Board of Directors

Raymond Spencer

Chairman, Capgemeni Financial Services Global Business Unit

Following the acquisition of Kanbay International by Capgemini in early 2007, Raymond launched and was CEO of Capgemini’s Financial Services Strategic Business Unit. Raymond brings more than thirty-five years of leadership in international business, management planning, technology, finance, organizational culture, and mergers and acquisitions.

Previously, Raymond was Chairman and CEO of Kanbay International, Inc. Through Raymond’s leadership and vision, Kanbay became one of the top five performing IPOs on the NASDAQ in 2004, and was ranked #9 on BusinessWeek's Annual “Hot Growth Companies” list in 2005.

Raymond’s strength lies in driving significant change and growth through large, complex, multicultural and international projects for both big business and grassroots organizations. His organizational, cultural and leadership initiatives have benefited a wide range of multinational and Fortune 500 corporations, micro-economies and rural communities alike, in eighteen countries.

Raymond was born in Adelaide, South Australia, and attended law school at the University of Adelaide.

Ellen Carnahan

Principal at Machrie Enterprises LLC

Ellen has twenty years of private equity investment experience. She joined William Blair Capital Partners (WBCP) in 1988, after ten years of management experience in the software and financial services industries. During her tenure at four of seven WBCP prior funds, she led the technology investment team and is recognized as “one of the 100 most influential women in Chicago” by Crain’s Chicago Business. Ms. Carnahan has served on the boards of directors of over 25 companies, and currently serves as a director of technology/services companies Vericept, Talent Drive and BPX; and, is a director of Integrys Energy (NYSE: TEG).

Prior to her venture capital career, she was Vice President of Marketing & Planning at SPSS, a then-$30 million applications software company (now public), and Manager of Financial Planning & Analysis at Trailer Train Company, the largest operator of railroad flatcars.

She is a Board member of many non-profit and entrepreneurial organizations including the Illinois Venture Capital Association, the Illinois Technology Development Account investing Treasury funds in Illinois funds, TiE Midwest, The Chicago Network, and Communities in Schools Chicago.

Ms. Carnahan is a CPA and holds a BBA from the University of Notre Dame and an MBA from the University of Chicago.

Jonathan Murray

Managing Director, Early Stage Partners

Jonathan leads technology investments. He is increasingly turning his attention to On-Demand and SaaS software platforms, particularly in the automation of marketing. Among his investments are TOA Technologies, OnShift, Amplifinity, Unitask, and Ayalogic.

Prior to joining Early Stage Partners in late 2000, Jonathan was President of Incubation Services, a strategy consulting firm that provided strategy development, business planning, and financial consulting to early stage companies in life sciences and information technology. Among his clients were Athersys Inc., Aelita Software, IdeaStar, and the Edison BioTechnology Center (EBTC). Prior to forming Incubation Services, Jonathan was President of Volk Optical, a Mentor, Ohio, manufacturer of lenses used by ophthalmologists.

From 1991 to 1997, Jonathan served in a variety of capacities for Spectra Laboratories, a Silicon Valley-based provider of clinical testing services to kidney dialysis clinics, rising to the position of Director of Marketing.

Jonathan is a graduate of George Washington University, where he studied Biology and English Literature, and an M.B.A. graduate of the University of Michigan.

Timothy J. Patton

Chairman and Principal Shareholder; Patton Holdings

From 1981 to 1988, Tim held progressively higher management positions at McGaw Labs, the Intravenous Products Division of American Hospital Supply.  From November 1988 to the present, Tim has initiated the startups of six successful companies.  He is presently the Chairman and Principal Shareholder of Patton Holdings, a diversified holding company with controlling interests in Jordan Reese Supply Company, a distributor of respiratory products into Veterans’ Administration Hospitals.

A resident of Ann Arbor since 1983, Tim has been married for 26 years to Shann Patton. They have six children. He is a graduate of Miami University in Oxford, Ohio.