20 Dec 2011

ICON secures investment for SaaS provider, Element 8

Element8 has developed a unique Enterprise Transformation Software Platform called xpoint™, which provides a rich, flexible Web 2.0 environment enabling businesses to implement and manage transformation projects in a structured and collaborative manner.

xpoint™ has been developed on a Microsoft SharePoint® based platform, which enables corporations to plan and managing of all types of change or transformation initiatives - including Innovation, Six Sigma, Cost Reduction, Continuous Improvement. Each type of change process has its own Lifecycle with supporting tools. Microsoft has described xpoint™ as “a lighthouse exemplar of a SharePoint® business application.”

Alex Clark, Element8 CEO and Founder, said "Managing change in today’s economic climate is challenging but despite this, most organisations still try to manage often complex human processes using spreadsheets and emails rather than with an effective collaborative work environment specifically designed to support exactly such key processes. xpoint™ can help improve business process and staff effectiveness resulting in significant and measurable financial benefits, with typical customers seeing a return on their investment in considerably less than a year."

Eddie Harding, Investment Director, ICON Corporate Finance said “We are delighted to have raised this institutional investment for Element8. Research shows that 70% of enterprise transformation projects fail. xpoint™ offers a truly novel proposition which strengthens the ability of organisations to automate their knowledge-based business processes, significantly enhancing the likelihood of success. This investment confirms that strong management teams, with a differentiated technology offering and a clear route to market can still attract significant investment from quality investors at a time when the overall environment for early-stage funding remains difficult.”

Element8 have a sales office in Boston.