Lizzie: Any thoughts on this private company's potential...
Company Profile
170 Systems provides advanced, Web-deployed solutions that enable e-businesses to capture and manage all of their information online, collaborate and optimize intra-company and B2B transactions. The company excels in business process enhancement, content management, imaging and workflow technologies, with an emphasis on tight integration with Oracle-based enterprise applications.
Since its founding more than ten years ago, 170 Systems, Inc. has grown steadily and profitably, while continually expanding its product set, solutions and customer base.
170 Systems solutions are deployed in more than 40 countries around the globe, enhancing and streamlining mission-critical business processes and operations.
170systems.com
170systems.com
170systems.com
170systems.com
170systems.com
170 Systems, Inc., A Provider of Enterprise Software for Streamlining Business Processes, Secures $14 Million in Series A Funding from Polaris Venture Partners
Revenue-Stage, High-Growth Software Company Will Use Additional Funds to Expand Global Operations, Sales, and Marketing
Cambridge, Mass - April 16, 2002 - 170 Systems, Inc., a leading provider of business process management software product solutions for Global 1000 enterprises, announced today that it has secured $14 million in series A funding from Polaris Venture Partners. This is the first time that the company has taken venture financing. The funds will be used to fuel the company's global expansion, sales, and marketing efforts. It was also announced today that Jonathan Flint, co-founder and managing general partner at Polaris Venture Partners, and Dave Barrett and John Gannon, Polaris general partners, will join the 170 Systems Board of Directors.
"The team at 170 Systems is exceptional; they have organically grown a first-rate, profitable enterprise software business," said Jonathan Flint. " We're excited to help them expand their business globally. There is a large market for their solutions because 170 Systems reduces cost and helps companies become more efficient."
170 Systems develops and implements information management and business process enhancement software products for Global 1000 organizations that have deployed enterprise applications in finance and accounting, CRM, procurement, order management, project management/billing, and human resources. The company has grown rapidly over the past three years by capitalizing on the demand for technologies to enhance and streamline mission critical business processes, an area in which IT investment has remained strong regardless of recent fluctuations in the economy. 170 Systems solutions are currently deployed in 40 countries around the world. Customers include British Telecommunications, Sandia National Laboratories, and various agencies within the US Government.
"We're very pleased to work with Polaris Venture Partners to help us continue to capitalize on this extraordinary global market opportunity," said Karl Büttner, president and CEO of 170 Systems, Inc. "Demand for our solutions is growing rapidly and we felt that it was the right time to partner with a venture firm. We were looking for a venture group where the partners have had both successful investment and operating experience in our industry -and Polaris was a perfect fit. With portfolio companies like Powersoft, Solidworks, Allaire, and Akamai, Polaris has an extraordinary track record in helping to build enterprise software companies."
ABOUT 170 SYSTEMS
170 Systems, Inc. provides enterprise software products that enable Global 1000 organizations to capture and manage all of their information online and optimize both intra-company and business-to-business processes. 170 Systems products enhance business processes in financial, procurement, customer relationship management, human resources, project management, and self-service software applications. 170 Systems solutions are used today by Global 1000 organizations worldwide, in all industries, to support and streamline mission-critical business processes and operations. The company is headquartered in Cambridge, MA. For more information about 170 Systems, contact 1-800-788-6170 or +1-617-621-0900 or visit www.170systems.com.
About Polaris Venture Partners
With over $2 billion under management, Polaris Venture Partners is a partnership of experienced venture capital investors and technology executives. Polaris assists entrepreneurs in building exceptional information and medical technology companies. Polaris-backed companies include: Akamai Technologies, Inc. (NASDAQ: AKAM); Allaire Corporation; Aspect Medical Systems (NASDAQ: ASPM); Centra Software (NASDAQ: CTRA); deCODE Genetics (NASDAQ: DCGN); Paradigm Genetics (NASDAQ: PDGM). Former Polaris-backed companies have included: Advanced Inhalation Research (AIR) (sold to Alkermes), and Solidworks (sold to Dassault Systemes). The company has offices in Boston and Seattle. More information about Polaris Venture Partners is available at www.polarisventures.com. |
