Monday, July 28, 2008
5Square Systems Acquired
Westlake Village-based 5Square Systems was acquired earlier this month by iMagicLab, a Maryland-based firm which develops software for the automotive market. Financial terms of the deal were not disclosed. 5Square, which develops customer relationship management (CRM) tools, was venture backed by Norwest Venture Partners, Storm Ventures, KTB Ventures, Western Technology Investment, and Comerica Bank. 5Square's software was used for managing automotive dealership sales and the sales process. According to iMagicLab, it expects to retain key employees and 5Square Systems' existing operations in Westlake Village. 5Square was chaired and founded by Yuri Pickover, who has also been involved with Access360 (sold to IBM) and Xylan (which he sold to Alcatel).