April 13, 2010
(Herndon, VA) – The Center for Innovative Technology announced today that its CIT GAP Funds invested in SitScape, an enterprise software company headquartered in Tyson's Corner that helps customers visually access live information from disparate applications and content sources, increasing transparency, productivity and marketing capabilities while reducing costs.
Pete Jobse, CIT President & CEO, said, “As we celebrate CIT’s 25th year of advancing innovation and technology in Virginia, it is important that we continue to help entrepreneurs like those at Sitscape advance their visions. These are the kind of high-expectation companies that will drive us into a better economic future and create sustainable job growth.”
One key challenge facing the business is the overload of information located in various silo applications across the organization. Millions of dollars are spent on providing information from various verticals within the organization (marketing, finance, operations, etc), but the users are too often unable to easily or quickly see or use the important information and functionalities they need for their situations. SitScape solves this problem by creating software that can segment and then assemble a customized view of information across a wide spectrum of applications and digital media on-the-fly. The dynamic nature of the application is preserved and made portable for user consumption.
The company has been selling the software as an online service (SaaS) as well as licensing the product to those organizations that prefer to install software on-premise.
SitScape’s promise has garnered high profiled recognition from leading firms such as Red Herring as the “Global Tech Firm Startup of the Year,” and from International Data Corp. as a “Private Software Vendor to Watch.” It was also featured as a cover story in the San Diego Union-Tribune.
Kevin Yin, CEO of SitScape, has held leadership positions in large organizations such as Freddie Mac, World Bank and Motorola. He has also been actively involved with three high growth Internet companies. “Having trusted partners like CIT helps our business grow, which is good for not only SitScape, but for the Commonwealth. We intend to use this investment to expand our sales and marketing efforts, as well as continue improving the applications,” Yin said.
CIT GAP Funds is a family of seed stage investment programs that leverage public and private investments to launch new high expectation companies. Since its launch, CIT GAP Funds has invested almost $3.6 million to create 36 companies that, in turn, were able to attract an additional $47 million in private equity. (For a list of portfolio companies, please go to http://www.citgapfunds.org/.) The SitScape investment brings the number to 37.
Tom Weithman, Managing Director the GAP Funds, said, “We have a proven model that offers superior economic returns for entrepreneurs and co-investors, while providing a significant economic developmentcontribution to the Commonwealth.”
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