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Wellspring Announces Addition of Jeff Stromatt As VP of Business Development

Stromatt Will Head Newly-Opened Wellspring West Coast Office

CHICAGO, March 3, 2014 /PRNewswire/ -- Wellspring, the leader in enterprise software to manage research and innovation, is pleased to announce the addition of Jeff Stromatt as Vice President of Business Development in Academic Markets.  Based out of Wellspring's newly-opened Seattle office, Mr. Stromatt's addition marks the company's expansion into the West Coast of the United States.

Mr. Stromatt comes with a wealth of experience in the academic technology commercialization market, having spent seven years at Inteum where, as Director of Licensing, he significantly spearheaded growth in domestic and international markets.  He also previously worked as Vice President of Sales for Knowledge Sharing Systems, where he was also responsible for the robust expansion of the company's international presence.  Mr. Stromatt's other experience includes consulting for Microsoft with high potential startups in the Microsoft ecosystem, and in successful leadership roles in sales for knowledge management software companies.

"I am very excited to be joining Wellspring at such a pivotal time in the company's growth, and am looking forward to building and solidifying the market share," said Mr. Stromatt.  "I am very fortunate to be part of a company that is a visionary and industry thought leader, as well as one that successfully executes on its long term strategy, based on that executive vision."

"Jeff is a tremendous addition to our sales team," noted Robert Lowe, Wellspring's Chief Executive Officer. "His experience and successful record of identifying needs and delivering software solutions to a global range of clients will be a key asset in our continued expansion in academic markets."  

The Chicago-based Open Innovation software company was founded in 2003 as a spin-out of Carnegie Mellon University, initially providing technology transfer software solutions to universities and hospitals. Today, Wellspring's Sophia software platform is used in universities across the world, in hospitals such as University Hospitals/Case Medical Center and Children's Hospital of Los Angeles, and by corporations such as Johnson & Johnson Consumer Products, as well as within government departments including the Department of Energy and National Institutes of Health.   Wellspring recently closed $5 million in capital from MK Capital, with plans to strengthen its existing products and provide new technologies in Open Innovation for all sectors of R&D. 

Unlike other Open Innovation platforms, Wellspring's Sophia software enables organizations to innovate faster by accessing knowledge quickly and optimizing investments in research and innovation, all by managing and harnessing the organization's Knowledge Supply Chain. By managing the Knowledge Supply Chain, an organization's network of connections and knowledge assets, companies, universities, and hospitals optimize their research programs to effectively spur new innovations.  In addition to the Sophia platform, Wellspring also acquired Flintbox in 2010, an intellectual property exchange originally founded by the University of British Columbia.

About Wellspring Wellspring is the leading provider of software systems to unify the processes of open innovation, from technology scouting to corporate venturing to in/out-licensing to intellectual property management. The company's Sophia Knowledge Supply Chain Software enables companies, foundations, government agencies, and universities to identify and capture value from knowledge assets and their network of collaborators. For more information, please contact Sara Kronenberg at (312) 643-5100 or visit http://www.wellspringworldwide.com.

SOURCE Wellspring

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