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OpSource Caps Series 'A' With $2 Million Investment From Artiman Ventures
$6.5 Million Raised in Initial Round Will Be Used for M&A and General Business Operations
SANTA CLARA, Calif., -- March 26, 2003 -- OpSource, Inc., a next-generation IT infrastructure services company, announced it has closed its series "A" funding round with the addition of a $2 million investment by Artiman Ventures. In total, OpSource has raised $6.5 million in total equity investment for this initial round. While still relatively new, through a combination of direct sales and acquisitions, OpSource has already grown into a leading provider of managed IT infrastructure services with 30 customers and operations in four major U.S. markets.
"OpSource's growth potential, as demonstrated in the company's first seven months of operations, make the company an attractive investment in a mission-critical area of IT services," said Farrokh Billimoria, general partner of Artiman Ventures. "With an experienced management team, customer traction that includes well-known Fortune 500 companies, and innovative technology and services, we believe OpSource is well positioned for profitable growth."
Artiman's general partner Farrokh Billimoria will join OpSource's board of directors. Other members of the board include Treb Ryan, OpSource CEO and co-founder, Jim McLean, partner at ComVentures, and Mark Spagnolo, president and founding partner of The Spagnolo Group.
"We appreciate the opportunity to work with venture capital firms like Artiman with extensive experience supporting early stage IT service companies and who share our vision for the future of IT operations infrastructure management," said Treb Ryan, CEO and co-founder of OpSource.
OpSource plans to use the funding it has raised for general business operations as well as M&Amp;A activities.
M&Amp;A Contributes to Strong Business Development Effort In 2003
In today's economic environment, some of the best opportunities to create value for customers, employees and shareholders are through the consolidation of services assets. OpSource has the experience, processes and technologies to successfully execute mergers and acquisitions while improving margins and the quality of service it offers existing and new customers. OpSource processes and services ensure quick and transparent transition of customer IT infrastructure to OpSource services while its generalized management platform, based on Web services technology, enables efficient and uniform management of disparate technologies and services.
Since it secured its initial funding in August 2002 from ComVentures and Angel Investors, the company has successfully acquired two IT services organizations: Accelica (November 2002) and EYT Managed Services Group (February 2003) and it has developed a customer base of 30 customers which includes Johnson Controls, Microsoft, Nuvelo and Walden Media.
"Combining organic growth with the successful acquisition of two companies all within our first year of operations demonstrates our team's ability to grow our business while improving margins and without sacrificing quality of services," said Ryan.
About Artiman Ventures
Artiman Ventures is a venture capital firm focused on investing in early stage Information Technology companies. With over two decades of entrepreneurial experience, the Artiman team includes former industry professionals, analysts, founding entrepreneurs and venture capitalists. Over the past decade, Artiman and its principals have been fueling IT and telecommunications innovation through investments in companies like Exodus, iManage, InfoVista, Mirapoint, Merlin Systems, OptronX, and Photuris.
About OpSource
OpSource is a next-generation IT infrastructure services provider to Global 2000 companies. The company combines innovative technologies, proven processes and experienced people to create services that are flexible enough to suit a company's specific business needs and yet deliver real, predictable and measurable value to a company's business operations. The company is headquartered in Santa Clara, CA with additional operations in Los Angeles, New York City and Chantilly, VA. For more information about OpSource, visit the company's web site at opsource.net
