Fortiva addresses all aspects of effective email communication management - storage, security, regulatory compliance and legal discovery
Toronto, ON (PRWEB) September 19, 2005
Fortiva Inc., a provider of email archiving solutions for compliance, legal discovery, and email storage management, today announced the completion of its Series A round of funding. The announcement follows a period of accelerated growth during which the company extended the funding round to include investment from Cargill Ventures. Fortiva has raised a total of $8 million in equity financing to date from Cargill Ventures, Ventures West and Mclean Watson Capital.
"Fortiva addresses all aspects of effective email communication management - storage, security, regulatory compliance and legal discovery," said Paul Bieganski, Managing Director and CTO, Cargill Ventures. ÂPaul Chen and the Fortiva team have done it before, and now they have once again built an extremely compelling yet simple and user friendly solution. Fortiva has a great product for companies of all sizes, whether with 100 mailboxes, 1,000, or 10,000.Â
According to industry analyst group, Radicati, the email archiving segment is predicted to continue to grow significantly over the next three years, with total vendor revenues expected to reach $4.4 billion by the end of 2009. This growth is being driven by regulatory compliance legislation, an increasing emphasis on establishing sound corporate governance principals, and the growing use of email as evidence during legal discovery.
ÂDemand for email archiving solutions is on the rise among businesses, and as a result, we are making significant inroads among businesses in a variety of sectors,Â said Paul Chen, President and CEO, Fortiva. ÂBy extending our series A round to include another venture capital financer, we are further strengthening our position in the growing email archiving market by expanding product development and marketing efforts.Â
Fortiva's managed solution for email archiving, launched earlier this year, helps businesses create, implement and enforce a policy for email archiving and retention, while storing archived data on Fortiva's highly secure, reliable and scalable infrastructure. Using proprietary DoubleBlind EncryptionÂ technology, Fortiva's hybrid model is the first to offer total data privacy in a managed solution, while offering the flexibility and integration typically available only in a software solution. This is achieved by encrypting all customer data before it leaves the corporate network, and maintaining it in encrypted form both in transmission and storage. Archived data can be easily accessed through a Web browser interface, resulting in end-user productivity and storage management benefits.
About Fortiva Inc.
Fortiva is a leading provider of managed email archiving solutions for regulatory compliance, legal discovery and email storage management needs. With headquarters in Toronto, Canada, and offices in Connecticut, California, and Washington, Fortiva delivers its customer-driven solutions through a strong network of strategic partnerships as well as a direct sales force. For more information on Fortiva, visit http://www.fortiva.com.
About Cargill Ventures
Cargill Ventures (http://www.cargillventures.com) invests in early stage technology-driven companies that enhance business processes, growth and innovation in global industries relevant to Cargill. Cargill Ventures maintains offices in San Mateo, Calif., and Minneapolis. It is a business unit of Cargill, http://www.cargill.com, an international provider of food, agricultural and risk management products and services. With 124,000 employees in 59 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed. Additional information about Cargill Ventures is available at: http://www.cargillventures.com.
About McLean Watson Capital
McLean Watson is one of Canada's leading private venture capital investors. Based in Toronto, Canada, McLean Watson also has offices in Ottawa and Singapore. Investors in McLean Watson's funds include several of Canada's largest pension funds and money managers, as well as leading members of the technology and financial services industries. McLean Watson focuses on investments in the technology sectors. For more information, visit http://www.mcleanwatson.com.
About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada's leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 130 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. Investments focus on four technology sectors: Biotechnology, Communications, Energy Technology and Information Technology. For more information, visit http://www.ventureswest.com.
For more information:
416.368.8348 ext. 267
416.366.6666 ext. 383
# # #