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News and Information Article
MINNEAPOLIS, May 8 // -- xTech, an information services
company that enables online commerce and direct marketing companies to
secure more profitable customers while preventing fraud and identify theft,
today announced that it has completed an $8 million round of Series A
financing from Split Rock Partners. Michael Gorman and Jim Simons, managing
directors of Split Rock Partners, have joined the xTech board of directors.
"This financing will give us the ability to meet the demand for
next-generation decision support solutions that help companies sell more
and sell safely," said Gordy Meyer, CEO of xTech. "In addition to the
investment capital, Split Rock Partners also brings us industry
relationships and counsel that will help us achieve our business goals."
This capital will be used to further accelerate xTechs growth by
hiring additional sales and support personnel, investing in R&D, and
increasing market awareness for the companys products and services.
xTech delivers decision support solutions that help e-commerce and
direct marketing firms develop profitable customer relationships while
preventing fraud and identity theft. xTech has developed proprietary data
mining software which sifts through more than 30 billion records to deliver
unique customer intelligence at sub-second speeds. xTech clients also
benefit from an industry first: automated electronic scoring (eScore)
technology which enables the development of customized statistical scores
in a matter of hours, compared to the months necessary to deliver similar
scores by legacy service providers. With eScore technology, companies have
the ability to develop, test, and modify statistical scores.
"Gordy Meyer and the xTech team are delivering innovative solutions to
the challenges facing online commerce and direct marketing companies," said
Michael Gorman, managing director of Split Rock Partners. "xTechs
customers need to make data-driven decisions regarding customer
acquisition, credit and fraud prevention that enable them to quickly react
to changing market dynamics while carefully managing the risk of fraud and
identify theft. xTech has responded to that challenge by developing systems
which quickly and reliably transform extraordinary volumes of raw data into
meaningful customer insight."
"xTech has a compelling value proposition for its customers, a robust
technical platform, and a proven team committed to delivering results,"
said Jim Simons, a managing director of Split Rock Partners. "We look
forward to working with Gordy and his team as they take xTech to the next
stage in its development as a category leader."
About xTech, Inc.
xTech, Inc. is an information services company that enables online
commerce and direct marketing companies to secure more profitable customers
while preventing fraud and identity theft. xTech was founded by the
industry veterans who built RiskWise, an information services company
targeting risk management and fraud prevention that was sold to LexisNexis
in 2000. xTech was founded in January of 2004. Companies leverage xTechs
extensive data set and proprietary analytical assets to attract, acquire
and retain profitable customer relationships. With its predictive data, the
ability to transform raw data into meaningful customer insight, and the
systems to deliver answers in real-time, xTech is helping customers improve
marketing, payment, credit, and fraud decisions. Additional information
about xTech can be found at http://www.xtechllc.com .
About Split Rock Partners
Split Rock Partners, with offices in Minneapolis and Menlo Park, seeks
emerging opportunities in software, internet services and healthcare
primarily in the Upper Midwest and West Coast. Split Rock Partners was
formed in June 2004 by the software and healthcare investment teams of St.
Paul Venture Capital and continues to manage St. Paul Venture Capitals
existing software and healthcare portfolio. Representative internet
services companies in the Split Rock Portfolio include Compete,
LowerMyBills (sold to Experian in 2005), SPS Commerce, and Quin Street. In
May of 2005, the firm announced the closing of Split Rock Partners L.P., a
$275 million venture fund. Additional information about Split Rock Partners
can be found at http://www.splitrock.com .
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