$10 Million in Financing Secured by StoredIQ

StoredIQ, Inc. has closed $10 million in new investment financing and expanded its management team in preparation for accelerated growth. The financing round, led by PerformanceEdge Partners and existing lead investor S3 Ventures, provides the company with the funds needed to extend its marketing and sales initiatives and grow new partnerships.

The company also announced that it has appointed Phil Myers as the new CEO and H.E. Buddy Wilson as vice president of business development to lead those efforts.

 Phil Myers
 Buddy Wilson

StoredIQ has gained traction with customers across several vertical industries, including financial services, healthcare and oil and gas. This round of funding continues StoredIQ’s momentum and growth marked by expanded partnerships with Symantec and Dell, the recent launch of StoredIQ Intelligent Information Management Platform 6.0 and its market-leading eDiscoveryManager application, as well as industry recognitions including KM World 100 Companies that Matter, Network Products Guide 2010 Product Innovation Award, and Info Security 2010 Global Product Excellence Award.

"StoredIQ’s unique approach to addressing real and critical problems that large organizations face in understanding and managing the unprecedented growth of their information repositories is changing the game for its enterprise customers," said Phil Myers, CEO of StoredIQ. "80 to 85 percent of corporate data today resides in unstructured files, email, SharePoint and other sources that are largely invisible to the company, creating high risk and management costs. I am delighted to join StoredIQ’s leadership team and capitalize on the tremendous market opportunity that now exists to solve this critical information management problem."

"We are also very pleased to have Buddy Wilson join StoredIQ’s management team," said James Schellhase, executive vice president and COO of StoredIQ. "Buddy has substantial channel and business development experience working with a range of companies, from early stage to multinational corporations. Most recently he served as vice president within the global strategic partner and channel sales organizations for Symantec. Buddy will be a great asset as StoredIQ continues to meet growing customer demand through its channel organization."

Phil Myers and Buddy Wilson each bring more than 25 years of successful management of high growth technology companies in the enterprise software space. Prior to joining StoredIQ, Phil led similar technology companies from start-up to $100m+ businesses, including Novadigm in Distributed Systems Management, SalesLogix in CRM and Cyclone in Collaborative Commerce. Phil is a co-founder and general manager at PerformanceEdge Partners.