Press Releases
ICON secures investment for SaaS provider, Element8
May 2011
Element8 Limited is a leading provider of change management and business transformation software for global enterprises and major public sector companies.
The company has developed xpointTM, a SaaS based software environment which delivers successful change at a dramatically improved rate. Based on Microsoft's SharePoint® platform, this Enterprise 2.0 product will strengthen any organisation's capability to evolve and meet the challenge of change by automating the most demanding of their knowledge-based business processes.
"Managing change in today's economic climate is challenging but despite this, most organisations still try to manage often complex human processes using spreadsheets and emails rather than with an effective collaborative work environment specifically designed to support exactly such key processes. xpointTM can help improve business process and staff effectiveness resulting in significant and measurable financial benefits, with typical customers seeing a return on their investment in considerably less than a year," explained Alex Clark, CEO and Founder of Element8. Finance Wales' investment is Element8's first institutional round and will fund the company's expansion as it continues to enhance its innovative xpointTM business application and to expand its client base both in the UK and globally.
Commenting on the investment, Leanna Davies, Investment Executive at Finance Wales said: "Finance Wales is pleased to be a cornerstone investor in Element8 and we hope our investment will help the company to achieve its growth plans. Element8's xpoint software has the potential to help businesses achieve measurable financial benefits. Its management team has an exciting vision and is clearly focused on developing a global client base. We wish them every success."
Eddie Harding, an Investment Director at ICON Corporate Finance who advised Element8 on its funding strategy and secured the investment, said: "We are delighted to have raised this institutional investment for Element8 from Finance Wales. Research shows that 70% of enterprise transformation projects fail. xpointTM offers a truly novel proposition which strengthens the ability of organisations to automate their knowledge-based business processes, significantly enhancing the likelihood of success. This investment confirms that strong management teams, with a differentiated technology offering and a clear route to market can still attract significant investment from quality investors at a time when the overall environment for early-stage funding remains difficult."
Osborne Clarke performed the legal work on the round on behalf of the company.
About Element8 and xpointTM
All organisations need the ability to drive and sustain transformation and change programmes with much higher degrees of success. Element8 has developed xpointTM, an Enterprise 2.0 enabled, browser-based, Sharepoint business application which provides a fully integrated, collaborative and outcome-driven work environment. xpointTM is a low-cost, secure Software-as-a-Service hosted solution that provides a common-to-all, highly configurable workplace for all stakeholders in an enterprise to come together regardless of location with a shared approach and a shared workspace to achieve a shared view and understanding. Described by senior management at Microsoft as a "lighthouse exemplar of a SharePoint® business application," xpointTM has a proven track record in enhancing the success rate of Business Transformation or Change programmes, in engaging staff, partners and suppliers in new and invigorating ways and in keeping management informed on the progress and on the business benefits achieved throughout the whole process.
