Tuesday, November 2, 2010

Continuent Secures Funding From Aura Capital, Appoints Robert Hodges As New CEO

Continuent today announced the appointment of Robert Hodges as its Chief Executive Officer. Mr. Hodges, previously Continuent’s CTO, brings over 20 years of experience in database and application engineering management. Prior to Continuent, he worked as a Senior Engineering Manager at Sybase as well as Portera and Exigen Group, where he led development and operation of SaaS applications.

Mr. Hodges succeeds Eero Teerikorpi as the president and CEO, as Mr. Teerikorpi has been elected to become Chairman of the Board, effective today. In recent months, Continuent has worked with Mr. Teerikorpi to execute a planned management transition in preparation for his new appointment. Mr. Teerikorpi will also continue as a CFO for the company, guiding the company through the next round of financing.

In 2008-2010, Continuent raised $5M in funding (Series A and loans) from Aura Capital,
Continuent’s long term backer, and expects to raise Series B by Q1 2011. The most recent funding provided by Aura Capital enables the company to accelerate its R&D and expand QA. The Series B funding will be needed for market expansion.

Click here for complete press release.