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
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.
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
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.
SOURCE Optinuity(R), Inc.