Trigence Secures $8 Million in Series B Financing from BDC Venture Capital, GrowthWorks and VenGrowth Capital Partners
Application Virtualization Company Delivering on the Promise of
Virtual Computing at the Application Level
Jersey City, NJ and Ottawa, ON – Feb. 5, 2007 – Trigence, the leader in virtualization at the application level, today announced it has raised $8 million in new financing. The investment brings Trigence’s total venture funding to $17.5 million. The additional funding, which is led by GrowthWorks and includes existing investors BDC Venture Capital and VenGrowth Capital Partners, will be used to meet demand by extending the technology to additional platforms and accelerate sales through marketing and strategic partnership programs.
“The management of applications is one of the major line items on a company’s IT balance sheet. As this issue grows in complexity and scope, Trigence can continue to take advantage of a significant opportunity for sustained success in this critical area of application virtualization,” said Tim Lee, Vice President, Investments, GrowthWorks. “GrowthWorks looks forward to helping Trigence continue on its growth trajectory.”
With Trigence AE, legacy and newly developed applications are virtualized and encapsulated into independent, moveable objects that can be relocated within Solaris and Linux operating systems to virtually any setting without compromising functionality. By turning applications into self-contained capsules, Trigence AE dramatically improves application manageability in Linux or Solaris environments and eliminates the need for reconfiguration or reinstallation to migrate, update, or move applications.
“Application virtualization is fundamentally changing the way IT departments view application management,” said David Roth, President and CEO, Trigence. “The current state of application management is inflexible, leaving most organizations with an overburdened data center marked by increased cost and inefficiencies. Our Series B financing allows us to accelerate the development of additional platform support for Trigence’s application virtualization software to further prove that customers can gain control of how, when and where they run their applications to reduce costs, increase customer responsiveness and deliver a measurable business value.”
Trigence targets enterprises with data-center and distributed server environments. IDC, a premier global provider of market intelligence, estimates the current worldwide market to be 7.2 million Linux servers, growing at an annual rate of 20 percent, and over one million Solaris servers. Additionally, analysts are predicting more than 40 percent of new server demand to be virtualized by 2010.
“Application management is a difficult, yet critical challenge for all IT organizations, however Trigence offers organizations a new approach by enabling them to run legacy applications on new hardware and operating systems – eliminating costly migration pains,” said Ron Warburton, Director, BDC Venture Capital. “An experienced management team, in-depth knowledge of this high growth market, notable international customers and sound partnerships all position Trigence to become the worldwide leader in application virtualization”
About BDC Venture Capital
BDC Venture Capital focuses on early stage investing of technology-based businesses that have high growth potential and are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has invested in over 400 different companies. It currently manages approximately $550 million in venture capital assets invested in the areas of Life Sciences, Telecommunications, Information Technology and Advanced Technologies. Notable investments include Trialstat, Grantium, Tundra, Creo Products, Neturion and Tarian Software. For information, visit www.bdc.ca.
About GrowthWorks
GrowthWorks is a recognized leader in venture capital fund management with proven experience in the raising, investing and managing of capital. GrowthWorksTM managed funds, including the Working Opportunity Fund, GrowthWorks Canadian Fund, GrowthWorks Commercialization Fund, and GrowthWorks Atlantic Venture Fund, have approximately $800 million in combined assets. GrowthWorks has a team of skilled and knowledgeable investment professionals with a combined 200 years of experience. The Investment team has a proven track record of identifying, analyzing and structuring investments in emerging sectors. For more information, visit www.growthworks.ca.
About VenGrowth Capital Partners
With over $1 billion in assets under management, VenGrowth is Canada's largest private equity and venture capital firm managing both retail and institutional assets. Since 1982, VenGrowth's accomplished private equity managers have invested over $1.1 billion in over 180 companies, building a strong track record of successful portfolio transactions. These investments have been made on behalf of over 180,000 individual investors and leading pension funds, banks, insurance companies and family foundations. Portfolio companies benefit from VenGrowth's substantial experience, resources, and hands-on investment style. VenGrowth's offices are located in Toronto (Corporate Headquarters) and Ottawa. For more information, please visit www.vengrowth.com.
About Trigence
Trigence provides a new approach to IT management by encapsulating and liberating applications from underlying OS and server-level dependencies. The application virtualization technology not only simplifies common tasks like migration and re-configuration, but also harnesses heterogeneous applications and brings them together into a structured, standardized environment for dramatically improved manageability. Organizations in the financial services, government and technology sectors use Trigence solutions to significantly reduce the cost and complexity of IT management across the enterprise. Privately-held Trigence is based in Jersey City, NJ with offices in Ottawa. For more information, please visit www.trigence.com.
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CONTACTS:
Kim Pegnato
BluePoint Venture Marketing for Trigence
781-861-7800
