MOUNTAIN VIEW, CA (PRWEB) 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 worldÂs largest private equity firms.
SolidÂs 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 SolidÂs 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. SolidÂs 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.
ÂThis funding comes at a strategic moment for Solid,Â said Jussi Harvela, Solid president and CEO. ÂWe 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. CapManÂs telecommunications business experience and ApaxÂs continued support via its global network will be of great value to us.Â ÂWe have been watching Solid for a while,Â comments Vesa WalldÃ©n, Investment Director at CapMan.
ÂIt 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.Â
ÂWe are very pleased to extend our investment in Solid,Â said Ronald Weissman, Venture Partner at Apax Partners. ÂI 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. WeÂre pleased with the companyÂs progress and with its excellent prospects, especially since SolidÂs technology resides at the heart of next generation networks.Â
About Solid Autonomic Data Management PlatformÂ
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:
Â· A pair of embeddable, lightweight, high-speed database management systems,
Â· A carrier-grade high-availability hot-standby option, and
Â· 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).
Solid Information Technology Corp. delivers the first next-generation Autonomic Data Management Platform. Built on a sophisticated architectural foundation, SolidÂs solutions power inherently distributed applications in the network infrastructure, telematics, digital content delivery and retail applications. Small and large visionary companies including Alcatel, EMC, Hewlett-Packard, Nokia, Nortel, Siemens, and Sonim Technologies use Solid technology in their solutions to build high-performance, fault-tolerant, and scalable smart applications. Solid is a privately held company with worldwide headquarters in Mountain View, California. The company also has regional offices in the U.S., Europe, and Japan. For more information, visit the Solid web site at http://www.solidtech.com.
About CapMan Group
CapMan is one of the leading private equity investors in the Nordic countries and specializes in mid-sized buyouts in various industry sectors, technology investments in the IT and telecommunications sectors and investments in life science companies. CapManÂs team comprises around 80 people in Helsinki, Stockholm, Copenhagen and Oslo. CapMan manages/advises funds with approx. EUR 1.7 billion in total capital, of which approx. EUR 560 million is managed by the affiliated company Access Capital Partners, which invests in European private equity funds. To date, the funds managed by CapMan have invested in 138 companies in the Nordic countries and exited from 60 companies. The latest investments are made in Danish Anhydro Group A/S, in Finnish Setec Oy and in Swedish Serco Sverige AB. CapMan Plc is listed on the Main List of the Helsinki Stock Exchange.
About Apax Partners
Apax Partners is one of the world's leading private equity investment groups, operating across Europe, Israel, the United States and Japan. With over 30 years of direct investing experience, Apax PartnersÂ Funds provide long-term equity financing to entrepreneurs to build and strengthen world-class companies. It pursues a balanced equity portfolio strategy, investing in companies at all stages of development from early stage to buy-out. Apax PartnersÂ Funds invest in companies across its 6 chosen global sectors of information technology, telecommunications, healthcare, media, financial services, retail and consumer. Some of Apax Partners' Funds technology investments include Autonomy, Bluestone, Computacenter, Corvil, Dr Solomons, Fore Systems, HAL, Nexagent, NTL, Systemonic, Preventsys, and Sonim Technologies. For additional information, visit the web site at http://www.apax.com
The Solid logo, Solid Autonomic Data Management Platform, Solid Autonomic Data Management Suite, Solid EmbeddedEngine, Solid BoostEngine, and Solid SmartFlow are trademarks of Solid Information Technology Corp. All other products, services, companies, and publications are trademarks or registered trademarks of their respective owners.
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