News Releases:

Release Date:  8/6/2007 12:00:00 AM

Heading:  Insight Partners invests in COADE, Inc.

Detail:  

COADE ATTRACTS $42 MILLION INVESTMENT
FROM INSIGHT PARTNERS TO EXPAND PLANT DESIGN AND
ENGINEERING SOFTWARE SOLUTIONS

 

HOUSTON, August 6, 2007 : COADE, Inc. a leading provider of plant design and engineering software for the process industries, announced today that it has attracted a $42 million investment from Insight Partners, a New York-based investment firm. The investment, representing COADE's first round of external financing, will be used to accelerate product development and international expansion and to support strategic acquisitions. The investment follows another year of record revenues and profitability at COADE for the fiscal year ended March 31st, 2007.

 COADE, a privately held firm, has demonstrated 23 years of consistent growth and profitability by providing best-of-breed CAE and CAD applications and promoting cross-discipline interoperability between its design and engineering solutions. The company's products include CAESAR II, the industry-standard software package used for pipe stress analysis; PVElite and TANK, applications for pressure vessel and tank stress analysis; and CADWorx, an integrated suite of plant design applications. Today, the company serves over 25,000 users across 65 countries. Its customers range from small organizations to global companies, including many of the world's largest engineering, procurement, and construction firms; plants owners and operators and equipment fabricators. These include such names as Bechtel, Halliburton, Technip, Toyo, AMEC, ExxonMobil, Shell, Aramco, Chevron, DuPont, and Dow Chemical.

"Insight Partners has a proven track record of helping grow enterprise software companies," said Thomas J. Van Laan, PE, CEO of COADE. "We selected Insight as a partner because of their strong software expertise, their value-added resources, and their vision of building COADE through continued organic growth and strategic acquisitions."

George McCulloch, Managing Director of Insight Venture Partners, said "COADE is an ideal Insight investment. The company has a broad base of loyal users, an outstanding management team that is developing market-leading products, an excellent network of global resellers, and a strong track record of growth and profitability. We look forward to being part of COADE's growth strategy and continued success."

 In conjunction with the financing, Peter Sobiloff, George McCulloch and Sarah Haas of Insight Partners will join the Board of Directors. Churchill Financial provided financing for the transaction. Paul Cook, VP Corporate Development of COADE, acted as advisor to COADE management in the transaction.

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About COADE, Inc.

COADE, Inc. is one of the world's leading providers of engineering and plant design software designed for cross-discipline information sharing and interoperability. Company products include CAESAR II, the world's most popular pipe stress analysis software; PV Elite and CodeCalc, pressure vessel and component design and analysis software programs; CADWorx, an integrated series for process plant design; and TANK, comprehensive engineering software for designing and analyzing oil storage tanks according to the latest API codes. COADE's products are used both in small organizations, as well as the world's largest engineering firms and industrial companies. For more information, visit www.coade.com.

About Insight Partners

Insight Venture Partners has raised over $3 billion in capital for investment in leading software, technology, and Internet services companies. Headquartered in New York, Insight takes a global approach to investing, providing hands-on execution and strategic advice to ensure our portfolio companies benefit from Insight's cumulative experience working and building successful software companies. Founded in 1995, Insight has a heritage of building long-term value for all stakeholders in expansion stage and mid-market buyout transactions. For additional information, visit the firm's website at www.insightpartners.com


Contacts:

 

Gary Carson

1.713.668.8550

Vornel Walker

1.281.890.4566



COADE, Inc. • 12777 Jones Rd., Suite 480 • Houston, Texas 77070
Tel: (281) 890-4566 • Fax: (281) 890-3301 • E-mail: query@coade.com • Web: http://www.coade.com


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