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Metaserver Secures $10 Million in New Financing
Sales to several major firms boost interest in New Haven software firm
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CONNTACT.COM
10/30/2002
By: Conntact.com
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Press Release
NEW HAVEN, Conn., Oct 30, 2002 /PRNewswire via COMTEX/ -- Metaserver, Inc., a developer of best-of-breed Business Process Integration (BPI) software, today announced it has secured additional financing. Based on its significant market traction and strong positioning as the leader in providing BPI solutions to the mid-market, Metaserver is adding a new group of strategic investors that are providing $10 million in investment capital in a Series D offering. This latest round brings the total capital raised by Metaserver to date to $41 million.
Metaserver's Series D financing comes at a time where venture financing is at its lowest point in ten years. With this financing, Metaserver has maintained its valuation from its prior financing in the summer of 2000.
"We believe Metaserver's ability to complete this private placement and maintain its valuation, especially in this environment, is a testament to the potential value the company's solutions provide to customers," said John DiFucci, Director, Equity Research at CIBC.
BPI is the solution to a critical industry need to integrate systems and automate processes. The mid-market is especially important since these companies traditionally have not been able to benefit from integration solutions. In the past these solutions have been too large, costly and time consuming to implement. Metaserver is focused on solving this very problem.
Recent customer successes with Matanuska Telephone Association, Oregon Department of Transportation, Providence Washington and Phoenix Wealth Management demonstrate Metaserver is the right solution to the right market at the right time. In addition, Metaserver continues to strengthen its channel by adding strategic partnerships, such as the recently announced joint offering with XML Global. Other recent milestones include the October launch of Metaserver 4.0, the company's most significant version of its product to date as validated by key industry analysts and customers.
"We are pleased to be working with such a great group of customers and partners," explained Richard Schultz, CEO of Metaserver. "Our focus on providing unparalleled BPI solutions to the mid-market has enabled these organizations to deliver top-notch projects utilizing limited resources within short timeframes. With this financing, Metaserver has the capital we need to continue to grow and support our rapidly expanding customer and partner base."
"Affordable Business Process Integration is critical to businesses today. Metaserver's solution is, perhaps, the most cost-effective one available, yet it is elegant, powerful and user friendly. This additional investment represents a vote of confidence in the Metaserver technology and in its people," said Craig Eisenacher, Managing Director, Century Capital, a previous Metaserver investor and board member.
With this funding, Metaserver plans not only to invest in expanding sales and marketing initiatives, but to form an Advanced Solutions Group focused on cutting-edge technology geared towards providing solutions specifically for the mid-market.
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