Budgeting, Planning & Forecasting

Budgeting, Planning & Forecasting

January 06, 2011

OSIsoft Receives $135 Million in Investments

Technology Crossover Ventures (TCV) and Kleiner Perkins Caufield & Byers (KPCB) have invested $135 million in OSIsoft, according to a report from PE Hub.

In addition, Jake Reynolds, TCV general partner, and Ben Kortlang, KPCB partner, will join the OSIsoft Board of Directors.

The investment was co-led by TCV and KPCB.

The new investments allow OSIsoft to expand quicker, the report said.

OSIsoft offers the PI System and provides solutions to manage data and events in real time, according to a company statement carried by TMCnet.

“The minority stake by two of the world’s premier technology investors, TCV and KPCB, will provide both the resources and the deep industry expertise to help us expand strategically and serve growing markets around the world,” said J. Patrick Kennedy, OSIsoft’s CEO, in a company press release.

“With worldwide pressures to innovate and more efficiently manage operations, energy and resources, we’re seeing growing demand for our real-time data management solutions,” Kennedy added.

Kennedy is also the company’s board chairman and founder.

In addition, Bernard Morneau, president of OSIsoft, said the new “investment does not change the top priority of OSIsoft, which is to maximize the value our customers get from the PI System.”

“We will continue to invest heavily in the development of the PI System to build on our leadership position as we continue to evolve with IT technology,” he added.

Reynolds said OSIsoft provides software to almost two-thirds of the biggest processing and manufacturing companies in the world.

In addition, Kortlang said OSIsoft’s offerings are important to the further “greening of manufacturing and process industries.”

The PI System allows businesses to improve their energy efficiency and reduce their environmental footprint, according to a statement from Kortlang.

“This is positive for businesses’ bottom line and for the environment,” he added.

Ed Silverstein is a TMCnet contributor. To read more of his articles, please visit his columnist page.

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