AristaSoft Investment:
AristaSoft Secures $68 Million in Funding Led By Azure Capital
8/28/00 5:46:00 AM
Source: PR Newswire
URL: cnetinvestor.com
Partners With Participation From Eight Leading Firms Investment Endorses Successful Execution of Company's Strategy to Provide Industry-focused Integrated Business Process Services Using the ASP Model
MOUNTAIN VIEW, Calif., Aug. 28 /PRNewswire/ -- AristaSoft Corporation, a leading provider of integrated business process services for the high-tech equipment industry, announced today that it has received a total of $68 million in its third round of financing. Azure Capital Partners led this round with the largest investment the firm has made to date in the application service provider (ASP) space. Existing investors, Warburg Pincus and Crosspoint Venture Partners, also participated in this round with significant additional investment. Several other new investors joined this round including C.E. Unterberg Towbin, Enron Broadband Services, a subsidiary of Enron Corp. (NYSE: ENE), Palomar Ventures, Morgan Stanley Dean Witter & Co. (NYSE: MWD), CastleRock Partners and Agile Software Corporation (Nasdaq: AGIL).
The new round of funding increases the overall venture investment in AristaSoft to $103 million validating the successful execution of the company's strategy to provide industry-focused integrated business process services leveraging the emerging ASP delivery model.
"AristaSoft has created a solution that delivers substantial value for emerging, hyper-growth high-tech equipment companies, a prime market for this kind of network-enabled services," said Cameron Lester, a managing partner at Azure Capital Partners. "Given the dramatic growth in this broad vertical area, AristaSoft's market opportunity is huge, and we believe that the company is well positioned to be the dominant player in this space."
Successful Execution of Industry-focused Integrated Business Processes Strategy
AristaSoft was founded with the vision of providing network-based services to support integrated business processes across an industry's value chain. Last week, AristaSoft announced another key milestone in the progress towards its vision with general availability of the core set of integrated business processes for the customer-facing, internal and supplier-facing functions required by its target customers. (See separate press release, "AristaSoft Delivers Core Set of Integrated Business Processes For The High-Tech Equipment Industry," issued Aug. 24, 2000).
"This month, on the one year anniversary of initiating support for our first customer, Turnstone Systems, we also announced the deployment of our first integrated, end-to-end business process solution at TollBridge Technologies," said Drew Hoffman, president and CEO of AristaSoft. "Closing this round represents a great endorsement of our ability to execute against our vision. This investment will allow us to accelerate the execution of our plan and continue delivering the value we promise to our customers -- helping them grow their businesses faster to maximize their shareholder value."
"The high-tech equipment industry is an early adopter of virtually integrated value chain business models that create significant impact on shareholder value as demonstrated by several Fortune 500 companies like Dell and Cisco," said Cary Davis, managing director at Warburg, Pincus & Co. "AristaSoft is enabling the adoption of these leading business practices by emerging, hyper-growth companies while minimizing the time, resources, risk and investment traditionally required."
"AristaSoft's vertical approach combines deep domain expertise with business applications resulting in efficiency and value to a demanding customer base," said Rich Shapero, managing partner of Crosspoint Venture Partners. "We identified the promise of this vision early and are pleased to have participated in the venture from the beginning as well in its growth over time. As an innovative service provider, we believe AristaSoft has the technology, vision and demonstrated operational expertise to continue to be the pace-setter in its market."
About Azure Capital Partners
Founded earlier this year, Azure Capital Partners is a newly-formed venture capital fund focused on Internet infrastructure technologies.
About Warburg Pincus
Warburg Pincus is a major global private equity investment firm that has invested more than $10 billion in over 400 diverse companies since 1971. The firm manages approximately $10 billion in assets invested in 29 countries. Since establishing its Information Technology Team in 1988, Warburg Pincus has invested approximately $1 billion in this sector on a global basis. Warburg Pincus' Silicon Valley portfolio includes BEA Systems, Inc., Chemdex Corporation, Covad Communications and Veritas Software. Based in New York, the firm also has offices in Silicon Valley, London, Munich, Hong Kong, Tokyo, Singapore and Sao Paulo.
About Crosspoint Venture Partners
Crosspoint Venture Partners, a leading early-stage private equity investment firm, leverages its capital base of $2 billion to provide the financial means and strategic guidance that enables development and growth of important new enterprises. The firm focuses on two emerging market segments: B2B, including Vertical Service Providers, Enablers and Exchanges as well as the Communications Infrastructure segment. Crosspoint's portfolio has achieved record returns with landmark investments in Ariba, Inc., Avanex Corporation, Brocade Communications Systems, Covad Communications, Digital Island, Inc., Efficient Networks, Inc., Foundry Networks, Inc., and Juniper Networks, Inc. Formed in 1970, the company has offices in both Woodside and Irvine, Calif., and can be reached at (650) 851-7600 www.cpvp.com.
About AristaSoft Corporation
AristaSoft enables emerging, hyper-growth high-tech equipment companies to build bigger businesses faster by providing integrated business process services based on deep, industry-focused domain expertise and a portfolio of relevant enterprise-class applications delivered on a secure, scalable and reliable ASP infrastructure. AristaSoft serves 16 customers through the efforts of more than 280 employees and 30 strategic partners -- all dedicated to the high-tech equipment industry. Founded in 1999, the privately-held company is headquartered in Mountain View, Calif. with offices in Sunnyvale, Calif., Boston, Mass. and Hyderabad, India. For more information, visit www.aristasoft.com or contact the company at (888) 972-9950.
AristaSoft and the AristaSoft logo are trademarks of AristaSoft Corporation. "Grow your business in Internet time" is a service mark of AristaSoft Corporation. All other trademarks are the property of their respective owners.
SOURCE AristaSoft Corporation |
