Exari Announces New Funding
18 April 2008
Leading Automated Document Assembly & Contract Management Company Expands in the U.S.
Boston, April 18, 2008 - Exari Group, Inc. (www.exari.com) a leading automated document assembly and Contract Life-Cycle Management company announced today that it has received funding from Beacon Equity Partners LLC. The funding will be used to accelerate growth and expand into the U.S. Exari, which was founded in Melbourne in 2000, has opened a U.S. headquarters in the Prudential Tower, in Boston Massachusetts. The $10 million dollar transaction gives Beacon a majority ownership in Exari. Beacon also owns a majority stake in Anaqua Inc, which is in the legal software field and will have a synergistic partnership with Exari.
Exari's clients are leading global companies such as Dow Jones, Marsh McLennan, Barclays Capital, Westpac Bank, DLA Piper, Mayer Brown, Perkins Coie, Addleshaw Goddard and the Australian Government.
Reg Foster has joined Exari as Chief Executive Officer. He is a seasoned technology executive with a track record of rapidly growing new technology companies. Foster is a frequent speaker in the legal industry. Most recently he chaired the European Corporate Counsel Summit in Montreux, Switzerland, and the IP Law Europe Summit in Monaco. He is a co-author of a recently published INTA legal report entitled "Sale of Counterfeits on the Internet".
Foster previously served as chairman and CEO of Alpine Access, the nation's leading provider of Internet based call center services using home-based agents. Alpine Access' revenue grew over 200% while he was CEO. Prior to that, Foster was President of Unisys. Global Communications Group (a $200m division) and an executive with American Management Systems (AMS) for 20 years. AMS grew from $50m to over $1b in revenue during his tenure.
Exari's U.S and European sales leadership has been enhanced considerably as well. Joe Bradley has joined Exari as VP North American Sales, where he is expected to repeat his strong track record of growing similar software companies. Geoff Maskell, who previously directed Insurance Industry Sales for Exari, will expand his responsibilities to VP European Sales. Martin Kett, who spearheaded Exari's success in the London market, has stepped up to VP European Delivery and also has joined the Exari Board of Directors.
"I am delighted with the strengths brought to Exari by our additional team members and the new capital to fund our expansion," said Exari Founder Jamie Wodetzki. Wodetzki will be relocating to Boston to help launch the US operation. "The funding and expansion create an outstanding launching pad for tremendous success in 2008 and beyond".
"We spent a year carefully evaluating the players in this field and we believe Exari is by far the leader," added Beacon Chairman Ed Mullen, who will be joining the Exari board as Chairman. "They have an amazing technology solution that delivers huge benefits to our clients. With a great patented product and the strong teams in the U.S., Australia and the UK we.re looking forward to an immediate surge in growth in 2008-2009".
About Exari - Exari is a global leader in automated document assembly and Contract Life-Cycle Management for large enterprises. Their patented software is used by legal, procurement, sales, insurance, banking and government professionals to streamline the creation and management of contracts, legal and business documents. Their patented XML and web technologies, deliver solutions that are easy to use, scalable, and easy to integrate with other enterprise systems. Exari has customers in the U.S., Europe and Asia, including large companies, government agencies, financial institutions and law firms. For more information, visit www.exari.com.
About Beacon Equity Partners LLC - From their offices in Boston, Munich and London, Beacon helps the leaders of early stage through middle-market companies develop their ideas, grow successfully and increase shareholder value. Beacon is majority owner of Anaqua Inc. which is also a software company in the legal industry. For more information, visit www.beaconep.com
