Rich May News: 2005
April 12, 2005
Trident Capital, Invests $6 Million in People Business Network, Inc. (PBN) Headed by Rich May Client, Russ Clarke
Rich May Serves as Special Counsel to Russ Clarke, CEO of PBN and assists Management and Trident Capital in Closing of Transaction
People Business Network, Inc. (PBN) a leading provider of Workforce Alignment Solutions for Fortune 500 Companies, announced today that it has received $6 million in a Series A investment from Trident Capital, a national venture capital firm focusing on information technology. PBN will use the funds to expand sales and marketing, augment the Company’s executive team and extend its product line to better serve its customers.
PBN’s Decision Manager, the flagship product of PBN’s Workforce Alignment Platform, is a popular web-based business process automation solution that helps companies quickly align their workforces with their business strategies. This effort is becoming increasingly important in a constantly fluctuating business market. PBN customers include Lucent Technologies, Avaya, Verizon Wireless, Cingular Wireless, BellSouth , Washington Mutual and American Airlines.
Venetia Kontogouris, managing director at Trident Capital, said, ” People Business Network was smart to see early on the need to match workforces, in real time, with the requirements of a constantly changing business climate. PBN’s customers are the cream of the crop among America ’s top corporations and PBN is well-positioned, with the right technology and the right people, to help these companies save millions of dollars in managing the process by which they align their workforce with the company’s corporate strategy and the demands of the marketplace.”
Russell Clarke, PBN’s founder, president and chief executive officer, said, “Our goal is to provide the world’s best companies with the next generation of workforce alignment solutions. Trident Capital immediately understood our company, our market, and the special needs of our customer base. Most importantly, Trident’s track record demonstrates that they can work with us to leverage our strong foundation and help steer PBN toward a leadership position in the market.”
About PBN
People Business Network, Inc. (PBN), headquartered in Somerville, NJ operates in the workforce management space, specializing in Web-based Workforce Alignment solutions helping companies make the right decisions on whom to retain, whom to re-deploy and whom to separate. These solutions replace existing manual processes resulting in increased decision quality and assurance of regulatory compliance while significantly reducing administration, errors and decision time representing substantial return on investment.
About Trident Capital
Trident Capital is a leading venture capital and private equity firm with over $1.5 billion of capital under management, including $400 million raised in their recently closed Fund VI. Trident’s core investment focus has remained consistent since inception in 1993. Their focus is on investments in the business services, information services and software sectors across a variety of industries. Within the sector focus, Trident invests across multiple stages, including traditional venture capital investing as well as investments in micro-cap public companies, buyouts and consolidation platforms. The firm has made over 100 investments since inception and has investment offices in Palo Alto, CA and Westport, CT.
About Rich May
Rich May’s diverse practice embraces the organization and operation of business ventures, venture capital, private placements, hedge funds, public offerings, technology licensing, mergers and acquisitions, contracts, joint ventures, internet and e-commerce law, employee relations, intellectual property, litigation and dispute resolution, energy, telecommunications, public utilities, wealth planning and real estate. Rich May provides superior legal and strategic counsel through its extraordinary commitment to clients’ success, outstanding professional competence and straightforward ability to communicate. Rich May embraces an entrepreneurial spirit and maintains a mission execution culture that distinguishes Rich May from other law firms.
Rich May combines the stability and experience of one of Boston’s oldest preeminent law firms with the innovative spirit and energy of a venture catalyst intensely focused on serving high-tech entrepreneurs, emerging companies and investors in New England and throughout the United States.
For more information, visit www.richmaylaw.com.
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