Technology Veteran Leads $7.5 Million Investment in Passenger
Company Appoints Dr. Bahram Nour-Omid as CEO and Steve Howe as
Chairman
LOS ANGELES--(BUSINESS WIRE)--Passenger,
a leading social network products company, today announced it has
secured an additional $7.5 million investment led by Dr. Bahram
Nour-Omid and existing investors Shelter Capital Partners, StarVest
Partners and Steamboat Ventures. The funding will be used to support new
product development, marketing efforts and sales as the company enhances
its private online community platform and expands into new markets.
Concurrent with this news, Passenger announced the appointment of Dr.
Nour-Omid as CEO and Steve Howe as Chairman.
?As Chairman, my focus will be on company
strategy and customer relationships. I?m confident that this new
leadership, coupled with the incredible talent we have at the company,
will help us continue to strongly grow our business.?
?Passenger?s innovative social technology products and complementary
services have changed the way companies communicate with their
customers,? said Dr. Nour-Omid. ?The additional funding will enable us
to extend our product offerings and to further scale Passenger to meet
increasing demand for deepening the role of private online community in
market research efforts, and applying our technologies to other areas of
business. I look forward to working with the company as it moves into
this next phase of growth, building on the strong revenue foundation
provided by existing customers.?
?I am excited about Bahram?s appointment as CEO and what he brings to
Passenger,? said Mr. Howe. ?As Chairman, my focus will be on company
strategy and customer relationships. I?m confident that this new
leadership, coupled with the incredible talent we have at the company,
will help us continue to strongly grow our business.?
Dr. Nour-Omid is a partner at Shelter Capital Partners, and brings an
extensive background in both product development and leadership within
the technology industry to Passenger. He was the founding CTO and a
director of Scopus Technology, Inc., a leading provider of CRM software.
At Scopus, Dr. Nour-Omid helped the company grow exponentially and
maintain profitability from its inception through a very successful IPO.
Bahram was also the founding chairman and CEO of StudioXchange, Inc., a
provider of production site, labor and equipment procurement services
for the entertainment industry that was acquired by IFILM in 2000. Dr.
Nour-Omid currently serves on the Boards of Roamware, Inc. a leader in
software solutions for global wireless roaming; Isensix, a provider of
wireless monitoring systems; and Kryptiq, a leading provider of workflow
management solutions for the healthcare industry.
?Private online communities powered by social software are rapidly
becoming the foundation for driving real-time customer engagement. An
increasing number of global brands are also using social software to
better connect and engage employees, partners and suppliers across time
zones and geographies,? said Larry Bettino, general partner, StarVest
Partners, L.P. ?Bahram?s deep experience in the technology industry will
help Passenger target these huge market opportunities.?
Passenger?s social technology products power private online communities
for the world?s leading brands, such as Mercedes, Microsoft, Fox and JC
Penney. The company?s seasoned Client Services teams are a crucial
element to this success, and partner with client stakeholders to deliver
real-time customer insights, cost-effective innovation and consumer
ambassadorship.
?Passenger has established itself as a critical technology partner for a
number of the world?s leading businesses, enabling them to drive product
innovation, marketing and branding strategies,? said Dan Beldy, managing
director, Steamboat Ventures. ?Passengers? expertise in community
management has also enabled the company to deliver measurable ROI for
its clients. The additional investment will enable Passenger to
accelerate growth and meet the needs of companies seeking to better
engage both internal and external constituents.?
About Passenger
Passenger social network products power private online communities for
the world?s leading marketers and top social brands. Passenger
communities provide real-time customer insight and cost-effective
innovation, while driving ambassadorship and increased efficiencies in
market research. The Passenger application, delivered
Software-as-a-Service, combines market-leading social networking,
collaboration, media, research and analytics features into a single
intuitive interface. Passenger?s knowledgeable Client Services and
Community Insights teams provide thought leadership and maximize
community value for clients such as JC Penney, Microsoft, Mercedes-Benz
and Fox, as well as ongoing support for channel and agency partners.
Founded in 2005, with offices in Los Angeles, Palo Alto and New York
City, Passenger is privately held and funded by Shelter Capital
Partners, StarVest Partners and Steamboat Ventures.