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Jay Fudemberg departs Pure Markets by Kit Menkin
http://two.leasingnews.org/photos/Fudemberg_Jay.jpg Leasing News has confirmed that Jay Fudemberg has departed after five years of building the company to became the largest http://www.leasingnews.org/elease/elease.htm The web site states: Pure Markets is the leading provider of enterprise solutions for equipment finance. "Our powerful web-based tools, online marketplaces and expert services enable corporate borrowers and funding sources to finance equipment with lower costs, streamlined process and superior results. " Over 300 corporate borrowers and 250 funding sources. " Deep executive management team comprised of seasoned industry professionals from leading finance and technology organizations, including GE Capital, Bank of America, Credit Suisse First Boston, Sun Microsystems, Oracle and IBM. " Well capitalized by blue-chip investor group, including Crosspoint Venture Partners, Canaan Partners, Sun Microsystems, Mitsui & Co., Ltd. and J. & W. Seligman." "Led by founder and CEO Jay Fudemberg, Pure Markets has assembled a team of expert professionals from leading financial institutions such as GE Capital, Bank of America, and Wells Fargo, as well as from top technology companies like IBM, Sun Microsystems and Oracle. "Jay Fudemberg is the founder and CEO of Pure Markets. Previously, Jay directed the origination, financing and development of large infrastructure projects throughout Europe, Africa and the Middle East for Enron International until 1996. Jay was also a management consultant with Bain & Co., where he helped create and implement strategies for increasing the growth, competitiveness and profitability of financial service, technology and manufacturing companies. Prior to Bain, Jay spent five years as a software engineer and manager at System Applications Engineering, Inc. Jay holds an M.B.A. from Stanford University, as well as multiple academic honors. He is a frequent speaker on the evolution of electronic commerce and its role in transforming today's economic institutions." According to the transcript from CEOcast, July 24, 2000, “ I was a senior executive at Enron Corp., running Europe and the Middle East, where I was responsible for a lot of project development. I was heavily engaged in project financing, equipment financing, and structured financing, and found these efforts to be more inefficient, time-consuming and expensive than need be. As the Internet started to bubble up, it became very clear to me that there was a much better way of conducting secured financing, and I left Enron to found the company.” A top inside source for PureMarkets said that everyone was "up-beat" about the decision...Fudemberg was "high profile, " had "implemented the general plan" and more importantly, "he raised $50 million for this company," but it was "time for him to leave." In an interview for up-dating the web leasing Leasing News site, Fudemberg stated the company sales were doing very well, despite other aggregate leasing companies having to raise new capital, and reportedly behind in their lease arrangements with companies such as Comdisco and Pentech Financial. It also was reported that CapitalStream after they had raised $21 Million for “strategic acquisitions” and failed to win the bid for Decision Systems, were after an “aggregate funding” operation. They evidently are in a new direction, concentrating on the “banking sector.” http://www.capitalstream.com/AmericanBanker.pdf Capital Stream recently acquired CapitalThinking Inc., a vendor of process automation and risk management software products for the commercial lending and commercial mortgage industry. Where Fudemberg will wind up, do not know, but Leasing News offers him a free classified ad by going to: http://64.125.68.90/LeasingNews/PostingForm.asp
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