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OpSource Acquires $20 Million in Investment Including Series 'C' Funding Led by Intel Capital
Santa Clara, Calif., September 18, 2006 -- OpSource announced today that it has received $20 million in investment capital, venture leasing, and credit lines, led by Intel Capital, the venture capital arm of Intel Corporation, and others. The company will use the funds to further develop its Optimal On-Demand SaaS delivery platform.
"We recognize OpSource's success in providing the necessary operational infrastructure and support services that enable budding software companies to grow and flourish," said Jon Kruse, Investment Manager, Intel Capital. "With the Optimal On-Demand delivery platform, OpSource is in a unique position to accelerate its growth leadership in the quickly evolving SaaS market space."
OpSource has also garnered the additional financial support of its existing venture partners, including ComVentures, Artiman Ventures, and Key Venture Partners. "OpSource continually strives for excellence and has solidified the market position of its Optimal On-Demand platform," said Roland Van der Meer, a ComVentures co-founder and the newest member of OpSource's board of directors. "We are pleased to be part of that evolution and are confident that OpSource is poised to meet the future with similar success."
The company, which is nearly four years old, has also won backing from additional leading venture capital firms and financial institutions. Western Technology Investment (WTI), a leading provider of debt financing to start-up and emerging growth companies, is providing venture leasing funds for equipment costs, while Silicon Valley Bank has extended an additional line of credit to the company.
"In the Optimal On-Demand Platform, we have answered the market demand for a turnkey, scalable delivery system to become the leading SaaS enablement and delivery platform," said Treb Ryan, OpSource CEO. "We will continue to drive innovation in SaaS delivery while extending our leadership in this market by broadening our offerings into new application areas."
About Intel Capital
Intel Capital, Intel's venture capital organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$4 billion in more than 1,000 companies spanning more than 30 countries. During this time, about 160 portfolio companies have been acquired and another 150 have gone public on exchanges around the world. In 2005, Intel Capital invested about US$265 million in about 140 deals with approximately 60 percent of funds invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
About ComVentures
ComVentures (www.comventures.com) is a venture capital firm strategically investing in the companies that are defining the new era of communications—from Internet and mobile applications down through the underlying infrastructure. With $1.5 billion under management, ComVentures' partners have invested in more than 100 companies. Current investments include: Firefly Mobile, Fabrik, MarketTools, Zantaz, Azul, Caymas Systems, FyreStorm, OpSource, Vyatta, and FilmLoop. Prior investments include: SiteSmith (acquired by MFN), Broadcom, Arbinet, Chromatis (acquired by Lucent Technologies), P-Cube (acquired by Cisco Systems), Intruvert Networks (acquired by McAfee), Kagoor Networks (acquired by Juniper Networks) and Monterey (acquired by Cisco Systems).
About OpSource
OpSource™, the SaaS experts, is solely focused on providing the operational infrastructure and ongoing services that enable software companies to deliver and maintain the highest quality Software as a Service (SaaS) solutions. By choosing OpSource as a SaaS partner, the software company is free from infrastructure management and can focus on improving its applications and finding new customers. OpSource's Optimal On-Demandsm infrastructure enables software companies to deploy SaaS quickly, effortlessly, and without risk. Software companies at any stage in the application lifecycle, delivering any type of application, can benefit from our comprehensive services and expertise. OpSource is the only company to offer Success-Based Pricingsm, our per unit pricing model which allows companies to begin with a minimum commitment, and expenses scale only as revenue increases. For more information about OpSource, visit opsource.net.
