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Portfolio of Companies•Funds Under Management•People |
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Since its creation in June of 1995, GFI Energy Ventures and its predecessor entities have originated more than fifty transactions since combined to form the companies described here. Aggregate value of the companies in our portfolio exceeds $2.5 billion. GFI is always engaged in active discussions with additional potentially attractive target companies.
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Caminus
Corporation (Nasdaq: CAMZ) - Provides software to the power and
gas trading industry. Caminus Corporation has acquired Caminus Energy
Limited, ZAI*NET Software Inc., Positron Energy Consulting, DC Systems,
Nucleus Corporation and Altra Software Services, Inc. The creation of
Caminus Corporation by GFI was a response to the need for a new information
infrastructure to support competitive, market-based energy markets. Caminus
software provides the portfolio and risk management capabilities which
participants in the volatile competitive energy markets require. Caminus
went public in January 2000 and was acquired by SunGard Data Systems in
April 2003.
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Cannon
Technologies, Inc. - Cannon develops and sells measurement and
control products aimed at helping utilities improve the utilization, reliability
and cost effectiveness of their transmission and distribution systems.
The markets in which Cannon competes are showing attractive growth as
utilities turn increasingly to technology to improve reliability, relieve
bottlenecks, and improve customer service. Cannon is well positioned in
these markets and we anticipate additional Fund investments to acquire
complementary products in what is currently a fragmented supplier market.
Cannon was acquired by Cooper Industries in August 2006.
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Cherokee
International - Cherokee is a leading designer and manufacturer
of custom power supplies for original equipment manufacturers, or OEMs,
in the telecommunications, networking, high-end workstation, and other
electronic equipment industries. Cherokee's products regulate and filter
utility power and convert it into a form used in sensitive electronic
equipment. Leading power supply companies, working with their OEM customers,
are among those redefining and responding to the rapidly evolving roles
and prospects of all the players in the power industry. This industry
transformation is at the heart of the GFI investment thesis. Cherokee
is active in this regard through its strong custom engineering capability,
working with such long-standing customers as IBM, Hewlett-Packard, Motorola,
Cisco, Lucent, Alcatel, Nortel, Silicon Graphics, and Honeywell. Cherokee
went public in February 2004 (NASDAQ: CHRK).
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Elgar
Electronics Corporation - A leader in the design and manufacture
of AC and DC programmable power supplies, Elgar's products are used in
designing and testing power-sensitive electronics that must operate in
environments where power quality is uncertain. With the decline in utility-delivered
power quality, the increasing power sensitivity of many end-use electronic
devices, and newly demanding product performance standards, GFI sees the
prospect for dramatic growth in the demand for Elgar's products.
Elgar was sold in March 2007 to Xantrex Technology Inc.
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Elgin National Industries, Inc. - Elgin provides engineering and construction services to the coal and mineral processing, coal fired electric utility and the oil and gas drilling industries. It also designs and manufactures coal and other raw material handling equipment for these industries. Elgin has a separate group that designs and manufactures specialty fastener products. Elgin is the parent company of Roberts & Schaefer, one of the leading engineering, procurement and construction (EPC) companies serving the coal power plant industry. Roberts & Schaefer is a recognized leader regarding scrubber systems for coal fired power plants. With over half of the electricity generated in the United States coming from coal plants and with the virtually-inevitable continued use of coal as a primary feedstock for power plants worldwide, and considering the aging fleet of such plants and the heightened concerns about their environmental impact, GFI believes that Elgin is very well positioned to provide EPC services and coal handling machinery that will increase plant efficiency, plant life extension and environmental compliance. Elgin’s products and services are used by blue-chip companies worldwide.
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Genscape,
Inc. - Genscape provides real time information
on the operating status of the North American and European electrical grids
to energy traders, system operators, regulators, state and federal governments,
and others. It continuously collects information about the status of over
300 (and growing) of the most significant power plants
and transmission paths in the United States and Continental Europe through networks of over 2,000 sensing devices
that remotely measure the magnetic and electrical fields of transmission
lines near the plants. This information is communicated to a processing
center where it is analyzed using proprietary algorithms, then packaged
and delivered to subscribers who benefit from the real time knowledge
about plant outages, start-ups, changes in level of output and grid conditions. This timely
information and analysis can be of great value in making decisions regarding
power trading, system operation, and problem diagnosis and response. Genscape also offers a family of propriety analytical products based on the information it collects. Genscape was sold in May 2006 to an affiliate of DMGT, a London stock exchange listed company whose other assets include the Daily Mail Newspapers.
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GoodCents - GoodCents develops and implements energy efficiency and demand response programs for electric utilities. The Company develops marketing programs targeting utility residential customers, works with utilities to communicate with its target customers, manages call centers that field customer responses, signs up customers to the programs offered, dispatches its field work force to install customer-sited equipment, and coordinates with the host utility to arrange for billing treatment. Over the last 30 years, during which GoodCents has pioneered and refined these programs, GoodCents has supported approximately 300 utilities throughout the United States and Canada. GoodCents is headquartered in Atlanta, Georgia and has field offices and current operations in at least 18 states and the province of Ontario.
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GT Solar Incorporated - GT Solar is a leading provider of essential technology, equipment and turnkey manufacturing solutions across the photovoltaic supply chain. Based in Merrimack, New Hampshire, the company’s products include equipment used to produce multi-crystalline solar wafers, cells and modules. It has a global, blue-chip customer base. GT recently expanded its product line to include polysilicon reactors, devices that allow its customers to produce polysilicon, a material from which solar cells are made.
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InfraSource
Incorporated - InfraSource is one of
the largest national providers of infrastructure services to the electric,
gas and telecommunications industries. The Company operates in three distinct
business segments: (i) turnkey design, engineering and construction services
for high-voltage electric substations and design and construction of aerial
electric transmission and distribution ("T&D") networks;
(ii) installation of underground natural gas, electric, and telecommunications
lines; and (iii) operation of a unique, dark fiber leasing business which
also provides engineering, maintenance, and construction services for
the telecommunications industry. Ownership of InfraSource extends GFI's
commitment to companies that provide design, construction, operating,
inspection, maintenance, outage response, and asset optimization products
and services to T&D owners and operators. InfraSource went public in May 2004 (NYSE: IFS). InfraSource was acquired by Quanta Services, Inc. in August 2007.
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LineSoft
Corporation - A leading provider of
software and contract services that utilities need to design, construct,
and manage electrical transmission and distribution ("T&D") systems. In
addition, in reaction to the extraordinary investment in communications
infrastructure that relies on utility poles, conduits, and rights-of-way,
LineSoft helps utilities analyze and manage the engineering, financial,
and administrative implications of such joint use, using its T&D software.
Following substantial changes in the ownership, management, and technology
of power generation, we believe T&D systems will get increasing operator and investor attention. LineSoft was sold to Itron Corporation in
March 2002.
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LODESTAR
Corporation - An established, profitable energy software vendor
whose products address such critical back office requirements for energy
market participants as pricing, complex billing, load analysis, and settlement.
LODESTAR has a strong market position with over 120 customers including
such industry leaders as Reliant Energy, Shell Energy, e.on, ERCOT, ENI,
and TXU. In addition to its strength with these top tier energy company
customers, LODESTAR also sells to the regional independent system operators
(ISOs) which are increasingly important players in assuring that the new
commercial environment characterized by complex transactions and physical
logistics among multiple, simultaneous buyers and sellers active in a
regional energy market and interdependent power grid is managed and reconciled.
The monitoring and settlement of these transaction complexities plays
to LODESTAR's strengths. GFI is attracted to LODESTAR's proven ability
to address and facilitate the proliferation of transactions on which the
new wholesale and retail power markets depend.
LODESTAR was sold to Oracle Corporation in June 2007.
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Longhorn
Pipeline - Longhorn owns a 764-mile pipeline designed to transport
refined petroleum products from the U.S. Gulf Coast refineries to terminals
in Odessa and El Paso, Texas. This pipeline was completed and put in operation
in 2004 following GFI's investment. It provides the last link in a pipeline
system which will connect Texas refineries with the Southwest U.S. retail
market. The economic and environmental problems of meeting growing Southwest
gasoline, diesel, and jet fuel demand through any combination of California
and Arizona refining capacity expansion, pre-existing pipeline connections,
or tankers transporting refined products from Texas to California via
the Panama Canal make this new pipeline connection particularly attractive.
GFI was a lead investor in the consortium which controlled Longhorn until the Company was sold to Flying J Inc. in August 2006.
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NORESCO - NORESCO is one of the largest and most experienced energy service companies in the United States. The Company provides comprehensive energy-management related design, construction, financing and operations solutions for capital projects in the education, institutional, government, public housing, healthcare, commercial, and industrial sectors. Over the past two decades, NORESCO has implemented more than $2 billion of energy projects at more than a thousand sites throughout the United States and abroad. High energy prices, new and improved energy consuming and energy managing technologies, and expanded government and utility incentives are increasing the demand for NORESCO’s services.
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Power
Measurement - Power Measurement is an energy information technology
company and a leading provider of enterprise energy management systems
for energy suppliers and consumers worldwide. The company's ION® web-enabled
software and intelligent metering and control devices measure, evaluate,
and help manage power consumption and conditions. Products enable industrial,
commercial and institutional businesses manage consumption and modify
processes to avoid power quality and reliability problems and reduce energy
costs. They also allow electric utilities and power marketers to bill
for service and manage distribution assets in an increasingly competitive
market. The company's integrated hardware, software and communications
capabilities provide the backbone for distributed generation, load management,
and curtailment programs. Power Measurement was acquired by Schneider
Electric in April 2005.
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RealEnergy,
Inc. - The Company installs, owns, and operates on-site generation
equipment/systems in Class A commercial office buildings. As conventional
utility electric service becomes less reliable and, often, more expensive,
large power-sensitive commercial and industrial energy users are looking
for alternative sources of competitively-priced reliable supply. This
is certainly true in the parts of the country buffeted by the consequences
of dysfunctional markets as deregulation takes effect. The most volatile
retail energy markets are in states with large metropolitan areas where
commercial office space is concentrated. With a strong focus in California
and the Northeast, an investor base (in addition to GFI) that includes
several large property owners and managers which in the aggregate control
over 330 million square feet of office space, established customer relationships
with entities which own or control an additional 350 million square feet,
and a technology-neutral strategy, GFI believes RealEnergy is well positioned
to provide a timely response to an immediate market need.
RealEnergy was sold to DG Energy Solutions, an Arclight portfolio company in July 2004.
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Smart
Systems International, Inc. - Designs and markets intelligent energy management systems principally
for heating and air conditioning control in commercial and residential
buildings, including guest rooms in hotels, public housing projects, condominiums,
schools, and office buildings. The SSI system uses a motion detector to
determine when a room is vacant, then employs a sophisticated algorithm
along with other thermodynamic sensing devices to determine how far the
room's temperature can be allowed to vary from the thermostat setting
while still permitting restoration to the desired temperature within a
prescribed number of minutes from the time the room is reoccupied. The
technology's appeal is in the quick, non-invasive installation (within
a half hour, employing wireless technology) and in the software that manages
unique temperature adjustments for each room to reduce energy consumption
while preserving desired levels of comfort. The Company's initial customers
have been hotel chains where SSI has garnered strong initial acceptance
because automated energy cost and comfort trade-offs are especially important.
GFI is attracted to SSI because it provides an "energy load management"
solution to a subset of the market that we believe will be looking to
manage energy costs more actively in an environment of greater electricity
price volatility and generally upwardly-trending commercial rates.
Smart Systems was sold to Telkonet, Inc. in March 2007.
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SPL
WorldGroup, Inc.
- Provides software to utilities and other enterprises with large volume
billing, asset management, and field work force management activities.
Created through a series of four transactions, SPL now offers customer
information system, outage management, asset management, and field work
force management software. We believe this robust suite of mutually reinforcing,
technologically compatible offerings stands head and shoulders above the
fragmented offerings previously available to the utility marketplace.
SPL was sold to Oracle Corporation in November 2006.
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Statordyne LLC
- Though not an active, operating company, Stratordyne holds several fundamental
patents for technology that provides industrial and commercial facilities
with continuous, premium quality power without use of batteries.
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Trans-Elect,
Inc. - Trans-Elect is North America's first independent transmission
company, focused on the acquisition and operation of transmission systems,
the development and construction of new transmission lines and the upgrade
of existing transmission systems. Electric transmission systems in the
United States and Canada have been starved for capital for over thirty
years. The resulting decline in reliability and the stresses resulting
from the increase in electric consumption and the advent of a wholesale
power market during this period compel transmission segment owners and
federal and state regulators to give higher priority to upgrading, maintaining,
and expanding this critical energy delivery system. This investment gives
GFI a central position in meeting these needs.
Trans-Elect and its operating assets were sold through a series of transactions starting in mid-2006. The buyers of these assets were (i) ITC Holdings Corp., (ii) Atlantic Power Corporation, (iii) a joint venture between SNC-Lavalin Group Inc. and the Macquarie Essential Assets Partnership, and (iv) AES Trans-Elect Holdings, LLC, an affiliate of AES Corporation.
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Turbine Generator Maintenance, Inc. - Turbine Generator Maintenance (TGM) performs turnkey inspections and repairs on steam turbines, combustion turbines, generators and associated equipment for a broad spectrum of customers across the industrial and utility sectors. In addition, the Company is one of the first independent service providers to also provide machine shop services for turbine generator systems and parts, thereby providing a compelling value proposition to its clients relative to both OEMs and other independent service companies. GFI believes that TGM is strongly positioned to capitalize on the increasing maintenance and repair requirements of aging power generation equipment, the construction of new power plants to meet growing energy demands, the continued outsourcing of non-core operations by utility and industrial companies, and the growing use of independent service providers as OEM long term service agreements expire.
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UtiliQuest,
LLC - UtiliQuest identifies and marks electric, gas, telecommunication,
cable, water and other utility underground infrastructure so that contractors
can avoid them when excavating. Historically done separately by employees
of each utility, this function is increasingly contracted out with multiple
utilities supported by a single vendor able to achieve obvious scale economies.
Annual expenditures for in-house and contracted locating are approximately
$2 billion in the U.S. with the contracted portion growing by 15% - 20%
per year. The Company operates from over 50 locations in 16 states and
has over 1,700 employees. UtiliQuest offers a competitively priced, reliable
contracted service to utilities looking to reduce costs and focus on their
core functions. This investment is reflective of our general interest
in companies that provide contracted services, software, systems, and
equipment that increase the efficiency of utility distribution systems.
UtiliQuest was acquired by Dycom Industries (NYSE: DY) in December 2003.
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Xantrex Technology Inc. - A world leading supplier of advanced power electronics and controls for the commercial, recreational, and residential markets. The Company's sophisticated technology makes it the dominant provider to manufacturers and distributers of such emerging technologies as fuel cells, flywheels, solar panels, windmills, and modern batteries, for both grid-connected and off-grid applications. The breadth of applications of Xantrex's products gives GFI a position in virtually all renewable and distributed energy technologies without having to make an investment "bet" on which of these technologies is likely to prevail. The result of a series of acquisitions and mergers, Xantrex uses several pre-existing product names which have franchise value in the market, including Trace Engineering, Trace Technologies, Heart Interface, Cruising Equipment, and Statpower, as well as Xantrex. Xantrex went public in March 2004 (TORONTO: XTX.TO). | |
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GFI is the portfolio manager and co-general partner of the $1.02 billion OCM/GFI Power Opportunities Fund II and its predecessor, the $454 million OCM/GFI Power Opportunities Fund. These funds were established to provide pools of committed capital to be invested in furtherance of GFI's established investment focus and approach. Organized as investment partnerships, the Funds' investors include prominent public and corporate pension funds, insurance companies, foundation and college endowments, and high net worth individuals. GFI's co-general partner is Oaktree Capital Management. Los Angeles-based Oaktree has over $28 billion under management. Prior to raising its dedicated Funds, GFI's predecessor entities arranged separate equity financing for each of 20 transactions GFI originated. Oaktree was the lead investor in 13 of these transactions. RIT Capital Partners plc has been a substantial investor in all transactions originated by GFI. RIT is the publicly-traded investment trust in the United Kingdom chaired by Lord Rothschild. GFI is experienced and comfortable in finding the transaction structure which best fits the needs and preferences of growing companies, their owners and management. We have provided liquidity for owners, collaborated with management in developing successful MBO proposals, injected new capital into companies to support product development and channel enhancement. We have recapitalized companies to give them a balance sheet which enhances credibility with customers and permits more effective business management. |
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The five principals of GFI Energy Ventures LLC have held senior positions as officers and advisors to the leading energy utilities and electric industry equipment and service suppliers, and important industrial and commercial end-users throughout the United States, Canada, the United Kingdom, continental Europe, and Australia. They have worked together for more than ten years. The three founders have been partners for more than twenty years. Widely quoted and published experts on the dramatic changes sweeping through the energy industry in the U.S. and worldwide, the principals are particularly expert in forecasting the changes which occur in historically regulated industries and the implications of such changes on the value of traditional and non-traditional market participants. They have started, managed, and overseen numerous enterprises.
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Lawrence
D. Gilson, Chairman
Founder and President of Venture Associates, a leading energy industry consulting firm; when Venture Associates was sold to Arthur Andersen & Co., Mr. Gilson became Worldwide Head of the Arthur Andersen Utility Consulting Practice. Former Vice President for Corporate Development and Government Affairs of Amtrak. White House Staff member under President Carter involved with energy matters as well as urban and rural policy issues. Mr. Gilson received his BA from Claremont McKenna College and an MA from The Johns Hopkins University School of Advanced International Studies. |
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Richard
K. Landers, Partner
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Ian
A. Schapiro, Partner
Long time Partner of Venture Associates and then of Arthur Andersen & Co. Previously Chief Financial Officer of a technology company and a commercial banker whose portfolio was concentrated in the energy sector. Author of widely quoted publications regarding the financial management of energy utilities. Board Chair of NORESCO and Elgin National. Mr. Schapiro received a Bachelor of Commerce degree from the University of Witwaterstrand in South Africa and an MBA from the Marshall School of Business at the University of Southern California. |
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Andrew
G. Osler, Partner
Director of New Business Development for Enron Capital & Trade Resources Corp. responsible for new commercial activities leveraging ECT's skills and strengths. Previously consultant for McKinsey & Co. with emphasis on strategic, organizational and operational challenges facing the utility and energy industries. Consultant for Venture Associates and Arthur Andersen & Co. Mr. Osler received his BS from the Massachusetts Institute of Technology and an MBA from the Anderson School of Management at UCLA. |
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J. Bradford Forth, Partner
CEO of Power Measurement, Inc., a global provider of enterprise energy management systems owned by GFI from 1996 to 2005 when sold to Schneider Electric. Former director of Xantrex Technology Inc. which is also a GFI portfolio company. Ernst and Young’s “2002 Pacific Entrepreneur of the Year – Technology and Communications” and member of Young Presidents’ Organization. Board Chair of GT Solar Incorporated, GoodCents and Turbine Generator Maintenance. Mr. Forth received a Bachelor of Engineering degree from the University of Victoria in Canada. |
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R. Chad Van Sweden, Vice President
Investment Banking Analyst for Credit Suisse First Boston focused on Mergers & Acquisitions in the Energy & Power Sector. Previously, Investment Banking Analyst for Donaldson, Lufkin & Jenrette focused on the Energy & Power Sector. Board Member of Turbine Generator Maintenance. Mr. Van Sweden received his BA from Cornell University. | |
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Michael Tory Green, Associate
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Jason J.S. Lee, Associate
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Matthew P. Cornue, Associate
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Anthony
H. Bloom, Special Executive Resource
London-based, focused primarily on GFI's European investing. Former Chairman and CEO of the Premier Group, at the time the fifth largest company in South Africa. Former Chairman of Amerpharm, a generic pharmaceutical group sold to Merck AG. Chairman of Cine-UK sold to the Blackstone Group. Board member of Cherokee International, LLC and Xantrex Technology, Inc. |
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Brian
J. Scanlan, Special Executive Resource
Founder and CEO of Zai*Net which was acquired by GFI and became the foundation of Caminus Corporation, a GFI portfolio company. Mr. Scanlan served as a director and executive of Caminus until the company was sold to SunGard Data Systems in 2003. |
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Raymond E. Meyer,
Special Executive Resource
Member of GFI resource team providing operational, channel development, and strategic counsel to GFI and selected portfolio companies in the power supply, back-up power, and power measurement fields. Active in assessing operational aspects of potential GFI investments. Former President (1984-1997) of Deltec Corporation, leading supplier of uninterruptible power systems to the computer industry. Held executive positions with the ACDC Division of Emerson Electric Company (OEM power supplies), Intech/FMI (data acquisition products), and others. Board Chair of Smart Systems International, Inc. Board member of Cherokee International, LLC. |
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David
M. Stoner, Special Executive Resource
Member of GFI resource team. Active in assessing potential software company acquisitions and helping such companies strengthen marketing, sales, and customer support functions. Former CEO of Caminus, a company GFI created which, under Mr. Stoner's leadership, became the industry leader in providing software to manage portfolio risk for participants in competitive energy markets worldwide. Formerly President and Chief Operating Officer of SS&C Technologies, Inc., a leading provider of investment management applications software and services to large global financial institutions. Previously President and COO of the Dodge Group, and for eight prior years EVP Worldwide Operations of Marcam, Corp. an international provider of enterprise software to process manufacturers. |
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