INEA Corp., an enterprise analytics application, secured $10 million in a second round of financing. Apax Partners Inc. led the round and existing investor Ventures West also participated.
The INEA claims to help companies measure, analyze and predict a holistic view of corporate performance and profitability – accurately, cost-effectively and in real-time. The business performance management market, which INEA is right smack in the middle of, is expected to grow to $20 billion by 2005. It is currently a $6 billion business.
“Economic pressures are forcing companies to deliver value-added, integrated performance and profitability information,” said Roger Hurwitz, partner at Apax Partners, Inc. “INEA’s products are designed to respond to this need with INEA’s software, companies can consolidate information and conduct valuable analyses across an entire enterprise, which results in faster decision-making and better assessment of business opportunities.”
As result of the funding Apax Partner’s Hurwitz will join INEA’s board of directors.