Newcomer Magnitude Software Raises $100 Million in VC
Magnitude was formed last April in a merger of business intelligence maker Noetix and data management provider Kalido.Austin, Texas-based Magnitude Software, a provider of enterprise information management software, revealed Sept. 24 that it has secured up to $100 million in capital investment. The round is a co-investment led by Audax Group. Chairman and CEO Chris Ney said the company will use the investments to further build the company through product innovation, organic growth and strategic acquisitions. Magnitude Software was formed last April in a merger of business intelligence maker Noetix and data management provider Kalido. The company currently serves more than 600 global enterprise customers with about 200,000 users, enabling them to manage data as an enterprise asset. The company's offerings include software for business intelligence, data warehousing, reporting, analytics and master data management.
The additional capital investment will enable Magnitude Software to expand its product offering footprint by building and buying products that complete the end-to-end information management experience for customers.