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SOA Acceleration Software Company OpenSpan Secures $13 Million of C-Round Funding

FTVentures and Globespan Capital Partners Co-Lead Round Also Featuring Re-Investments from Matrix Partners

OpenSpan announced that it closed $13 million of C-round venture capital funding. The round was co-led by FTVentures and Globespan Capital Partners, and included re-investments from Matrix Partners, Sigma Partners and Imlay Investments. The funding will help OpenSpan accelerate its growth with strategic new hires, expanded operations, including international markets, and continued investments for building out the company’s innovative client-side integration technology.

With the recent release of the OpenSpan Platform v4.0, the industry’s preeminent solution for the rapid service-enablement of desktop and legacy applications, OpenSpan continues to be an innovator in the application and data integration market. In 2007, OpenSpan revenues grew 440 percent with the company signing up 30 new customers, nearly half of which came from outside of North America. OpenSpan’s 2008 revenue has already exceeded all of 2007, and the company will use the new funding to maintain this momentum.

“As a growth capital investor in software companies that deliver exceptional value to the financial services industry, FTVentures is very familiar with the desktop productivity and legacy modernization challenges that OpenSpan addresses,” said Liron Gitig, principal at FTVentures. “Five of the financial institutions in our Global Partner Network already rely on OpenSpan to improve customer service, drive productivity gains, create up-sell revenues and ensure compliance. We are highly confident that the OpenSpan Platform will deliver exceptional value throughout the financial services industry and across other industries as well.”

“OpenSpan has experienced widespread adoption of its technology on a global basis, and we feel the company has the infrastructure and leadership team in place to build on this growth,” said Dave Fachetti, managing director, Globespan Capital Partners. “With an extremely unique approach to application integration, OpenSpan is well positioned to continue its global expansion, helping enterprises accelerate SOA deployments and streamlining desktop environments to drive business efficiency improvements.”

“We are always excited to re-invest in companies that have already proven the ability to successfully develop, market and support their products,” said David Skok, general partner at Matrix Partners. “Since day one, OpenSpan has achieved great traction in the market, and the company continues to exceed our revenue expectations. We are looking forward to participating in OpenSpan’s continued growth.”

“With its award-winning integration technology, stellar management team and an IT market hungry for legacy modernization and SOA acceleration technologies, OpenSpan is ideally positioned for rapid growth,” said John Mandile, managing director at Sigma Partners. “We are excited about the company’s performance to date and look forward to an even more successful 2008.”

“In today’s challenging global economy, organizations recognize that they need to do more with less, both in terms of people and technology,” said Francis Carden, CEO of OpenSpan. “Enterprises are increasingly choosing OpenSpan to integrate the legions of un-integrated applications that were a result of years of custom development projects and mergers and acquisitions. OpenSpan expects to deliver productivity improvements to an ever-increasing number of global enterprises and the support of our investors will make this possible.”

OpenSpan also announced that Dave Fachetti, managing director, Globespan Capital Partners, will join OpenSpan’s board of directors and Liron Gitig, principal, FTVentures will join as a board observer.

More Stories By SOA News Desk

SOA World Magazine News Desk trawls the world of distributed computing and SOA-related developments for the latest word on technologies, standards, products, and services and brings key information to you in a timely and convenient summary form.

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