Singlestep Technologies Closes $5.3 million of Series B Funding. Funds being used to support growth and demand for Unity product and include hiring of companies first COO

Singlestep Technologies, a developer of enterprise software solutions for integrating, automating and analyzing network operations, announced that they have closed $5.3 million on an $8 Million B round. The company reports that the funds are being used to support rapid adoption of their Singlestep Unity product, and includes the hiring of Joseph OKonek to the newly created post of Chief Operating Officer (COO).

SEATTLE, WA,(PRWEB) March 1, 2004--Singlestep Technologies, a developer of enterprise software solutions for integrating, automating and analyzing network operations, announced that they have closed $5.3 million on an $8 Million B round. The company reports that the funds are being used to support rapid adoption of their Singlestep Unity product, and includes the hiring of Joseph OKonek to the newly created post of Chief Operating Officer (COO).

The round has been made up primarily from existing and new private investors. With the success that weve had since launching Unity early last year, investors have been excited about getting involved" said Chris Noble, CEO of Singlestep Technologies. With a strong customer base including Alaska Airlines, Apple Computer, Cobalt, Sybase and newly formed channel relationships with industry leading partners like IBM and Ipswitch, were planning to use the B round funds to expand our base.

In addition to the hiring of Mr. OKonek as COO, the company reports that the funds will be used to grow the companys direct sales force, rollout Unity 2.0 with expanded reporting and dashboard capabilities, additional marketing support for both direct and channel sales, and scaling customer support.

This is an exciting time to be joining Singlestep," adds Joe OKonek. Weve passed the threshold of proving theres a need in the market for our technology and products, and now its about growing the business successfully and profitably. I bring experience to the team of taking start-up companies to sustainable profitability twice over the last ten years."

Mr. OKonek has held several executive positions in the Telecommunications and Internet industry including AT&T Wireless and US West Cellular, and was President of Far EasTone Telecommunications in Taipei, Taiwan (Taiex: 4904, a Joint Venture between the Far Eastern Group and AT&T Wireless). Mr. OKonek will be responsible for directing day-to-day operations of the companys expanding direct sales force as well as Human Resources, Finance, Facilities and other functions and will be reporting to Mr. Noble.

The company expects the round to close sometime this quarter, but adds that with their existing revenue pipeline, they are in a position to push the closing date out as needed. With our current financial projections, we expect to be operating at positive cash-flow by Q3 of this year, so we are going to balance the final $2.7 million with how aggressively we decide to add expenses," added Mr. Noble.

Singlesteps customers include Alaska Airlines, Apple Computer, Cobalt, Seattle Mariners, Sybase, Speakeasy and others and are one of IBMs first Autonomic Computing Business Partners (http://www-306.ibm.com/autonomic/partners/singlestep.shtml).

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About Singlestep Technologies

Headquartered in Seattle, Washington, Singlestep Technologies Corporation develops enterprise network management software for integrating, automating and analyzing network operations. Companies like Alaska Airlines, Apple Computer, Cobalt, Seattle Mariners, Sybase, Speakeasy and others are using Singlestep Unity to cut IT expenses while improving the performance of their business network. Unity gives customers an easier way to first integrate their infrastructure investments, and then easily automate these time-consuming and expensive manual operations all while capturing this information for reporting and analysis. For more information about Singlestep, Singlestep Unity, or our partner programs, visit: www.singlestep.com, http://www-306.ibm.com/autonomic/partners/singlestep.shtml, or email: info@singlestep.com

VNOS, Visual Network Operating System and Singlestep Unity are trademarks of Singlestep Technologies, Corp. in the United States and other countries.