STI Knowledge, Inc., which provides a variety of training, support and customer management solutions to many Fortune 100 firms, recently closed on $14 million in venture capital and also gained a new executive chairman.
STI, which was founded in 1995, has been on the growth fast track. It reported $24 million in revenues last year, an increase of 25 percent over 2001, and provides a variety of services to more than 75 percent of Fortune 100 companies. Consulting firm Gartner Group recently placed STI in its “Magic Quadrant” as a leader in enterprise support solutions.
Taking over as executive chairman is Satish Sanan, an Indian-born entrepreneur who founded IMR Global in 1988 and grew it into a global IT services and consulting firm with more than 3,000 employees. He took the company public in 1996.
Sanan is among the new investors in STI. The money is the first venture capital the firm has raised.
“This transaction is very valuable and strategic both for STI and the group of investors,” Sanan said in a statement. “We evaluated more than 30 companies and finally selected STI because of the company’s market positioning and the potential for future growth.”
Cliff Oxford, STI’s chief executive officer, said the funds would be used to grow the company.
Also investing were BV-Cornerstone Ventures LP and Mellon Ventures.
STI Knowledge: www.stiknowledge.com