Ann Arbor-based ForeSee Results acquired two new investors, committing $20 million of venture capital to the growing online customer satisfaction company. The deal is one of the largest announced in Michigan so far this year.
ForeSee's investors are Updata Partners a technology venture capital group based in Virginia and Swedish Investor Growth Capital, an international firm that owns Electrolux and Erikson. Both replaced invetsment from Detroit-based Compuware Corp..
"We were cashflow positive starting in 2005 and we were profitable starting last year, so we're on very solid finiancial footing,"says ForeSee president Larry Freed. " What the investment does, however, is give us the ability to expand a little faster and look at other industries and international markets."
Founded in 2001, the company applies the American Customer Satisfaction Index to help measure visitor satisfaction, identify key areas of improvement and benchmark. Foresee has more than 450 clients with nearly 25% of its revenue coming from federal government contracts.
"This is positive news for Ann Arbor and the state. What we typically see with start up and newer companies is that the majority of transactions lead to the company leaving town. That's not happening here. We are staying in Ann Arbor, we're committed to the region and we'll continue to bring money into the state. We plan on hiring 20-30 people in the next 12 months. We've grown our staff by 50% in the last two years to just under 70 employees. We're here to stay."
Source: Larry Freed, ForeSee Results
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