Optinuity Receives $6 Million in Series B Investment
Funding Led by Edison Ventures
BETHESDA, Md., April 19 /PRNewswire/ -- Optinuity(R), Inc., an authority in automating some of the most complex IT environments, today announced that the company has closed a $6 million series B round of investment. Edison Ventures, a firm leading the Mid-Atlantic region in private equity, led the round with participation from the original Series A investors, New Enterprise Associates (NEA), Venrock Associates and Mid-Atlantic Venture Funds (MAVF). Optinuity has raised a total of $12.5 million since 2004. Optinuity(R) also announced that Joe Allegra, General Partner of Edison Ventures, will join Optinuity(R)'s board of directors. Allegra brings additional depth to the board with his strong technology, marketing and operational background. Allegra was previously a co-founder and CEO of Princeton Softech, which he guided to $40 million in revenue. Princeton Softech was named twice to the INC. 500 list of fastest growing companies. "It's always been our focus to invest in the best management talent and the best technology markets," said Joe Allegra, General Partner of Edison Ventures. "Scott Stouffer is a proven executive who excels at building high growth companies. A talented team, combined with customers who have an urgent need to reduce IT complexity and a market-ready automation solution that quickly improves operational efficiencies and reduces costs, is clearly a recipe for success." "An increasing number of companies are looking at automation strategies as a way of managing the complexity of their distributed IT applications and environments," said Scott Stouffer, CEO of Optinuity(R). "We are thrilled to receive such enthusiastic support from Edison Ventures. We regard it as recognition of Optinuity(R)'s accomplishments to date and a testament to the greenfield of opportunity this market for automation solutions represents." Optinuity(R) will use the additional capital to build on the success of C2O(R), the software at the heart of their IT automation platform, by continuing to build out its large-scale customer implementations, grow its sales and operations teams and pursue partnering opportunities. About Optinuity Optinuity(R) provides IT process automation software to bring control, scalability, and efficiency to traditionally chaotic and human-intensive application support and data center management activities. Optinuity's C2O(R) software, the most scalable run book automation (RBA) solution available today, is delivering automation benefits for world-class, complex datacenter environments within leading telecommunication, financial service, and healthcare organizations. Optinuity is headquartered in Bethesda, MD. For more information, please visit www.optinuity.com or call 800-301-7909. About Edison Ventures Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses. Initial investments range from $4 to 7 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases. Edison's 15 investment professionals are based in Lawrenceville, NJ, West Chester, PA, and McLean, VA. Industry specialties include application software, communications, education, financial services, healthcare & pharmaceutical IT and electronics. Edison's successes include ACT!, BTG, Gain Capital, Liberty Tax, MathSoft, Netegrity, Princeton Financial, Virtual Edge and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $500 million under management and is actively making new investments. www.edisonventure.com
SOURCE Optinuity(R), Inc.
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