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Business Engine Revs Again

Software vendor Business Engine Inc. is getting the equivalent of a corporate Botox injection -- a bit of new money, some executive changes, and a tweak to the underlying tissue.

The firm announced $4 million in series A funding and a new CEO today as it plans the launch of its next product (see Business Engine Revs Up ).

Oak Investment Partners, Technology Crossover Ventures, and Morgan Stanley Venture Partners all participated in the round.

Mark Strauch, Business Engine's former COO, has taken over the reins from Doug Dickey, who is gearing up for retirement, according to Kazim Isfahani, the companys vice president of marketing. “Quite literally, he is going back to the ranch,” he says, although he adds that Dickey will remain with the company in an advisory role.

Business Engine is one of a number of vendors, including big names such as IBM Corp. (NYSE: IBM) and Computer Associates International Inc. (CA) (NYSE: CA) as well as startups ProSight Inc., UMT, and PlanView, that are targeting an area called "project and portfolio management." These Web-based applications let firms deploy portals that can be used to monitor and compare different projects and their economic effects on a company.

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