|
|
|
Metaserver Gets Its Dough
Garners $10M in fourth-round private placement
|
Business New Haven
11/11/2002
By: BNH
|
NEW HAVEN - Software developer Metaserver Inc. has attracted a $10 million venture capital investment. The company says it will use the money to expand sales and marketing efforts, according to Richard Schultz, Metaserver's chief executive officer.
Schultz said Metaserver has raised a total of $41 million in venture capital over four rounds of financing. The company attracted its first round of financing in 1997.
Metaserver's Series D financing comes at a time where venture financing is at its lowest point in ten years. With this round 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 of equity research at CIBC.
Metaserver's announcement comes on the heels of a survey that found that Connecticut companies brought in 51 percent less money than during the same period a year ago.
The latest MoneyTree survey, sponsored by PricewaterhouseCoopers, Venture Economics/National Venture Capital Association, also revealed that venture capital funding was down nearly 24 percent from the second quarter of this year.
Metaserver is a developer of business process-integration (BPI) software, primarily for mid-market organizations and enterprise users.
"We are pleased to be working with such a great group of customers and partners," explained Schultz. "With this financing, Metaserver has the capital we need to continue to grow and support our rapidly expanding customer and partner base."
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
