A week after it announced a $7 million Series B round, CXO Systems, which offers visibility software for senior managers, said it has named co-founder Alok Batra chief technology officer.
Prior to the appointment, Batra, 36 years old, served as vice president of engineering for CXO Systems.
Previously, he co-founded Cofix in 1999, where he served as CTO and president. In his career, he also worked for Fujitsu Ltd. developing the Fujitsu NetSmart Network Management Product, for Digital Tools as chief architect, and for Godrej Inc. as software engineer.
CXO Systems raised $11.8 million in financing to date from Ironside Ventures, Cisco Systems Inc., GrandBanks Capital and Kodiak Venture Partners. In an interview regarding the new financing, Malcolm Frank, chief executive and co-founder of the company, said that he anticipates that the company will reach profitability in 2005, depending on how much it invests from the financing.
CXO Systems offers a suite of visibility systems for senior managers, including CEO, chief financial officers and CTO. The suite includes three main applications focused on enterprise risk management, outsourcing management and research.
The suite of first-touch real-time systems consists of integrating information that might be scattered in 20 to 30 places into one single database, and allowing users to see transactions as they are done.
CXO Systems targets companies in financial services, manufacturing, as well as the federal government. It has about 15 customers, including British American Tobacco PLC and CenterBeam Inc.
The Waltham, Mass.-based company, which was founded in 2002, currently has 50 employees and plans on adding about 15 employees by the end of the year, mainly in sales and marketing. It has offices in New York, Sunnyvale, Calif., and Pune, India. The company plans to open offices in Washington D.C. and in London.
