Syndera, a defunct privately held company founded in 2002 and headquartered in Monterey, California sold their core software assets to TIBCO in 2008 for $1M USD. Syndera was based on the concept of application syndication,providing “visibility into software assets across the enterprise and provides a way to re-use these assets to pre-integrate applications.”
On February 24, 2003 Syndera announced they had raised $5 Million in Series A Financing from ONSET Ventures and Clearstone Venture Partners. Syndera also announced that Erik Lassila of Clearstone Venture Partners and Mark Hilderbrand of ONSET Ventures were named to the Syndera Board of Directors. The Board also included Prashant Gupta, Syndera’s founder and CEO. Prior to founding Syndera, Mr. Gupta was founder, president and CEO of Tivre and the CTO for CrossWorlds Software, a company focused on enterprise application integration (EAI) and acquired by IBM on 14 January 2002. Mr. Gupta had also served as chief architect for Sybase.
Syndera’s product focus was:
- Transaction Assurance: Diagnose what went wrong, where, why and how to fix a transaction problem.
- Enterprise Transaction Auditing: Automating the tracing of material sales transactions for audit and regulatory compliance, or quote-to-return process for reconciliation, for example.
- Enterprise Transaction Metrics: Measuring inefficiencies and determine bottlenecks in a business process.
On June 10, 2004, Syndera announced that it has been named a winner of the Investors’ Choice award at Enterprise Outlook 2004. At this time Syndera was focused on operational performance and risk management “dashboards and alerts” based customer-define key performance indicators (KPIs) such as inventory levels, product line profitability, abandoned orders, demand spikes, programmatic trading levels, fraud detection, fill rates and supply chain metrics.
On June 20, 2005 Syndera announced it has raised $10 million in Series B financing led by private investor Andy Ludwick. Ludwick had been a member of the Syndera Board of Directors since May 2003. Existing investors, Clearstone Venture Partners and ONSET Ventures, also participated pro-rata in that round of financing. With an increased focus on electronic trading and capital markets, the Syndera solution was advertised to “empower users to monitor, analyze and react to events in a timely, effective manner, and establish a more responsive, competitive business.”
On December 14, 2006 Bloor Research recognized Syndera in the Operational BI vendor category as the strongest product offering in its November 2006 report on Event Processing. Bloor Research Director, Philip Howard, acknowledged Syndera with the highest honor, the “Gold Award,” citing its process awareness and high performance as distinguishing characteristics.
Syndera’s market focus was capital markets and electronic trading with products like the “Syndera Electronic Trading Intelligence for Fixed Income and Foreign Exchange” and the “Syndera Operational Business Intelligence Suite 3.0” including a time-series and trend analysis capability “to improve real-time decisions and historical analysis, and enhanced performance to tackle the most demanding transaction environments.”
During the same time period, Syndera began to market themselves both a “complex event processing” (CEP) and “event stream processing” (ESP) platform. The only Syndera customer we could find in the public records was the Capital Markets division of Citigroup Corporate and Investment Banking.
On July 8, 2008, TIBCO acquired “certain assets” of Syndera Corporation for approximately $1.0 million paid in cash and on November 12, 2008 TIBCO released Syndera 3.3.0. Marco Seiriö has mentioned that Syndera raised over $20M USD in funding; however, we could only find $15M in financing announced in the press. (Perhaps we missed a final $5M in Series C financing?)
It does appear, however, that at least $15M was invested into Syndera and “certain (software) assets” were sold to TIBCO for around $1M USD, resulting in a considerable loss for Andy Ludwick, Clearstone Venture Partners and ONSET Ventures.