IDV Marks 10th Birthday With New Investment
LANSING (WWJ) — IDV Solutions, the Lansing-based risk visualization software developer, is marking its 10th anniversary Jan. 22 by announcing a second financing round from Ann Arbor-based Plymouth Ventures.
IDV says the financing will future expansion and growth.
IDV was the first investment of Plymouth Venture Partners Fund II in 2010.
IDV was founded by Mark Morrison and Ian Clemens, and had its first office in Grand Ledge.
A town hall rally, employee events, and a sales conference are among the anniversary week activities that celebrate its past innovations in data visualization and launch it into 2014 and beyond.
“IDV Solutions has demonstrated its market potential with year-over-year growth in licenses, revenue, and profitability,” said Plymouth Ventures partner Jeff Barry. “But more importantly, when you look at the caliber of customers it has signed for its Visual Command Center enterprise risk visualization software and what they are saying about it, we see a very bright future. Plymouth Ventures’ investment today will accelerate that growth and ensure IDV Solutions’ continued market leadership position.”
The company said increased sales of its Visual Command Center physical security and risk visualization software was behind its profitability and record revenues in 2013. The firm projects continued record revenue growth in 2014.
“2013 was really a break-out year for IDV Solutions,” said Morrison, the company’s CEO. “Licenses for Visual Command Center increased 300 percent over 2012, and we were successful in adding customers in new market segments such as financial services, transportation, and defense, while deepening our already strong base in technology and telecommunications.”
Added Clemens, IDV’s CTO: “Revenue from IDV Solutions’ Visual Fusion data visualization technology platform showed strong year-over-year growth as customers continue to adopt the software to build sophisticated visualization solutions, primarily for business-to-business and government markets.”
IDV Solutions now employs nearly 60 people, primarily at its Lansing headquarters. In 2013 it added a research and development office in Orlando, Fla., and a business development office in suburban Washington,
D.C. business development office. The company projects employee head count growth to continue in 2014, according to John Dougherty, IDV executive vice president for operations.
“We’re actively recruiting talented and creative software developers and deployment engineers,” Dougherty said. “Maintaining our products at the top of their class, satisfying customer project requirements, and supporting our sales growth are driving that need for talent.”
IDV Solutions added five regional business development directors and sales engineers to its team in 2013.
“We’ve worked very hard to expand and deepen coverage around the country this past year,” said Scott Sieracki, IDV executive vice president for global business. “We’ll be rounding out our U.S. team of security and risk industry veterans with additional sales engineering talent in the first half of 2014, with an eye towards international expansion after that.”
Also Tuesday, IDV Solutions announced the promotions of four employees — Merav Nahoom to senior software developer, Riyaz Prasla to director of research and development, George Siegle to director of product management, and Chuck Fields to senior director of product development. Also, veteran software marketer Scott Morrison has joined IDV Solutions as executive vice president of marketing. Brad Fehnel and Cristine Wick are now on board as regional business development executives, with Fehnel directing the Northeast and Wick in the West. Christie Crichton is now with the company as quality assurance analyst. IDV also welcomed back Jason Venema, who has returned to the company in the new role of program manager for Visual Command Center.
“Our next ten years are full of fresh challenges, and new opportunities,” said Morrison. “We’re very proud to be where we are. A big thanks to our great team of creative, talented professionals, our partners, customers, investment team, and community for your past and future support.”