By VentureWire Staff Reporters, 9/23/2004

Business analytics company Genalytics announced that Ray Kingman, formerly of LightSpeed Software, will take over as its new chief executive. Doug Newell, founder and former CEO, will continue on as Genalytics' president.

Kingman served as CEO of LightSpeed Software. He also previously established a division of Thomson Financial that provides content to self-directed investors and retail brokerage firms.

In March, Genalytics raised $2 million in Series B financing from Egan-Managed Capital, which had previously invested $3 million in the start-up. Newell said the company may look for $5 million in Series C financing in 2005 to facilitate expansion, as VentureWire previously reported. He said the company would seek out other sources of venture capital in addition to Egan at that time.

As of March, Newell said the company was nearing cash-flow positive status and that the Series B financing would set them on the path to profitability.

Genalytics, which began in 1998, produces analytics software that is used to improve the performance of marketing, credit risk and customer relationship management programs. A spokeswoman for the company said that the software company has been targeting companies in the financial services, telecommunications and retail industries. The company currently counts companies such as Conseco, UBS, Juniper Bank, Providian, Staples, Grainger, JC Penney and T-Netix among its customer base.

Genalytics has under 30 employees.