Salt Lake-based TenFold Corp. on Tuesday announced that Robert W. Felton, a long-time company director and early investor, had purchased about 3.9 million shares of TenFold's common stock at 18 cents per share in exchange for $700,000 in cash.
Felton is the former chairman and chief executive officer of Indus International, an enterprise asset management software provider.
"This new investment in TenFold stands as a milestone in our far-reaching turnaround and renewal as a growth technology company," said Nancy Harvey, TenFold's president and chief executive officer, in a prepared statement.
"This investment, by an experienced software industry entrepreneur and long-time TenFold supporter, is a terrific vote of confidence in our future."
TenFold licenses its Universal Applications technology for applications development.