Ventures West Expands Entrepreneur in Residence Team

• Mark Ruddock, Founder and Former CEO of INEA Corp. joins Ventures West

February 6, 2006 – Toronto, ON - Ventures West, one of Canada’s largest private venture capital companies, is pleased to announce that Mark Ruddock has joined the firm as Entrepreneur in Residence.  Mark, former CEO of INEA Corp. will be involved in identifying and evaluating investment opportunities, with a focus on software and IT companies.

"With his extensive experience in the software industry, Mark will be a significant asset to the entire Ventures West network,” said Ted Anderson, President of Ventures West. “Mark will provide our investment team and portfolio companies with valuable insight and advice.” 

Most recently Mark was the founding CEO of INEA Corp. a provider of enterprise planning, forecasting and reporting software solutions for the Financial Services Industry.  As CEO, he was primarily responsible for articulating and driving the software company's vision. Under his leadership, the company grew rapidly, expanding its blue chip client base to 20 of the world's largest financial institutions, with over 7,000 users across 44 countries. At INEA, Mark worked to build a tightly focused organization that became a key strategic partner to its clients. In June 2005, INEA Corp. was acquired by Cartesis Group, a Paris-based supplier of business performance management (BPM) software. He remained with Cartesis as Chief Product Officer, where he led the successful integration effort between the two companies.

“As an EIR, I will get a chance to work with a great group of investors, whom I’ve known and come to respect over the last 5 years,” added Ruddock.  “I intend to leverage this opportunity to get a better sense of how VCs view the world and to work with them to help identify some of the great opportunities that are out there.”

Mark will join Ventures West on a full time basis in March 2006.

The Ventures West EIR program is one of the largest in Canada. It provides experienced entrepreneurs who have outstanding track records as executives or technologists with the opportunity to join Ventures West as an interim step to their next venture.  The EIR program provides these individuals with the network, resources and tools to identify emerging market and business opportunities.  Entrepreneurs in the program become part of the Ventures West team and gain access to its operations and deal flow; they also provide specialized management counsel to Ventures West portfolio companies.

Ventures West has invested over $170 million in Information Technology companies over the last decade.  Recent investments in the Information Technology sector include AudienceView Software, Avokia Inc., Fortiva, Time Spring Software and Marqui Inc.

About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada’s leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 130 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. For more information, visit www.ventureswest.com.

For More Information
Christine Ramsay
Ventures West Management Inc.
cramsay@ventureswest.com
(416) 861-2280