SEATTLE, WA and ST. PETERSBURG, FL (May 16, 2007) – The Institute for Corporate Productivity (i4cp), the leading research organization focused on improving workforce productivity and bottom-line results within corporations, today announced the completion of a $6 million Series A financing. Co-led by IDG Ventures Boston and Trinity Ventures, the funding will enable the company to expand sales and marketing, broaden its technology offerings, and grow its product suite. As part of the funding, Jeff Bussgang from IDG Ventures Boston and Patricia Nakache of Trinity Ventures will join the company’s board of directors.
i4cp was created on a foundation of four primary offerings: research, community, tools and technology. The company was founded by industry veterans including Kevin Oakes, the former president of SumTotal Systems (NASDAQ: SUMT), Debbie McGrath, the founder of HR.com, and Jay Jamrog, the Executive Director of HRI. In November of 2006, i4cp announced it was purchasing the assets of the Human Resource Institute (HRI), one of the most respected and well-known research firms in the human capital industry.
“As baby boomers begin to retire and the size of the available workforce shrinks, companies today face a unique set of challenges that require tools and technologies to help them identify and retain top talent,” said Patricia Nakache of Trinity Ventures. “Built on the foundation of research developed by the Human Resources Institute over the past 35 years, i4cp is well positioned to help companies easily and cost-effectively work through their workforce management transitions.”
i4cp aims be the preeminent provider of research, community, tools and technology to the human capital market. The company draws on one of the industry’s largest and undoubtedly most experienced research teams and executives-in-residence to produce more than 10,000 pages annually of research and analysis surrounding all facets of the management of people in organizations. Additionally, i4cp identifies and analyzes the upcoming major issues and future trends that are expected to influence workforce productivity and provides member clients with the right blend of community and information to execute leading-edge strategies and "next practices" on these issues and trends.
“This financing is an endorsement of the very large market opportunity that has emerged for unbiased research and expert community that address the unique challenges in today’s human capital market," said Kevin Oakes, co-founder and CEO, i4cp. "IDG Ventures Boston and Trinity Ventures bring the right mix of relevant expertise, relationships and capital to help us achieve further growth and expand our leadership in the market."
“With increasingly diverse and geographically-distributed workforces, Fortune 1000 companies are looking for a trusted provider of forward-thinking human capital knowledge and best practices to enable them to better manage their workforce,” said Jeff Bussgang of IDG Ventures. “We are thrilled to join Kevin and the rest of the i4cp team in their efforts. With their deep domain expertise and industry leading technology, the company is well positioned to succeed.”
Building on the 35-year history of its predecessor (the Human Resource Institute), the Institute for Corporate Productivity (i4cp, inc.) improves corporate productivity through a combination of research, community, tools and technology focused on the management of human capital. With more than 100 leading organizations as members, including many of the best-known companies in the world, i4cp draws upon one of the industry’s largest and most experienced research teams and executives-in-residence to produce more than 10,000 pages annually of rapid, reliable and respected research and analysis surrounding all facets of the management of people in organizations. Additionally, i4cp identifies and analyzes the upcoming major issues and future trends that are expected to influence workforce productivity and provides member clients with tools and technology to execute leading-edge strategies and “next practices” on these issues and trends. i4cp is a for-profit company with its headquarters in Seattle, WA and research offices in St. Petersburg, FL.
About IDG Ventures Boston
IDG Ventures Boston is an early-stage venture capital firm that enables entrepreneurs to grow innovative, global companies. With $280 million under management, the firm is focused on investing in consumer, life sciences, and information technology companies and is led by a team with more than half a century of combined experience in venture capital. IDG Ventures Boston is affiliated with the IDG Ventures network of funds, a global $1+ billion network of independently managed funds spanning Asia and North America.
About Trinity Ventures
Trinity Ventures, a 20 year veteran in the venture business with more than $1 billion under management, partners with exceptional entrepreneurs to build great companies. Trinity Ventures focuses on early-stage technology investment opportunities with a particular emphasis on the Digital Media, Internet Services, Mobility, Security and Software markets. Trinity has invested in well over 100 ventures, including such leading companies as Aruba Networks (NASDAQ: ARUN), Blue Nile (NASDAQ: NILE), Crescendo Communications, Extreme Networks (NASDAQ: EXTR), Forte Software, Illustra, LoopNet (NASDAQ: LOOP), PhotoBucket, Speedera Networks, Starbucks (NASDAQ: SBUX) and Sygate.