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The Neat(R) Company Names Jim Foster as Chief Executive OfficerSoftware Veteran Joins Management Team to Drive Company Growth (August 31, 2009)
PHILADELPHIA, PA -- (Marketwire) -- 08/31/09 -- The Neat Company, developers of user-friendly scanning software and hardware solutions, today announced Jim Foster has been named CEO. A 30-year software industry veteran with experience growing innovative startups and leading large-scale software organizations, Mr. Foster will use the knowledge he gained from serving on the company's board over the last year to continue Neat's success. The move will allow Les Spero, The Neat Company's co-founder, to work closely with Mr. Foster on corporate strategy while assuming the role of chairman.
Over the last several years, The Neat Company has experienced significant growth. In April, Neat launched a Mac version of its NeatDesk ADF scanner. For the second year in a row, The Neat Company was included in the Inc. 500, a list of the fastest-growing private companies in the U.S., and was named one of the top three companies in the Philadelphia region.
Most recently, Edison Venture Fund and MentorTech completed a $7.3 million follow-on investment in The Neat Company to expand sales, marketing and product development. The expansion capital will allow Neat to continue building momentum in the marketplace while creating solutions that solve problems for businesses and consumers.
"We started Neat in 2002 with a single scanner aimed at giving road warriors a better way to complete expense reports; today we offer a comprehensive suite of solutions for managing all types of paper and electronic documents," says Les Spero, The Neat Company co-founder and chairman. "Our growth and expansion over the last year has created the need to add an experienced software executive to the team. Jim is absolutely the right person at the right time and I'm looking forward to working closely with him to take the company to the next level of growth."
Previously, Mr. Foster served as vice president of CSC and executive vice president of Sage Software North America, where he was responsible for operations for its largest division. Mr. Foster's innovative product leadership at Best Software provided a platform for the company's initial public offering and its eventual purchase by Sage.
"There is significant and growing demand for our solutions because we simplify paper-intensive processes, helping our customers save time and money and achieve greater peace of mind," states Jim Foster, CEO. "I'm looking forward to leading the company to the next level of growth by building upon the core business and expanding into new products and markets."
About The Neat Company
Founded in 2002 as a scanning solution for streamlining the expense reporting system, The Neat Company, formerly known as NeatReceipts, now offers a full range of products and complete system for managing all the paper clutter in your life.
Much more than just creating digital copies of important papers, The Neat Company's combined software and hardware solutions activate the information trapped on the paper then literally transform it into something more useful. The Neat Company is a privately-owned company headquartered in Philadelphia. For more information please visit www.neatco.com.
-- August 2009: The Neat Company named #169 on Inc. 500 list of fastest- growing private companies in the U.S. and #3 in the Philadelphia region -- July 2009: NeatReceipts named an Ultimate Choice award by Laptop Magazine -- March 2009: NeatDesk named a winner of the Red Dot Product Design awards -- November 2008: NeatDesk named a winner of the iF Product Design awards -- November 2008: NeatDesk named a Design & Innovation award winner by the Consumer Electronics Association -- October 2008: NeatReceipts and NeatDesk named Spark! Award winners -- October 2008: NeatReceipts named A Rising Star Company for Deloitte Fast 50 -- September 2008: NeatReceipts re-launches as The Neat Company and introduces an all-new product lineup and debuts NeatWorks 4.0 software -- October 2007: NeatReceipts named Best Small Company To Work For by Philadelphia Magazine -- October 2007: NeatReceipts named #4 Fastest Growing Company by Philadelphia 100 -- June 2007: Les and Rafi Spero named Ernst & Young Entrepreneur of the Year 2007 Award Winner in Greater Philadelphia -- April 2007: NeatReceipts named NAPO's Organizer's Choice Award for Best Technology Product -- December 2006: Named Startup Company of the Year by Eastern Technology Council
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