New TL/SFE investment FYI:
Wednesday August 27 4:55 PM EDT
Company Press Release
Reliant Data Systems Secures Second Round of Venture Capital Investment
Austin Ventures and TL Ventures To Provide Additional $6 Million in Funding
AUSTIN, Texas--(BUSINESS WIRE)--Aug. 27, 1997--Reliant Data Systems Inc., a leading provider of enterprise-class data migration solutions, today
announced that the company has secured $6 million in venture capital funding from Austin Ventures and TL Ventures.
The company has now attracted a total of over $8 million of venture funding, following the initial $2.25 million investment by Austin Ventures in July 1996.
``We are delighted to have added a second experienced venture partner such as TL Ventures,'' said Russ Caccamisi, President and CEO of Reliant.
``Our company has grown significantly since our first round of funding from Austin Ventures. In the last year, we have successfully introduced our initial DCLE
Engine product to the market, built a world-class management team, and established our distribution channels. This round of venture funding will enable us to
exploit new market opportunities. We are particularly excited about the opportunity of enabling large-scale applications and database system suppliers to build
an embedded version of DCLE into their products.''
``In evaluating Reliant, we liked everything we saw,'' said Mark DeNino, General Partner at TL Ventures. ``The company has a strong and defensible
technology base, an outstanding management team, and a clearly defined sales and marketing strategy. We are particularly impressed with Reliant's market
opportunity for its embeddable product.
``An added motivation for us was the synergy of Reliant with other companies that TL Ventures has funded. All of the elements are in place for a successful
investment.''
``We were excited about Reliant's prospects a year ago when we first started working with the company,'' said Joe Arragona, General Partner of Austin
Ventures. ``Watching the company's accomplishments over the past year and looking at their prospects for the future, we are more enthusiastic than ever. We
believe that Reliant can be a major force in the large and growing market for data migration tools.''
About DCLE
Reliant's Data Conversion, Loading and Extraction Engine (DCLE Engine) is an industrial-strength engine designed to move massive amounts of data, without
time-consuming and costly manual programming.
It is a multi-user, platform-independent, scalable tool that allows users to convert data from virtually any format and platform to virtually any other format and
platform. Beyond simple data movement, the DCLE Engine provides sophisticated data transformation, manipulation and cleansing capabilities.
About Austin Ventures
Austin Ventures is the largest venture capital firm in the Southwest with approximately $500 million under management in five funds. The firm invests in early
stage technology and non-technology companies based in Texas and the Southwest and in communication companies nationwide.
About TL Ventures
TL Ventures manages over $540 million of committed capital, with a focus on early to middle stage information technology and biotechnology companies. TL
Ventures is associated with Safeguard Scientifics, Inc. (NYSE:SFE), a strategic information systems company.
About Reliant Data Systems
Reliant Data Systems Inc. is a pioneer in the data migration tools industry. The company's breakthrough DCLE Engine simplifies the data migration task
associated with application conversions, data warehousing and a myriad of other specialized data migration tasks, such as conversion of databases to conform
with the Year 2000, and migrating data to Web sites.
The DCLE Engine has been proven to reduce the time and cost of data migration by up to 90% when compared to traditional methods. In addition to
providing state-of-the-art software, Reliant offers a comprehensive range of consulting and support services. The company is privately held and is located in
Austin.
Contact:
Reliant Data Systems, Inc.
John Reece, 512/238-0400
johnr@reliantdata.com
or
Dave & Bairey Communications
Fiona Hughes, 510/672-9547
fiona@dbcomm.com |
