MITS announces major new investor, redeems shares

Management Information Tools, Inc. , a Seattle-based provider of business intelligence and operational reporting software solutions, announced that a combination of continuing management and Bellevue-based Trilogy Partnership has redeemed the shares of founder Pat Gilbrough and recapitalized the Company to position it for continued profitable growth.

Fred Owen, MITS President and CEO since early 2006, will continue in his role as CEO and significant shareholder.  Peter van Oppen, former chairman and chief executive at data storage systems provider ADIC, and Chuck Stonecipher, former ADIC president, will represent Trilogy on the MITS Board of Directors.  

The series of moves comes at a significant time in MITS 's evolution. Version 6 of the MITS Discover OLAP Business Intelligence System, released late last year, has gained significant new traction in the space it already dominates-business intelligence for the Multivalue database market-with marked improvements in performance and usability. Meanwhile, the company has introduced MITS Report , an entirely new product which enables enterprises using a wide range of technology platforms to deploy and begin using a complete operational reporting environment within a matter of days.

"MITS Report is an important step forward for us," explains Owen, "as we simultaneously address two important markets: enterprises requiring operational reporting that can be used without significant IT support, and software providers who want to implement a reporting function without creating it from scratch. We've had terrific success in both markets already."

Owen is also enthusiastic about the new Trilogy involvement. "Trilogy's business vision to bring the resources necessary to build long-term value aligns very well with MITS ' operating principles.  The timing couldn't be better," he says. "The ability to draw on the experience-and the contacts-of Peter, Chuck, and the other partners will significantly strengthen our efforts to open up our proven solutions to new markets."

Chuck Stonecipher noted "the MITS investment represents some broadening of Trilogy's investment portfolio but is consistent with our goal of investing in businesses where our people, in this case Peter and I, have relevant experience.  We are extremely impressed by the track record of this management team in building a profitable enterprise software business and we hope to help them further that success."

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