Board of Directors

Claes Fornell is Chairman and Founder of CFI Group, an international management consulting firm. He is also one of the world's leading experts on Customer Satisfaction Measurement and Customer & Employee Asset Management, and is responsible for the development and design of the American Customer Satisfaction Index (ACSI), a national economic indicator, and for similar indices in many other countries.

Claes has led CFI's development of a powerful methodology that measures the impact of strategic investment decisions on customer (often linked to employee) satisfaction, and in turn, to accurately predict changes in satisfaction on the financial performance of the company. Claes is also the Donald C. Cook Professor of Business Administration and the Director of the National Quality Research Center (NQRC) at The University of Michigan. He has worked with many firms on Customer and Employee Asset Management in terms of measurement, strategic implication, and implementation assistance.

A frequent commentator on customer satisfaction, Claes appears regularly on CNN, CNBC, ABC, and NPR, and his comments are frequently published in the Wall Street Journal as well as other major newspapers and magazines. He has written more than 60 published articles and several books. His professional appointments include serving as head of the organizing committee for the Nobel Prize in Economics, U.S. Marketing Science Field. He has also served on the editorial board of all the major academic journals in the field, including Marketing Science, the Journal of International Consumer Marketing, the Journal of Marketing and the International Journal of Research in Marketing.

Born and raised in Sweden, Claes received a Doctor of Economics in 1976 from the University of Lund, Sweden.

Larry Freed is President and CEO of ForeSee, responsible for managing the company's strategy and growth. Since the company's founding in 2001, he has overseen significant growth in its clients, revenues and employees. Larry brings more than 20 years experience in senior management and in directing e-commerce and technology initiatives to ForeSee.

An expert on web customer satisfaction, Larry speaks extensively on the topic at private and public sector industry events and has been quoted in numerous publications and media, including CNN, the Wall Street Journal, The Washington Post, Investor's Business Weekly, Internet Retailer, Multichannel Merchant, DM News, Computerworld, Federal Computer Week and Government Executive, among many others.

Previously, Larry held several senior executive positions at Compuware Corporation, leading a variety of e-commerce and professional services programs. Most recently, he served as Vice President of e-Business, where he was responsible for directing the national e-Business practice and for the design, development and implementation of e-Business strategies for numerous companies.

Before joining Compuware, Larry held various positions including Chief Technology Officer at Bank One (formerly First Chicago NBD and NBD Bank).

Larry is currently on the Board of Directors and the executive committee of the Ann Arbor IT Zone, and previously held leadership positions at ASC X12, a national EDI standards group, and various other industry groups.

Larry graduated from The University of Michigan in 1983 with a B.S. in computer science and received an M.B.A. from Wayne State University in 1992.

Barry Goldsmith is a co-founder of Updata Advisors and Updata Partners. He brings over 35 years of experience in the information technology industry, as a founder, senior executive, investor and advisor to leading software and IT services companies.

Mr. Goldsmith founded CGA Computer, Inc. in 1968. Under his guidance, CGA became one of the top providers of information technology consulting services and software products to Fortune 500 companies. During his tenure, Mr. Goldsmith initiated an aggressive program of expansion that resulted in the acquisition of a number of software products and companies. A public company since 1969, CGA was taken private with General Atlantic Partners in 1984 through a leveraged buy-out. Two years later, when CGA's divisions were sold to Computer Associates and CapGemini, the firm had grown to employ approximately 1,200 people and had annual revenues in excess of $90 million.

After the sale of CGA, Mr. Goldsmith co-founded Updata Software, a provider of DB2tools and Sablesoft, which were acquired by Online Software and Platinum Technologies, respectively. Mr. Goldsmith co-founded Updata Advisors in 1987 and Updata Partners in 1997.

Noah Walley joined Investor Growth Capital in 2003 as a Managing Director with the IT team, having previously spent five years as a General Partner with Morgan Stanley Venture Partners in New York. Noah has been active in venture capital since 1994, and prior to joining Morgan Stanley, he worked for the venture capital firms of Bachow & Associates and Desai Capital Management. From 1990 to 1994 Noah worked at McKinsey & Company in New York.

Noah has a J.D. from Stanford Law School and earned M.A. and B.A. degrees (first class) from Oxford University. Noah works out of IGC's New York office and focuses on software and technology-based services investments.

As the CFO of CFI Group, John Cattier directs and oversees all North American accounting practices and financial reporting. He also has worldwide financial responsibilities.

John has over 30 years of experience as a financial and operating executive in public, private, and non-profit enterprises. His vast range of expertise includes executive management, profit improvement, cost controls, operations management, financial reporting, budgeting, negotiation, and legal compliance. Previously, he was the CFO of the Industrial Technology Institute, CFO of Medasys, Inc, and the Directeur Financier et Adminstratif at Chamebel Afrique et Socoma Industries in Abidjan.

Phil joined Investor Growth Capital's Menlo Park office in 2004 as an investment professional with the IT team focusing on software and technology services investment opportunities.

Prior to joining IGC, Phil spent four and a half years with Morgan Stanley Venture Partners where he was responsible for sourcing and executing investments in later stage technology companies. Phil also spent two years before joining MSVP with Morgan Stanley Capital Partners focusing on investments in software, data communications, media, and specialty manufacturing for the $1.8 billion private equity fund.

Phil earned an MBA from the Stanford University Graduate School of Business in 2001 and a BA in Political Economy from Princeton University in 1995.

Phil currently serves as a Director on the Boards of ID Analytics, InQuira, Novariant, and Venda and is also a board observer at ePAC, Mindjet, ForeSee Results and Siperian.