Herndon, VA (PRWEB) March 07, 2012
The Center for Innovative Technology (CIT) announced today a $100,000 investment in Norfolk, Va.-based Harbinger Technology Solutions, LLC (HTS). HTS provides a web-based platform that helps financial institutions comply with increasingly complex reporting requirements promulgated by the Financial Accounting Standards Board (FASB) and its international counterparts.
ARCSys, HTS’ online platform, brings a high level of automation to processes that have historically been done manually, and is designed to help clients address new and more complex reporting requirements. ARCSys’ existing Allowance for Credit Losses (ACL) module allows clients to upload data from their core banking systems, process the relevant data to produce required reporting and disclosures, perform analysis and adjustments, and review historical trends.
CIT President and CEO Pete Jobse said, “HTS hit its stride during 2011 and now has over 30 clients. With CIT’s investment, HTS will be able to accelerate its revenue growth and continue build out its technology platform.”
HTS CEO Michael Umscheid said, “Companies around the world are being required by financial and accounting regulators to provide more complex reporting and disclosures. Our ARCSys solution gives clients a cost-effective way to meet these new reporting requirements and disclosure rules without replacing or displacing any core financial software that clients are already using.”
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “HTS CEO Michael Umscheid is a recognized expert in the accounting standards community and has a consistent track record of building successful companies. We are pleased to support Mike and his team as they continue to grow their business, and we believe HTS has the potential to generate extraordinary economic returns for the Commonwealth of Virginia.”
Since its 2005 launch, CIT GAP Funds has placed over 60 investments across the Commonwealth, deploying more than $5M of public funds and attracting greater than $10 dollars of private funding for every $1 of public money invested. (For a list of portfolio companies, please visit the GAP Funds website.)
To learn more about Harbinger Technology Solutions, visit their website.
About the Center for Innovative Technology, http://www.cit.org
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources.