Connecticut Innovations Provides $1 Million in Venture Debt Financing to Andrews Consulting Group Inc.
Company expands line of data warehousing software
Rocky Hill, Conn., August 7, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for growing Connecticut businesses through innovative financing tools and assistance, today announced that it has provided $1 million in venture debt financing to Andrews Consulting Group Inc. (ACG) of Cheshire, Conn., through its Venture & Mezzanine Debt Fund. The new funding allows the company to continue to expand its product line.
“We are pleased to support ACG’s growth with this investment,” said Claire Leonardi, chief executive officer and executive director of CI. “The company’s experienced team; longstanding, successful relationships with major vendors; and proven product offerings and services have given us confidence in backing this venture. This is exactly the type of company the Malloy administration is eager to support with creative investment tools such as CI’s new Venture & Mezzanine Debt Fund.”
ACG has been providing business software advice and assistance out of its Connecticut headquarters since 1984. In recent years it has introduced its own RapidDecision business intelligence software solution. RapidDecision is a pre-built, real-time data warehouse that organizes data in a way that facilitates analysis by all of the major data analysis tools.
ACG CEO David Andrews believes that the market for this type of solution is poised for explosive growth. “The amount of data in need of analysis grows every day, as does the number of sources from which it comes. Organizations everywhere need help preparing that data to be analyzed. RapidDecision performs this vital function better than any other software, which is why major software vendors such as SAP and Microstrategy strongly endorse it.”
RapidDecision reduces the cost, time, effort and expertise needed to analyze data. Well-known companies such as Ford, 3M, Amway, and Elizabeth Arden are among its more than 200 customers. The software has been validated by leading industry experts to be the most technologically advanced data warehousing software available.
“Andrews Consulting Group has been a valuable member of our Cheshire business community for over 25 years,” said Sen. Joe Markley. “With over 70 employees, including some of the state’s most experienced IT professionals, and CI’s infusion of new funding, ACG has all the necessary resources to meet its goals and further strengthen its position as a leader in the business community.”
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public corporation providing equity, debt and bond financing and other forms of financial assistance to companies in all stages of the business life cycle, from startup to later stage. CI offers its portfolio companies strategic guidance and collaborations with partners in business, finance, education, government and nonprofit sectors. CI’s initiatives are designed to grow the state’s economic and technology base, and to stimulate business investments and job creation. For more information on CI, please visit www.ctinnovations.com.
About Andrews Consulting Group Inc.
Andrews Consulting Group Inc. (ACG) helps hundreds of businesses stay ahead by fully exploiting information technology. ACG installs, upgrades, extends, and enhances Oracle and JD Edwards software and can build custom software. ACG has developed two software products: RapidDecision and RapidReconciler. RapidDecision provides the best business intelligence you can get. It does this by building a data warehouse very quickly and at very low cost. RapidDecision brings data warehouses within reach of all ERP customers. RapidReconciler ensures that JD Edwards Inventory and General Ledger stay in perfect harmony. It eliminates time-consuming month-end reconciliations. ACG has published over 60 white papers and publishes The JDE Advisor, a trusted source of information and advice for all JD Edwards clients. ACG works closely with Business Objects, Oracle, Microstrategy, Microsoft and IBM, customizing their products to clients’ needs. For more information on ACG, please visit www.andrewscg.com.