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, Inc., 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.
Matthew Paulson, VP Engineering
Mr. Paulson is a veteran software executive, entrepreneur, and inventor. He has worked with Mr. Strovink on-and-off since 1982, as a co-architect and key contributor to the Remanco Vision, Fasfax Ultratouch, SHP Fastpay, and Zeborg ExpenseMap products above.
Paulson contributed designs and code in support of all of the above projects, and wrote a significant percentage of the SHP FastPay system personally.
In addition to his work with Mr. Strovink, Mr. Paulson designed and implemented a research distribution system for Merrill Lynch data on behalf of Thomson Financial.
Paulson holds a B.S. from Syracuse University.
Charles Alexander, VP Marketing
Mr. Alexander has considerable marketing and business development experience. He rose through the research and marketing ranks to become a senior executive of Young & Rubicam, Inc. In 1983, he co-founded Venture Marketing International (VMI), a hybrid management services and venture firm. Through VMI, Mr. Alexander has led or partnered three successful start-up businesses which continue to grow and prosper today. His experience brings a proven track record of senior level sales success to BIQ. He has worked directly with the top executives of Procter & Gamble, Kraft/General Foods, Holiday Inns, SeaLand and Merrill Lynch.