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Solid Secures $14M in B Round Investment to Solidify Leadership Position in Automatic Data Management - International Investors CapMan and Apax Partners Co-Lead Investment Round
Solid Information Technology Corp., the leading provider of an Autonomic Data Management Platform, today announced that it has secured an additional US$14M (11.7M Euros) in series B investment financing. The round was co-led by funds managed/advised by CapMan, a Nordic private equity investor, and Apax Partners, one of the worlds largest private equity firms.
MOUNTAIN VIEW, CA APRIL 23, 2004 -- Solid Information Technology Corp., the leading provider of an Autonomic Data Management Platform, today announced that it has secured an additional US$14M (11.7M Euros) in series B investment financing. The round was co-led by funds managed/advised by CapMan, a Nordic private equity investor, and Apax Partners, one of the worlds largest private equity firms.
Solids compelling and unique vision, strong product and technology, seasoned management team and demonstrated ability to execute secured the investment. The funds will be used to extend Solids sales and marketing reach as well as positioning it to make strategic technology acquisitions.
Solid develops and markets the first carrier-grade Autonomic Data Management platform that delivers embedded data management, high availability and distributed data replication. Solids technology powers network infrastructure devices like VoIP switches, general purpose network application servers, and media gateways, as well as telematics applications such as fleet management.
This funding comes at a strategic moment for Solid, said Jussi Harvela, Solid president and CEO. We have established a substantial presence in network infrastructure applications. Now that the networking market is recovering from its downturn and volume shipments are on the way, we are strategically positioned to capitalize on world-wide market growth. Investment from prestigious players like CapMan and Apax Partners validates the wisdom of our business model and recognizes the strength of our existing customer base. CapMans telecommunications business experience and Apaxs continued support via its global network will be of great value to us. We have been watching Solid for a while, comments Vesa Walldén, Investment Director at CapMan.
It has the right profile for us to invest: a strong management team, a mature product that already has significant market traction, and diverse expanding markets. The network infrastructure is moving towards a software orientation, after many years of focusing on hardware, and developers are realizing they need a robust data management platform for all their applications. Solid fits this niche perfectly. Also, Solid is well positioned to move into emerging markets like telematics and digital content distribution.
We are very pleased to extend our investment in Solid, said Ronald Weissman, Venture Partner at Apax Partners. I have watched the company mature nicely over the last several years. Despite the telecom downturn, Solid has assembled an impressive customer base, developed world-class technology and a great team. Were pleased with the companys progress and with its excellent prospects, especially since Solids technology resides at the heart of next generation networks.
About Solid Autonomic Data Management Platform
The Solid Autonomic Data Management Platform is the first example of a data management solution that assures developers the data will take care of itself. The Solid platform supports the creation of applications that are self-configuring, self-healing, self-optimizing and self-protecting. The Solid Autonomic Data Management Platform is a software suite made up of three tightly coupled components:
· A pair of embeddable, lightweight, high-speed database management systems,
· A carrier-grade high-availability hot-standby option, and
· Asynchronous data distribution technology
This optimized combination is encapsulated in a low-maintenance framework to create an easy-to-manage platform that can take care of sophisticated data management needs in complex environments like network infrastructure applications running on blade servers. Solid customers realize dramatically reduced cost of development and reduced time to market. Their customers see a compellingly low total cost of ownership (TCO).
Company: CapMan Group
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