|[February 10, 2006]
UTFC Invests in Sandy-Based Zorch Software; Firm Provides Project Management Tools and Services to Life Sciences Companies
SALT LAKE CITY --(Business Wire)-- Feb. 10, 2006 -- UTFC Financing Solutions, LLC today announced an investment in Zorch Software, which builds integrated project resource management systems and productivity solutions for pharmaceutical, biotechnology, medical device and other life sciences companies. The amount of the investment was not disclosed.
The Sandy, Utah-based firm (www.zorchsoftware.com) was founded in 2003 by a quartet of software executives with deep software industry expertise in the life sciences industry.
"We knew there was a deficiency in the area of program and project resource management," said Brad Wright, Zorch co-founder and CEO. "We are filling a need in life science research and development for a more rigorous and methodical planning, reporting, forecasting and resource allocation capability."
Zorch, currently profitable, has been engaged by companies like Pfizer, Abbott Laboratories, Gilead Sciences and Stryker, Wright said, adding that the company's status as a Microsoft Certified Partner positions it well for this industry.
"Our target market is companies with a growing development pipeline, a heavy dependence on Microsoft Project to develop project plans, and a need for a better understanding of how to allocate resources for their R&D efforts," he said.
The end users of Zorch's products fall into three categories: project or program managers, who are involved in planning and forecasting the progress of drugs or other products in development; executives, who are consumers of reports on the status of development; and R&D team members, who view their particular status on a particular project.
UTFC CEO Steve Grizzell was attracted to the company by Wright's track record.
"Brad works as hard as or harder than anyone I know," Grizzell said. "In the due diligence process there were also several things that stood out to me. Zorch is really effective at marketing and getting to the decision maker in the sales process. Their customers are huge. It is very impressive that they were able to develop an advanced project planner for a critical function for these companies and convince them to use the Zorch product."
Grizzell added that Zorch is also well positioned to offer both tools and services to its customers, consistent with software industry trends.
UTFC Financing Solutions, LLC is a small business investment company (SBIC) in Salt Lake City that fills a unique niche in the market, providing the needed capital to start and grow businesses. Read more at www.utfc.biz.
Founded in 2003, Zorch Software is a privately held company offering advanced software, services and consulting to biotechnology, pharmaceutical, medical device, and other life science companies. With combined expertise in technology, enterprise management, and FDA-regulated processes, Zorch is committed to expediting the new product and drug development process to save companies time and money. Read more at www.zorchsoftware.com.
For more information, contact Steve Grizzell, UTFC's CEO, at 801-741-4200 or email@example.com; and Daniel O'Connor, Zorch's VP for business development, at 801-957-5333 or firstname.lastname@example.org.
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