Company History
FunctionIT
was founded in 1999 by a group of senior IT executives and management
consultants with a shared mission to arm business executives with the
planning and analysis tools they need to make informed decisions that
impart a strategic marketplace advantage. In
particular, the company believed that traditional executive information
systems were too rigid and monolithic to provide data in a format that
executives can readily use, analyze, or act upon.
The founders resolved to reverse the traditional approach to
management reporting by
defining a set of Key Performance Indicators (KPIs) that would measure
critical areas of business operations relevant to a particular
industry segment. Each KPI would be designed to meet the needs of a
particular business unit executive, enabling them to analyze
information in a free-form, intuitive way using the most relevant set
of multi-level dimension criteria and measurement units. Colorful
graphics and displays would be employed to provide an instant
“snapshot” of business performance without
precluding a more rigorous, in-depth, granular analysis. We would then
consolidate these industry-specific sets of KPIs into packaged
applications that could be implemented both rapidly and consistently.
This approach
required a multi-disciplinary understanding of the critical business
and operational functions performed by executives in specific market
segments. The information needs of a credit card processing company,
for example, have little overlap with those of a telecommunications
services
provider. Based on the
founders’ particular industry experience, the company decided
to focus on two core business segments: Telecommunications and Banking.
Within six months, the management consulting team had defined a
comprehensive set of KPIs for each segment and then customized each one
to meet the needs of particular sub-segment of business users.
The
Development Organization used these KPI specifications to develop a
comprehensive data model that defined all of the necessary data
sources, where the data typically resided, how it would have to be
processed to permit multi-dimensional analysis, along with all of the
associated data transformation and aggregation rules. The group
also analyzed the tools available for building the necessary data marts
and displaying the data to executives. In the end, FunctionIT developed
its own client-side applications and tightly integrated those with
extraction, transformation and load tools from Ardent
Technologies, which became a strategic partner.
FunctionIT
formed a new entity, Vento Software, as the commercial arm dedicated to
the marketing, sales and support of the resulting packaged business
intelligence applications for wire line and wireless service providers
and for credit and debit card processing companies.
Vento’s
packaged business intelligence applications were sold both directly to
end-user companies and through distribution partners. This included
leading Systems Integrators such as Unisys and HP, database vendors
such as Sybase and Informix, and operational systems vendors such as
ACI and Lucent Technologies. The company
grew rapidly, forging a global distribution channel and winning a
roster of blue chip telecommunications service providers and commercial
banks throughout the Americas and Asia/Pacific region.
In November
1999, FunctionIT sold Vento Software to SPSS Corporation. The
transaction was executed as a pooling of interests, with SPSS issuing
approximately 550,000 shares of common stock. FunctionIT
also entered into a management agreement to run SPSS Enabling
Technologies (ETD), a new division formed to consolidate
SPSS’ OEM and business development operations. ETD
subsequently expanded its portfolio of solutions with Lucent
Technologies and Unisys and forged strategic new relationships with
Aspen Technologies and many other vendors.
In July,
2009, IBM announced a definitive agreement to acquire SPSS for $1.2
billion. The acquisition was completed in October of that year.
Throughout this period, FunctionIT has been
actively investing in-and developing- a group
of portfolio companies that offer products and services in the
Telecom and Banking sectors. We also provide an array
of technology-assessment and management consulting services to
leading companies around the globe.
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