Original: Orange County Business Journal April 2014
Recently formed private equity firm Lotus Innovations, LLC has raised $10 million for its first fund, which focuses on early-stage in-formation technology companies.
Irvine based Lotus currently has two companies – SAP Performance Mangement and IT Recovery in its portfolio. It said it plans to make a total of four to eight investment with the fund.
The firm was founded last year and is headed by managing directors Christian Mack, Linda Ritchie and Mark Prynn.
Mack in 1999 co-founded San Clemente based software maker gen-E and served in executive roles berfore selling a significant stake of the company to Solis Capital Partners, LLC, a Newport Beach-based private equity firm, in 2012.
Ritchie is chief executive of the Gateway group in Newport Beach, a marketing and consulting company she founded.
Prynn, a certified public accountant, previously worked at Deloitte & Touche and Moss AdamsLLP.
Lotus’ five-member executive advisory board includes backers Fred Thiel, chairman of the board or Irvine technology company Local Corp., and Ivo Tjan, chairman and chief executive of Irvine-based Commerce West Bank.