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StoredIQ Secures $10 Million Investment

By Brad Jenkins

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Austin, TX. ? October 12, 2010 ? StoredIQ Inc., a leading provider of Intelligent Information Management solutions for eDiscovery, records and compliance management, today announced that it has closed $10 million in new investment financing and expanded its management team in preparation for accelerated growth. The financing round, led by PerformanceEdge Partners and existing lead investor S3 Ventures, provides the company with the funds needed to extend its marketing and sales initiatives and grow new partnerships. The company also announced that it has appointed Phil Myers as the new CEO and H.E. Buddy Wilson as vice president of business development to lead those efforts.

StoredIQ has rapidly gained traction with customers across several vertical industries, including financial services, healthcare and oil and gas. This successful round of funding continues StoredIQ?s impressive momentum and growth marked by expanded partnerships with Symantec and Dell, the recent launch of StoredIQ Intelligent Information Management Platform 6.0 and its market-leading eDiscoveryManager application, as well as numerous industry recognitions including KM World 100 Companies that Matter, Network Products Guide 2010 Product Innovation Award, and Info Security 2010 Global Product Excellence Award.

?StoredIQ?s unique approach to addressing real and critical problems that large organizations face in understanding and managing the unprecedented growth of their information repositories is changing the game for its enterprise customers,? said Phil Myers, CEO of StoredIQ. ?80 to 85 percent of corporate data today resides in unstructured files, email, SharePoint and other sources that are largely invisible to the company, creating high risk and management costs. I am delighted to join StoredIQ?s leadership team and capitalize on the tremendous market opportunity that now exists to solve this critical information management problem.?

Full post as published by Litigation support industry business news and information on October 13, 2010 (boomark / email).