PeakEquity (Radnor) sells 1st investment, EnterpriseDB

Tom Paine

In late June, Radnor-based software PE firm PeakEquity Partners announced the sale of its first investment, EnterpriseDB, to Great Hill Partners. Milestone Partners and NewSpring Capital invested along with Peak in 2014. I wrote about that deal then.

Bedford, MA-based EnterpriseDB is perhaps the leading branded version of the PostgresSQL open source database software. I don’t know the entry and exit prices, but imagine it was a timely buy because PostgresSQL is becoming more mainstream. AWS, which offers its own version of PostgresSQL as do other major Cloud platforms, probably paved the way for broader market adoption in general by providing better hosting options, making it easier for users to “just say no to Oracle”.

After Microsoft itself acquired another PostgresSQL provider, Citus, early this year, an industry consultant who sometimes works with Microsoft was quoted as saying that the only way the Redmond, Wash.-based cloud giant could have made that point [commitment to open source database] clearer would have been by purchasing EnterpriseDB.

PeakEquity said EnterpriseDB triple its annual recurring revenue during Peak’s tenure and lifted its growth rate to 40%.

Veeva soars on earnings release

MONDAY, JUNE 10, 2019

Veeva Soars on Earnings Release

  California-based Veeva Systems (NYSE: VEEV), the Life Sciences Cloud company with east coast operations based in Radnor, announced 1st quarter 2020 results on May 29 . it was a blowout quarter in which revenue reached a billion dollar annual run rate at $245 million, up 25% year over year. First quarter operating income was $71.2 million, compared to $44.0 million one year ago, an increase of 62% year-over-year. Net Income grew 66% year-over-year.

Veeva also has offices in Fort Washington and Princeton. 

Veeva highlighted the continued success of ongoing product development, including the release of Veeva Andi, an AI application that delivers
insights and suggestions from within Veeva CRM, and the adoption of its relatively new Veeva Vault CDMS offering by a Top Twenty Pharma. Also, Veeva recently introduced Veeva Claims, for non-pharma clients to help them with end-to-end claims management.

Veeva raised its revenue guidance for FY2020 to revenues between $1,045 and $1,050 million, a $20 million upward adjustment. Its shares broke through to a new high after the earnings release and now trade at $162.20, giving Veeva a market value of just under $24 billion, and a remarkable price to sales (not price to earnings) ratio of 24.

The intense pressure resulting from being a “momentum stock” now plagues Veeva, a nice problem to have. Investor expectations become more and more demanding, and even a slight negative surprise could cause a dramatic decline in the share price.

AT 12:33 AM  



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Anexinet Continues Growth Under New Ownership (Press Release)

Anexinet Continues Growth Under New Ownership

Mill Point Capital Accelerates Anexinet’s Momentum in Helping Clients Provide a Complete Digital Experience Email Print Friendly Share June 25, 2019 07:00 ET | Source: Anexinet Corporation

BLUE BELL, Pa., June 25, 2019 (GLOBE NEWSWIRE) — Anexinet, a leading provider of digital business solutions, announced that it has been acquired by Mill Point Capital, a middle-market private equity firm focused on control-oriented investments in North America. The Mill Point team has extensive experience investing in transactions in the technology and business services sectors.

Anexinet’s management team, including CEO Todd Pittman, will continue to lead the company, building on a strong track record of multi-channel application strategy and development, enterprise mobility, and full-lifecycle cloud/hybrid IT infrastructure support. Anexinet is a leading technology consultancy and reseller, helping clients provide a Complete Digital Experience for employees, customers, and end users through transformative digital applications and platforms. For 20 years, Anexinet has delivered intelligent insights, customer engagement and enterprise modernization solutions that drive impactful business outcomes.

Todd Pittman, CEO of Anexinet, commented, “We are thrilled to be partnering with Mill Point given their experience and relationships within the IT solutions industry. I am very proud of what our team has been able to accomplish and look forward to building on the momentum we have created over the past few years.”

Michael Duran, Managing Partner at Mill Point, commented that, “We are very excited to welcome Anexinet to the Mill Point family. Anexinet has grown into a leading specialized reseller in the IT marketplace under the leadership of Todd Pittman and his dedicated and skilled management team. We look forward to working with Todd and his team to further enhance Anexinet’s product and services capabilities.”

About Anexinet Corp. Everyone deserves a great digital experience. Anexinet customers benefit from our holistic approach—from engaging front-end interactions to dependable back-end solutions, all informed by data-driven insights. Because truly great digital experiences rely on the smooth operation of all interconnected elements: beautiful front-end applications, modern distributed architecture, private/public cloud, Dev/Ops and Agile/SAFE processes, and data-driven insights. We call this the Complete Digital Experience. Some companies focus on application design. Others handle your infrastructure. And then there’s Anexinet. For more information, please visit

About Mill Point Capital Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with Executive Partners to leverage its investment professionals’ experience, while providing strategic and operational guidance designed to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY. For more information, please visit For more information, contact: Betsey Rogers Public Relations BridgeView Marketing 603-821-0809 Related Articles More articles issued by Anexinet Corporation More articles related to: Company Announcement Profile Anexinet Corporation Subscribe via RSS Subscribe via ATOM Javascript Blue Bell, Pennsylvania, UNITED STATES Media Files Anexinet logo.png Logo Download Options Anexinet logo.png LOGO URL | Copy the link below Newswire Distribution Network & Management Home Newsroom RSS Feeds Legal About Us GlobeNewswire is one of the world’s largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public. © 2019 GlobeNewswire, Inc. All Rights Reserved.

On John Andre

John Andre
John Andre

Tom Paine

I was certainly aware of the John Andre / Benedict Arnold saga, in which General Arnold was plotting to betray the young American nation by turning over the fort at West Point and Andre was the British intelligence officer trying to assist him. When the conspiracy unravaled, Andre was hung as a spy and Arnold fled to the British.

But even though I grew up within the geographical footprint of this history, I was only vaguely aware of the facts and events surrounding it.

But I happened to see two different films* about Andre over the 4th, both quite good, and they deepened my interest. I thought this written sketch made for good reading.

Virtual Marching Tour of the American Revolutionary War: Major John Andre

*The Scarlet Coat (1955)

The Unfortunate Death of Major Andre (2013)

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NextGen Healthcare laying off 150

Tom Paine

NextGen Healthcare Information Systems is cutting some 150 employees, the Orange County (CA) Register reported, “as part of an operational realignment.”

NextGen (NSDAQ:  NXGN), specializing in systems for electronic health records and based in Orange County, recently changed its corporate name from Quality Systems, to reflect its largest operating unit of the same name:. NextGen Healthcare is based in Horsham. But where the layoffs occurred was not specified. NextGen has over 2600 employees, of whom about 560 are based in Horsham, according to Linkedin.

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Edward Felten
Ed Felten, CEO of Offchain Labs in Princeton | Courtesy Ed Felten

Home » computer science » Emerging technologies » News » Startups » Tech for Business » Princeton Startup Offchain Labs Speeds, Secures Blockchain Application Development


Esther Surden

 June 24, 2019  Esther Surden0computer scienceEmerging technologiesNewsStartupsTech for Business,

For a startup that is less than a year old, Princeton-based Offchain Labs is moving fast.

The startup, founded by Edward Felten, former White House deputy United States CTO and now a computer science professor at Princeton, and two Ph.D. students there, Steven Goldfeder, and Harry Kalodner, raised $3.7 million in a seed round led by Pantera Capital (Menlo Park, Calif.), with backing from Compound VC (New York), BlockNation (New York), and others.

In June, the startup announced the alpha version of its software, called “Arbitrum,” which, according to Felten, is “an add-on for almost any blockchain-based application to make it better.” 

The company has also signed a lease on new offices in Palmer Square, in Princeton. It had been operating out of the Tigerlabs coworking space, also in Princeton.

And Offchain Labs is now hiring. The company has grown from the original three cofounders to six people, and Felten says he is looking for “software developers who have experience making reliable software.” He’s also looking for business-development and developer-relations experts.

In a release, Felten explained the product. “We have invented a protocol that sits on top of any blockchain, with the ability to execute code and transactions off-chain through either sidechains or state channels. With increased privacy and scalability, as well as much lower costs to run a contract, Arbitrum adds immense value to developers and enterprises. We believe it can create a new wave of quality, blockchain-based applications and services.”

The company grew out of work that Felten and his cofounders had done at Princeton. “We developed some of the core ideas as part of academic research and we built an academic prototype of an early version of the system, which worked as a proof of concept to show that the basic ideas worked. Then we published a peer-reviewed paper about the technology in August of 2018,”said Felten. The paper had been written in May, he told us.

As the group put their ideas down on paper, it became clear to them that the technology could be useful in solving problems in the commercial world, Felten continued. “That was the point where we started to explore starting a company, and we looked at how we could take this set of ideas and turn them into a product.” They also identified the technical and business problems they would need to solve in order to have a viable company. They formally licensed the technology in Princeton.

The blockchain add-on software addresses some of the drawbacks of existing applications that work with blockchain, Felten explained. “The existing technology has a lot of drawbacks. It’s relatively expensive and slow. What happens inside your application isn’t very private and there are security issues. Basically, we offer a software package that will make your application faster, more private; and reduce the costs; and also offer a security benefit.”

Offchain Labs expects this software to ultimately find a home in the enterprise market, especially in public-facing applications that everyday people would use, he said. Right now, the software is in its alpha stage. “The current version is open source. We anticipate having a premium version that we would like to sell for a fee, so it’s kind of a freemium model. The free version lets people try it out and builds awareness in the developer community, while letting us demonstrate what the technology can do.”

There is logic behind making the current version open source, he said. “Because security is one of the advantages of this software, there is value in having core components be open source so people can inspect them. They don’t have to trust us.”

Currently, Arbitrum works with Ethereum, the second most popular crypto currency. “We developed a layer that sits on top of that. If someone is developing an application to run with Ethereum, by slipping our layer between their application and Ethereum we can give them a lot of benefits,” Felten said.  He added that the software is compatible with Ethereum so that Ethereum developers don’t have to rewrite any code. Eventually, the company expects to expand to other blockchain types.

During the alpha stage, Offchain Labs will allow developers to experiment with the software, said Felten. “So, rather than experimenting with real money on the real Ethereum blockchain, people will run Arbitrum on a private test chain with fake money on their own computers. … Over time, as people get experience with the product and it’s ready for full-on industrial use, we’ll transfer it over, so people can use it on the real Ethereum blockchain.” The company expects to have a beta release of the product, and have its full production-ready release by the end of the year. spoke to Felten about how he found his investors. “We started talking to venture capitalists and potential investors back in September or October. We had dozens of meetings and calls in order to find the investors that were the right match for us. They were evaluating us as a potential investment, and we were evaluating them as a potential partner.

“Good VCs bring advice, guidance, and will help you as you raise future rounds of funding and so on. It’s sort of like dating in a way. You are going to have a lot of first dates, fewer second dates, and then over time you figure out who you are compatible with. We ultimately signed the papers, and the money started coming in in January.”

Felten also discussed starting a company in New Jersey. He noted that the company’s origins were at Princeton and this is where the company’s brain trust lived when it was founded. One of the cofounders is now in New York, he added. New Jersey’s “proximity to New York is valuable,” as that’s where many of the enterprise companies they will eventually have as customers will be.

Felten said that he knows there’s a lot of great tech talent in New Jersey, as well. In fact, he and his cofounders “are hoping to contribute to the idea that New Jersey is a good place to start an emerging technology business.”

About The Author

Esther Surden

Esther is the Founder and Editor in Chief of NJ Tech Weekly, and this is republished here with her permission


New Jersey EDA@NewJerseyEDA·


Esther Surden@njtechwkly·