhouse story from the start," said Ben Franklin President and CEO, RoseAnn B. Rosenthal. "The Rittenhouse team is aligned with our focus on delivering the right capital and guidance to growing technology companies. They carefully execute an investment strategy that helps our region flourish in exciting ways."
About Rittenhouse Ventures
Over the past eight years, Rittenhouse Ventures, which manages $33 million of assets (AUM), has made 18 total investments in regional software companies. Rittenhouse promotes capital-efficient growth strategies for businesses with over $1 million in annual recurring revenue that seek $1-3 million in new capital. The Rittenhouse investment team has a proven track record of successfully partnering with companies from investment to exit, employing fundraising strategies that minimize entrepreneurs' dilution. Across the team's collective investment experience, exit values have exceeded $1 billion through acquisitions or initial public offerings.
SOURCE Rittenhouse Ventures
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Rittenhouse Ventures Closes its Newest Fund
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