Busiq, Inc.

Description

Founded in 2003, BIQ is based on a simple premise: business analysts need a powerful transactional data analysis tool that they can operate on their own. BIQ is privately held and has been profitable since 2005. The BIQ product is in active use by multiple onshore and offshore consulting companies, both large and small; their use of BIQ on behalf of their clients constitutes a primary lead-generation channel. Most customers build at least one A/P dataset, but the vast majority of BIQ datasets are not built from A/P data. Some customers have built 35 or more datasets, using widely varying data sources within the enterprise, including invoices, phone records, repair records, sales and marketing information, HR data, and so on. Thus, a substantial percentage of BIQ revenue comes from use of the product in areas outside what analysts would term "conventional" spend analysis. We see this trend continuing, since every company has a treasure trove of data that is at best only poorly analyzed, and much of that data resides outside of the A/P or ERP system. BIQ believes strongly that the real value of data analysis tools comes from high power and maximum flexibility, and that a conventional "data warehouse" approach to transactional data analysis cannot support the information demands of the modern enterprise. Eric Strovink, President and CEO Mr. Strovink is a veteran software executive, entrepreneur, and inventor. From 1987-1992, he built Remanco's VISION fine-dining point-of-sale system as Director of Engineering; from 1992-1995, he built Fasfax's Ultratouch quick-service point-of-sale system as VP Engineering. Both products were shipped to thousands of sites, and both continue to be sold today. From 1995 to 2001, Strovink was Managing Partner of SHP, LLC, a successful venture in the payments processing space. SHP's largest product, FastPay, was sold in 2000. In 2001 and 2002, Strovink was SVP Engineering for Zeborg, Incorporated, where he designed and deployed Zeborg's ExpenseMap spend analytics product (and other products) into Global 1000 companies such as American Express, Royal Bank of Canada, Cigna, Lehman Brothers, JP Morgan Chase, Lloyd's Bank, Quintiles, Keyspan Energy, and News Corp. Strovink contributed designs or code in support of all of the above projects, and wrote a significant percentage of the SHP FastPay system personally. Strovink holds B.S. and M.S. degrees from the Massachusetts Institute of Technology.

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