Broomfield, CO, October 27, 2011 --(PR.com
)-- Venture Capital firm New Enterprise Associates (NEA) has hired Application Experts (App-X) to implement App-X's cloud-based alternative asset fund management solution, AIM. NEA will be using AIM to manage their fundraising and investor relations and they will also be using AIM to track relationships that their LP's maintain with advisory consultants. Already users of the Salesforce.com platform, NEA adds Salesforce-based AIM to augment the platform with functionality specific to the Venture Capital industry.
Based in Chevy Chase, MD, NEA provides venture capital to help innovative entrepreneurs and business leaders build transformational, industry-leading companies around the world. Over the last 30 years, NEA has overseen over 170 IPOs and 280 Mergers and acquisitions, managing over $11B in committed capital.
Application Experts, LLC (App-X) is the leading provider of flexible web-based solutions for Alternative Asset Fund Managers and Institutional Investors.
App-X was founded in 2006 by Kevin Kelly. At that time, Kevin was working as an outsourced CTO for what is now a $2 billion fund of funds in Chicago and he identified the need for a web-based, specifically-tailored solution for the front- to mid-office of Private Equity and Venture Capital fund managers and funds of funds. From this insight, AIM was born.
In 2008, App-X participated in TechStars, a startup incubator based in Boulder, Colorado. Led by the mentorship of the founders of such companies as Tumblr, whitepages.com, and foursquare, the TechStars program helped App-X solidify the initial build-out of the AIM product and refine a go-to-market strategy.
Over the last few years, App-X has worked with a wide variety of organizations across different subsectors of the Alternative Asset Management space including institutional investors like educational endowments and family offices, funds of funds, and fund managers in the buyout space, in the real estate space, and in the VC space. App-X clients are leaders in the Alternative Asset Community with over $80 billion in assets under management. Subsequently, App-X has developed a unique perspective on the Private Equity world from the viewpoint of both an LP and a GP. The result is a continually-evolving and feature-rich set of products that are flexible enough to handle several different investing scenarios.
In 2009, App-X won the bid to develop and take to market PULSE, a cloud-based social impact tracking system developed by Acumen Fund with help from Google, Rockefeller Foundation, PricewaterhouseCoopers, and Deloitte, among others. Today, App-X implements and supports PULSE for various members of the impact community including non-Profits, foundations, and corporate sustainability and responsibility managers.
In 2011, App-X was awarded certified B Corporation status, joining B Corp companies around the world in a commitment to solve social and environmental problems through the power of business. B Corps differ from traditional businesses in that they meet comprehensive and transparent social and environmental performance standards, meet higher legal accountability standards, and build business constituency for good business.
Today, App-X has over 60 clients and nearly 900 individual users using AIM and PULSE. App-X is headquartered outside of Denver with offices in Boston and Chicago.