PowerSteering

PowerSteering
Private
Industry Business software
Predecessor Cambridge Interactive
Successor Upland Software
Defunct 2012
Area served
 Global
Products PowerSteering
Website PowerSteering Software

Powersteering (previously known as Cambridge Interactive) was a provider of cloud-based enterprise work management software. In 2012 the company was absorbed by Upland Software.

PowerSteering Software

PowerSteering Software was founded in 1998, an outgrowth of an earlier incarnation named Cambridge Interactive, which was founded in 1994.[1] The founder of the original company was Andrew Singleton. The original software was built to provide step-by-step instruction templates via the Internet. In 1998 David Boghossian joined the company to help found PowerSteering, and served as the company's president. The company transitioned away from services to project and portfolio management software.[2]

PowerSteering Software was launched as a SaaS enterprise project and portfolio management (PPM) software.[3] PowerSteering is user-configurable software,[4] which in the early years was called ASP or Application service provider, then SaaS and eventually cloud-based.[5] The software was able to bring up management reports covering all projects under a supervisor's purview, in order for them to see what aspects of each project were on or off track.[6] By 2005 the software was in use by over 100,000 corporate projects.[7]

In terms of financing, in 1999 PowerSteering raised $1.3 million in angel capital, with an additional $2 million in venture capital coming in 2001. In 2002 PowerSteering raised $1 million in financing from investors, bringing its overall total in investment dollars to $4.3 million.[2] Then in both 2003 and 2005 the company raised another $5 million in capital from investors.[7][8] In 2008 the company received $3.5 million in financing from a group of investors.[9] In 2012 PowerSteering Software was acquired by the Silverback Enterprise Group and renamed Upland Software.[3]

Upland Software

Upland Software is headquartered in Austin, Texas.[10] The CEO and Chairman of the company is Jack McDonald.[11] Following the purchase, PowerSteering was merged with the company Tenrox, initially under the name of PowerSteering Software.[12] Upland is backed by Austin Ventures.[13] Upland Software is mentioned as a Visionary in the 2015 Gartner Magic Quadrant for Cloud-Based IT Project and Portfolio Management Services, Worldwide.[14]

References

  1. ↑ Wade Roush (April 8, 2008). "PowerSteering Refuels with $3.5 Million". Xconomy. Retrieved July 18, 2013.
  2. 1 2 Mark Hollmer (November 15, 2002). "PowerSteering raises $1M amid venture capital drought". Boston Business Journal. Retrieved July 18, 2013.
  3. 1 2 Dan Primack (February 17, 2012). "M&A". Fortune Magazine. Retrieved July 18, 2013.
  4. ↑ Mark Price Perry (2011). Business Driven Project Portfolio Management: Conquering the Top 10 Risks That Threaten Success. J. Ross Publishing. p. 104. Retrieved July 18, 2013.
  5. ↑ Gregory Smith (2013). Straight to the Top: CIO Leadership in a Mobile, Social, and Cloud-based World. John Wiley & Sons. p. 58. Retrieved July 18, 2013.
  6. ↑ Charles Hannabarger; Frederick Buchman & Peter Economy (2011). Balanced Scorecard Strategy For Dummies. John Wiley and Sons. Retrieved July 18, 2013.
  7. 1 2 "Software maker PowerSteering raises $5M". Boston Business Journal. August 8, 2005. Retrieved July 18, 2013.
  8. ↑ "PowerSteering, Advent cap $5M VC round". Boston Business Journal. December 10, 2003. Retrieved July 18, 2013.
  9. ↑ "PowerSteering Software Receives $3,500,000 New Funding Round". Xconomy. April 7, 2008. Retrieved July 18, 2013.
  10. ↑ Christopher Calnan (May 20, 2013). "Upland Software establishes Austin headquarters". Austin Business Journal. Retrieved July 18, 2013.
  11. ↑ Lori Hawkins (November 3, 2010). "Former Perficient CEO Jack McDonald to launch new software venture". Austin American-Statesman. Retrieved July 22, 2013.
  12. ↑ Rodney Brown (February 16, 2012). "PowerSteering bought by Texas firm, merged with Canada's Tenrox". Boston Business Journal. Retrieved July 18, 2013.
  13. ↑ Lori Hawkins (May 16, 2013). "Austin-based Silverback acquires another company, which becomes part of Upland Software". Austin American-Statesman. Retrieved July 22, 2013.
  14. ↑
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