Software Modernization Provider CM First Secures $1.2M Investment

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Central Texas Angel Network and Lone Rock Technology Group lead new equity financing.

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“Over our successful six-year history, we’ve helped more than 400 clients modernize billions of lines of code,” said John Rhodes, managing director of CM First. “The funding will enable us to help thousands more enterprises confidently modernize."

CM First Group, an innovative provider of modernization solutions for enterprise software applications, announced today that it has secured $1.2M of new equity financing. The investment funds will accelerate the growth of CM First’s software tools and services. The investment round was led by Central Texas Angel Network (CTAN) and Lone Rock Technology Group with Capital Factory participating. Clint Whitaker of CTAN and Joel Trammel of Lone Rock were appointed to the Board of Directors of CM First.

“Over our successful six-year history, we’ve helped more than 400 clients modernize billions of lines of code,” said John Rhodes, managing director of CM First. “The additional funding supports our continued growth and will enable us to help thousands more enterprises confidently modernize through the best possible understanding of their applications.”

CM First’s cutting edge technologies enable IT architects to fully understand and confidently migrate the business rules and system interdependencies of large complex software applications.

“We are excited to be involved with helping CM First take the next step,” said Joel Trammel, deal lead for Lone Rock Technology Group. “The hardest challenges in IT often revolve not around doing new things but in upgrading existing systems to meet new business challenges. We believe CM First has the best solution for solving these difficult problems.”

“CM First saves time and money for enterprises with large IT investments,” said Clint Whitaker, deal lead for CTAN. “They use the latest technologies to help IT organizations modernize. CTAN is excited to help them deliver value to their growing international customer base.”

The company’s offerings include CM evolveIT, which automatically analyzes and mines business rules from mainframe applications, and CM M3, which automates the transformation of CA 2E applications to modern platforms using CA Plex, Java/.Net and the cloud. With the maintenance of legacy applications being handled by a dwindling resource pool of COBOL experts, supporting new business needs like modern user experiences and mobile device support dictates a move toward object-oriented programming languages like Java and C#.

“Legacy mainframe and midrange server applications are invaluable to thousands of companies to run crucial business processes,” said Rhodes. “Legacy systems are expensive to maintain, inadequately documented and poorly architected for new technologies such as web and cloud deployment. Our modernization tools speed the transformation process, allowing IT organizations to maintain, enhance and evolve their legacy applications more cost efficiently.”

About CM First Group
CM First Group provides analytical software and software migration services to help IT departments and software development partners maintain, enhance and migrate legacy applications. CM First’s offerings include CM evolveIT and CM M3. CM First has served over 400 customers across the Americas and Europe including T. Rowe Price, Foot Locker and others in financial services, insurance, healthcare, retail and government. CM First has key business partnerships with CA Technologies for the migration of CA 2E applications, and with Sencha, to transform vintage applications to their enterprise web platform. For more information, visit

About Central Texas Angel Network
Having invested more than $82 million in 140+ companies since 2006, the Central Texas Angel Network (CTAN) is the most active single-chapter angel group in North America and is a significant source of early-stage capital for entrepreneurs from Texas and beyond.
A nonprofit, member-based organization, the angel group features more than 160 individual accredited investors from an extensive cross section of sectors and backgrounds. CTAN members not only invest, they also mentor entrepreneurs and connect them to business resources, providing critical support to the success of early-stage business and the Texas economy.
Twitter: @CTANAngels

About Lone Rock Technology Group
Lone Rock Technology Group is an operationally oriented investment firm focused on the enterprise software industry. Lone Rock specializes in taking positions in software companies that have an established market presence, proprietary technologies and can benefit from Lone Rock’s expertise, back-office resources and proven success in establishing growth-oriented operational excellence.
For more information, visit

About Capital Factory
Capital Factory is the center of gravity for entrepreneurs in Austin, the number one startup city in the U.S. Last year more than 100,000 entrepreneurs, programmers and designers gathered day and night, in-person and online for meetups, classes and coworking. We meet the best entrepreneurs in Austin and introduce them to their first investors, employees, mentors and customers. According to Pitchbook, Capital Factory has been the most active investor in Texas since 2013.
For more information, visit

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