CIMdata PLM Industry Summary Online Archive

6 August 2007

Financial News

COADE Attracts $42 Million Investment From Insight Partners to Expand Plant Design and Engineering Software Solutions

COADE, Inc. announced that it has attracted a $42 million investment from Insight Partners , a New York-based investment firm. The investment, representing COADE's first round of external financing, will be used to accelerate product development and international expansion and to support strategic acquisitions. The investment follows another year of record revenues and profitability at COADE for the fiscal year ended March 31st, 2007.

COADE , a privately held firm, has demonstrated 23 years of consistent growth and profitability by providing CAE and CAD applications and promoting cross-discipline interoperability between its design and engineering solutions. The company's products include CAESAR II, the industry-standard software package used for pipe stress analysis; PVElite and TANK, applications for pressure vessel and tank stress analysis; and CADWorx, an integrated suite of plant design applications. Today, the company serves over 25,000 users across 65 countries. Its customers range from small organizations to global companies, including many of the world's largest engineering, procurement, and construction firms; plants owners and operators and equipment fabricators. These include such names as Bechtel, Halliburton, Technip, Toyo, AMEC, ExxonMobil, Shell, Aramco, Chevron, DuPont, and Dow Chemical.

"Insight Partners has a proven track record of helping grow enterprise software companies," said Thomas J. Van Laan, PE, CEO of COADE. "We selected Insight as a partner because of their strong software expertise, their value-added resources, and their vision of building COADE through continued organic growth and strategic acquisitions."

George McCulloch, Managing Director of Insight Venture Partners, said "COADE is an ideal Insight investment. The company has a broad base of loyal users, an outstanding management team that is developing market-leading products, an excellent network of global resellers, and a strong track record of growth and profitability. We look forward to being part of COADE's growth strategy and continued success."

In conjunction with the financing, Peter Sobiloff, George McCulloch and Sarah Haas of Insight Partners will join the Board of Directors. Churchill Financial provided financing for the transaction. Paul Cook, VP Corporate Development of COADE, acted as advisor to COADE management in the transaction.

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