SOURCE: Edgeware Analytics

August 12, 2008 09:00 ET

Edgeware Analytics Continues Growth With Funding From Tech Coast Angels, New Management and Board Appointments

Claude Kordus Joins Board, While J. David Richardson Named as Vice President of Credit Policy

SAN DIEGO, CA--(Marketwire - August 12, 2008) - Edgeware Analytics, Inc., an innovative provider of profitability tools for business lenders, announced today that it has closed a round of financing from the Tech Coast Angels (TCA) and appointed TCA investor Claude Kordus to its board of directors. In addition, J. David Richardson has joined the management team as vice president of credit policy.

These milestones, which follow the successful May 13, 2008 launch of GovGex.com, Edgeware's online marketplace for government-backed small business loans, mark the latest in a series of technology and business developments at Edgeware Analytics, which position the company as the emerging leader in the small business lending space.

The funding secured from TCA indicates a vote of confidence for Edgeware Analytics' strategy to create a comprehensive offering of predictive scores and online exchanges that help small business borrowers, lenders, and secondary market investors make better risk management decisions. "As a TCA member I look at a substantial number of deals each year and it was clear from earliest diligence that Edgeware's intellectual property, management and market recognition position the company to transform small business credit," said TCA's Kordus.

Claude Kordus joins a group of distinguished current and retired executives on the Edgeware Analytics board, which includes philanthropist Todd Gutschow, the co-founder of HNC Software, which was acquired by Fair Isaac Corp. in 2002; and Stics Analytics President Christy Joiner-Congleton, a former vice president of strategic planning for the holding company of Blue Bonnet Savings Bank, a $3 billion secondary mortgage lender. Kordus brings almost half a century of consulting and management experience to his position. Kordus has also served on the board of Hewitt Associates, where he was a partner and regional manager, providing advice to Fortune 500 companies such as Levi-Strauss, Weyerhauser, Hughes Electronics, Lockheed and Northrop Grumman.

David Richardson brings more than two decades of commercial banking and investing experience to Edgeware Analytics. In his role as vice president of credit policy, Richardson will be responsible for connecting borrowers and lenders on the Small Business Loan Exchange, Edgeware's marketplace for new business loan originations. Before joining Edgeware, Richardson was a senior vice president at Ciena Capital in New York, where he established and oversaw the Portfolio Surveillance Group, servicing a portfolio of more than $2.5 billion. Prior to Ciena, Richardson served as chief lending and credit officer at United Bank and as a senior vice president at Wachovia.

"Since founding Edgeware Analytics, we have been steadily growing our business by offering small business borrowers, lenders and secondary market investors credit-risk tools that they cannot find anywhere else," said Edgeware Analytics CEO and Founder Dan Shoham, Ph.D. "With the addition of Dave Richardson to our management team and this capital infusion from the Tech Coast Angels, I am confident that we will continue on our path to becoming the industry's preferred source for small business lending analytics and exchanges."

About Edgeware Analytics, Inc.

Edgeware Analytics, Inc., an innovative provider of customized and generic profitability tools to lenders, combines expertise in statistical modeling and credit evaluation to create profit-enhancing predictive models and systems. Used by national lenders, certified development companies, credit unions and community banks, Edgeware's ScoreEdge™, ScoreEdge504™, RiskRate™ and Oscore™ products work in conjunction with a lender's established underwriting procedures to measurably improve the accuracy of small business credit approvals. Edgeware's Small Business Loan Exchange™ is an on-line forum connecting franchisees, business brokers and other business borrowers with hundreds of lenders seeking available deals. Edgeware's Government Guaranteed Loan Exchange™, GovGex.com, is an on-line forum connecting lenders selling government guaranteed loans with buyers. Additional information can be found at: www.SmallBusinessLoanExchange.com, www.GovGex.com and www.EdgewareAnalytics.com.

Contact Information

  • Media contact:
    Meghan Searles Gardner
    Edgeware Analytics
    Email Contact
    857-222-2864