Atlanta is becoming an INTERNET hub
IBA Completes Second Round of Venture
Financing; Opens Atlanta Office
March 12, 1998
BURLINGTON, Mass.--(BUSINESS WIRE) via NewsEdge Corporation --
$3 Million in New Funding Demonstrates Increased Demand for
Internet Business Applications
Internet Business Advantages, Inc. (IBA), one of the leading new Internet consulting
and systems integration firms, announced today the completion of its second round of
venture capital financing. This round of funding, totaling $3 million from venture capital
firms Greylock Management and Sigma Partners, will be used for geographic expansion
including the opening of a new IBA regional office in Atlanta. IBA's new Atlanta office,
located at Suite 310, 11575 Great Oaks Way, Alpharetta, Georgia, will be under the
direction of David Vest, general manager for IBA's Southern region. The office will serve
as the central headquarters for IBA operations in the Southeast region.
"Internet professional services has been a key area of interest for us and we see IBA as
one of the strongest companies in this arena," said Bob Davoli, general partner at Sigma
Partners. "IBA's management team brings exceptional industry knowledge,
technological expertise and business focus. They are a key player in the fast growing
market for customized Internet/intranet business solutions."
"We are pleased to provide additional funding to IBA and are extremely pleased with
the company's progress," said Chip Hazard, partner at Greylock Management. "IBA
continues to attract some of the most talented people in the industry and their client
satisfaction is exemplary."
As part of Sigma's investment, Davoli will join the IBA board of directors. Greylock has
been a previous investor in IBA and Hazard currently holds a position on IBA's board.
"We are very enthusiastic about Sigma's and Greylock's investments in IBA and their
confidence in the IBA team. This funding, coupled with the new Atlanta office,
underscores the success we are achieving for our clients," said Max Mayer, president
and CEO of IBA. "We look forward to furthering our strong market presence and
fulfilling the increased demand for Internet-based business solutions particularly in the
area of customer service. Our business first approach coupled with our strength in
integrating Internet technology with front-end web-based transactions and back-end
legacy systems is resonating with clients' needs."
About Sigma Partners
Sigma Partners is a privately held venture capital partnership organized in 1984,
currently managing four funds with combined capital of over $300 million. Robert Davoli,
who joined Sigma in 1995, now sits on the Board of eight privately held companies.
Because of the Sigma team's extensive knowledge and experience in the fields of
computers, electronics, software, and communications, Sigma Partners invests primarily
in technology-based companies. Some of these companies include Vermeer
Technologies, Cascade Communications, Atria Software, Internet Security Systems,
Edify, International Network Services, and GeoTel Communications.
About Greylock
Founded in Boston in 1965, Greylock is a private venture capital firm with committed
capital of over $775 million. Greylock has provided equity capital and support to more
than 250 developing companies, primarily in the information technology and health care
industries. To date, over 105 have become publicly held, with a current market
capitalization in excess of $55 billion, and another 80 have merged successfully with
other companies. These companies include Ascend Communications, Avid Technology,
Checkfree, DoubleClick, Kiva Software, Legato Systems, Open Market, and Raptor
Systems.
About Internet Business Advantages, Inc.
Headquartered in Burlington, Mass., Internet Business Advantages (IBA) is a
professional services firm that provides design, development and support for
Internet/Intranet-based business solutions which help clients achieve dramatic returns
through the application of Internet technology to customer, partner and employee
interactions. For more information on IBA, please visit its Web site at
www.IBAconsulting.com.
CONTACT: Internet Business Advantages | Jane McFarland, (781) 272-3344 x104 |
jmcfarland@IBAconsulting.com | or | Goff Communications | Marcia Goff or Michael
Goff, (508) 429-0788 | mkgoff@ultranet.com
[Copyright 1998, Business Wire] |
