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OpSource Closes $15 Million Series D Funding Round Led by Crosslink Capital
Santa Clara, Calif., June 12, 2007 -- OpSource™, the Software as a Service (SaaS) delivery experts, announced today that it has closed a $15 million Series D financing round. OpSource will utilize these funds for ongoing business development and to accelerate the worldwide adoption of OpSource On-Demand™, the leading web application delivery platform in the US. OpSource On-Demand enables companies to quickly and securely offer applications on-demand.
The financing was led by Crosslink Capital including participation from Artiman Ventures. This latest financing brings total funds raised by OpSource to $47 million. OpSource also announced that Crosslink's Gary Hromadko has joined the board of directors.
"Crosslink invested in OpSource because it has established a highly differentiated position as the leading provider of infrastructure and application services for Web-based solutions. OpSource has an exceptional management team, both strategically insightful and operationally strong. We expect great things from the company." said Gary Hromadko, Crosslink Capital venture partner.
Treb Ryan, OpSource CEO, said, "With this additional funding, OpSource is now in a position to meet increasing demand in Europe for delivering on-demand applications. We can also speed the time to market for new services and on-demand applications that will grow the SaaS ecosystem. These activities continue OpSource's legacy as a catalyst for spectacular innovation in the on-demand market."
Saurabh Srivastava, general partner, Artiman Ventures, noted, "OpSource eats, sleeps and breathes the on-demand world, partnering with its customers, sharing their focus and incentive to deliver cost effective, high quality, on-demand products and services. As a testament to OpSource's success, some of the fastest growing and most successful Web 2.0 companies, including, BMC, Business Objects, Coghead, Etology, General Mills, KANA and Ribbit have chosen OpSource as their Web application delivery partner."
OpSource On-Demand
OpSource On-Demand is a comprehensive, award-winning Web application delivery platform that enables companies to quickly and securely offer applications on-demand. OpSource On-Demand offers three important components: 1) a complete operational hardware, software and networking infrastructure, including application management and 24x7 customer-branded end-user support; 2) tools that accelerate revenue generation, such as billing and analytics; and 3) a unique, Success-Based Delivery Model which includes unit-based pricing. This ensures that businesses begin with a modest minimum commitment, and that ongoing increases in revenue will always precede future increases in service delivery cost. Companies can order OpSource On-Demand via an innovative online ordering system that guarantees a best-practices infrastructure will be available within 72 hours.
About Crosslink Capital
Founded in 1989, Crosslink Capital is a leading multi-stage technology venture capital and growth equity firm with over $1 billion in capital under management. Crosslink was the first investment firm in the U.S. to integrate public and private technology investing. This strategy allows Crosslink to partner with its portfolio companies on a long-term basis. With more than 17 years behind it, Crosslink Capital has invested in over 90 companies, including such industry leaders as Equinix (Nasdaq: EQIX), Force10 Networks, Magma Design Automation (Nasdaq: LAVA), Miller Heiman and Virage Logic (Nasdaq:VIRL). For more information on Crosslink, visit the firm's website at http://www.crosslinkcapital.com.
About OpSource
OpSource™, the SaaS delivery experts, is focused on providing the operational infrastructure and ongoing services that enable software companies, on-demand businesses, and Web application providers to deliver and maintain the highest quality Web-based solutions. By choosing OpSource as a SaaS partner, OpSource customers are freed from infrastructure management and can focus on improving applications and acquiring new customers. The OpSource On-DemandSM infrastructure enables businesses to deploy SaaS and Web-based applications quickly, cost effectively, securely, and with high quality standards. Companies at any stage in the application lifecycle, delivering any type of application, can benefit from OpSource's comprehensive services and expertise. OpSource is the only company to offer Success-Based PricingSM, a unit-based pricing model that allows businesses to begin with a modest minimum commitment with expenses scaling only when their revenues increase. For more information about OpSource, visit opsource.net.
