Tuesday, October 21, 2008

SpaceClaim calls on CAD vet Randles as new leader

By Mass High Tech Staff

Software maker SpaceClaim Corp. reports that Chris Randles has been appointed president and CEO. He replaces co-founder Michael Payne, a computer-aided design developer at Natick’s Prime Computer Corp. more than 30 years ago, who will continue as SpaceClaim’s chairman of the board, officials said.

Randles most recently was entrepreneur-in-residence at SpaceClaim investor Borealis Ventures, a venture capital firm that operates offices in Hanover, N.H., and Portsmouth, N.H.

Before Borealis, Randles led the 2001 management buyout of Cambridge-based Mathsoft Engineering & Education Inc., where he was senior vice president and general manager of engineering and education. After the buyout, Randles served as Mathsoft’s chairman, president and CEO until the company was acquired in 2006 by Needham’s Parametric Technology Corp. (Nasdaq: PMTC) for $63.25 million.

Concord-based SpaceClaim, which employs 50 workers, provides technology to the mechanical design automation industry that connects remote product development teams using 3-D CAD tools. Founded in September 2005, the company is backed by Borealis Ventures, Waltham’s Kodiak Venture Partners, Needham Capital Partners and North Bridge Venture Partners.

Last year, SpaceClaim completed a $13.5 million Series B round of funding led by North Bridge and Kodiak, which also participated in a $7.5 million Series A funding. The latest round increased the company’s total financing to $20.5 million.