Tech executives launch fund to invest in software licensing firms

Wed Jan 13, 2016 12:24pm EST
 
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Jan 13 (Reuters) - Top executives from cloud-based software companies such as Rypple and Workbrain said they had launched a $100 million fund to invest in software licensing companies in North America.

Rypple Founder and co-Chief Executive David Stein will lead the 'Leaders Fund' along with Steve DeBacco and Gideon Hayden.

Rypple was acquired by Salesforce.com Inc in 2011.

DeBacco was most recently the chief risk officer of Applied Predictive Technologies, which was acquired by Mastercard Inc , and the chief operating officer of Workbrain, which was bought by Infor.

Hayden is an executive of Canada's OMERS Ventures.

The fund will be based in Toronto and Atlanta. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Kirti Pandey)