San Francisco, Calif. — Exigen Group today announced that it has closed a $62 million round of financing led by Lightspeed Venture Partners. Focus Ventures, Investor Growth Capital Inc., a wholly owned subsidiary of Investor AB, and Exigen's founders, Greg Shenkman and Alec Miloslavsky, also participated in the round. Funds will be used to develop and support Exigen's continued growth and development efforts.
Exigen Group was founded in 1999 with personal backing from CEO Greg Shenkman and Chairman Alec Miloslavsky, co-founders of Genesys Telecommunication Laboratories, now a division of Alcatel (NYSE: ALA). It is a global business process solutions company that focuses on lowering the total cost of operations for financial services, insurance, communications and other service firms.
Through its Business Process Utility™ (BPU) model, a system that enables firms to leverage a shared process infrastructure and achieve economies of scale in common business processes, Exigen reduces operating costs for services such as mortgage loan origination, auto claims processing and broadband Internet service activations.
"We are pleased to back this management team and the value proposition Exigen is bringing to market," said Lightspeed Venture Partners general partner Gill Cogan, an early investor in Genesys. "Exigen Group targets the fast-growing services industry, one that is still largely operated using highly manual, inefficient processes. The company is well positioned to lead the automation of this industry by looking at business infrastructure from the industry level and enabling economies of scale and operational cost savings that no single company could achieve on its own."
Exigen announced its involvement in the first BPU™ initiative with EDS in November of 2001. A loan processing utility was established for the first client, Westpac Banking Corporation, a leading Australian bank.
"The size of this round and the pedigree of the investors show strong confidence in our business model, our vision and our ability to execute," said Greg Shenkman. "For the last three years, Exigen Group has been helping the global services industry improve efficiency and cut operating costs. It's clear that the investment community appreciates the value we provide for our customers."
Credit Suisse First Boston acted as the company's advisor in this transaction. Gill Cogan will take a seat on Exigen's board of directors on behalf of Lightspeed Venture Partners.
© 1999-2008 Exigen Properties, Inc. All Rights Reserved.
