Tuesday, February 15, 2011

The Pitch

xPeerient eyes national growth of IT exchange platform

By Lynette F. Cornell

xPeerient
Headquarters: Natick
Phone: 508-654-0246
Email: mark@xpeerient.com
URL: www.xpeerient.com
Founded: 2009
Employees: 12
 
In the company’s own words:
“xPeerient was created as a social IT exchange to address the massive inefficiencies that exist within the B2B IT marketplace. A $1.5 trillion market, the IT industry is rooted in an antiquated sales and marketing model that inherently creates friction and distrust between buyers and sellers. Enterprises have become resistant and desensitized to the ways that IT is marketed. xPeerient represents a groundbreaking advancement in the way the industry interacts and conducts business.”
 
About the technology:
IT buyers create a project profile on xPeerient’s website and the company’s SaaS-based IT solution platform matches the needs of the project with other members who are willing to share their experiences with similar projects. When the project is ready, it is automatically matched and distributed anonymously to IT suppliers who are able to meet the buyer’s needs. IT providers receive email notifications of new buyer requests for information that match their capabilities from ready-to-purchase buyers. The company also provides peer networking.
 
People behind the company:
Mark Hall, founder and CEO, is the founder and former general manager of the professional organization CIO Executive Council and the former CIO of CXO Media Inc., a media and publishing company. Dexter Siglin, head of enterprise and community development, was formerly the vice president of the CIO Executive Council and CIO Magazine. John Harrison, director of partner development, formerly led international business development at the CIO Executive Council. Aditya Raghavendra, Strategy and Operations, was formerly a management consultant at PRTM Management Consultants Inc. Stefanie Egan leads xPeerient’s enterprise development, having previously served as vice president of executive development for the CIO Executive Council.
 
Background:
The company’s initial regional launch took place in November in Colorado, where it partnered with the CXO Executives Network, which has extensive reach in the state. xPeerient is currently awaiting profitability.
 
The pitch:
The company secured just under $2 million in angel investments and Series A funding in the past 18 months, and it is seeking $3 million to $5 million in Series B funding for a national rollout later this year. The company is also looking to develop relationships with CIO-based organizations that can assist with exposure and outreach to its target audience.
 
The board:
The company’s board of directors includes three executives with extensive startup experience, including Kevin Laracey, founder of edocs; Dennis Philbin, CEO of Lux Research; and David Baum, general partner at Stage 1 Ventures.
 
The market:
The company is pursuing the IT vendor demand-generation market, which Hall estimates is worth $22.5 billion.

The competition:
According to Hall, xPeerient is competing for the same dollars that IT vendors and partners do for demand generation.