MITS Announces Major New Investor, Redeems Shares

Management Information Tools, a Seattle-based provider of business intelligence and operational reporting software solutions, has announced that a combination of continuing management and Bellevue-based Trilogy Partnership has redeemed the shares of founder Pat Gilbrough and recapitalized the company to position it for continued profitable growth.

Fred Owen, MITS president and CEO since early 2006, will continue in his role as CEO and significant shareholder.  Peter van Oppen, former chairman and chief executive at data storage systems provider ADIC, and Chuck Stonecipher, former ADIC president, will represent Trilogy on the MITS Board of Directors.  

According to the vendor, the series of moves comes at a significant time in MITS’s evolution. Version 6 of the MITS Discover OLAP Business Intelligence System, released late last year, has gained significant new traction in the space it already dominates - business intelligence for the MultiValue database market - with improvements in performance and usability, the company said. Additionally, MITS has introduced MITS Report, a new product which enables enterprises using a range of technology platforms to deploy and begin using a complete operational reporting environment within a matter of days.

“Trilogy’s business vision to bring the resources necessary to build long-term value aligns very well with MITS’ operating principles.  The timing couldn’t be better,” Owen said at the time of the announcement. “The ability to draw on the experience and the contacts of Peter, Chuck, and the other partners will significantly strengthen our efforts to open up our proven solutions to new markets.”

“The MITS investment represents some broadening of Trilogy’s investment portfolio but is consistent with our goal of investing in businesses where our people, in this case Peter and I, have relevant experience,” stated Stonecipher. “We are extremely impressed by the track record of this management team in building a profitable enterprise software business and we hope to help them further that success.” For more information about MITS, go to www.mits.com.