Edison Venture Invests in Motionsoft
August 30, 2010
LAWRENCEVILLE, NJ – Edison Venture Fund announced $5.5 million investment in Motionsoft based in Silver Spring, MD. Edison is sole institutional investor for this late stage, CRM and healthcare information technology business. Proceeds will expand sales, marketing and development.
Motionsoft spans local, nationwide and worldwide fitness enterprises. Their core club management, payments services and marketing software automates membership retention and recruitment. Clients include health clubs, corporate and hospital based wellness centers, and universities such as Equinox, Gold’s Gym, Starbucks, Mayo Clinic and Duke Fitness Center.
Gary Golding, General Partner, led Edison’s investment process. Tom Vander Schaaff, VP Analysis, and David Nevas, Business Development Associate, conducted Edison’s due diligence. Gary Golding and Edison Director Network member, George Pappas, joined Motionsoft’s Board of Directors. Pappas is VP Sales and Marketing for Edison portfolio company, Presidium.
“Edison’s strategic counsel, growth experience and value-added resources will be instrumental to our success as we continue our expansion,” commented Al Noshirvani, CEO, Motionsoft.
“Motionsoft management team are respected domain experts,” stated Gary Golding. “Motionsoft achieved impressive growth and repeated customer renewals,” added Tom Vander Schaaff.
Edison invested in 17 healthcare information technology and 19 customer relationship management businesses. Active portfolio companies include Cadient, ClearPoint, DiagnosisONE, Fishbowl Marketing, Health Market Science, iContracts, Portico, and Verilogue. High return exits include CambridgeSoft, Contact Software (ACT!), Dendrite, Innaphase and International Telesystems.
Edison made 14 investments in Maryland including LogicTree, Notable Solutions and Regent. Successful exits include Axent, NFR, Skills Bank, Visual Networks and Vocus.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to late stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $5 to 10 million. Edison typically serves as the sole or lead investor. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s investment professionals are based in Lawrenceville, NJ, New York, NY, Needham, MA and McLean, VA. Industry specialties include application software, communications, financial technology, interactive marketing, and healthcare IT. Edison’s successes include Best Software, Gain Capital, Liberty Tax, Marcam, MathSoft, POMS, Princeton Financial, Virtual Edge and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Venture currently manages over $600 million and actively making new investments.
