Managed Objects Secures $13 Million in Private Placement Financing
FTVentures leads investment in Business Service Management company
MCLEAN, VA – Managed Objects, a Business Service Management company, today announced that it has secured $13 million in private placement financing. The placement was led by Financial Technology Ventures (FTVentures), a firm focusing on mid- to late-stage companies that develop technologies that benefit the financial services industry.
Managed Objects is the developer of Formula software, the leading Business Service Management platform for Global 2000 companies in a wide range of markets, including the financial services industry. Customers include Dell Computer Corporation, Fidelity Investments, Merrill Lynch and Reuters. This is Managed Objects’ final round of private funding.
“FTVentures invests in companies that combine superior technology with a sound business approach,” explains Richard Garman, a managing member of FTVentures who now sits on Managed Objects’ board of directors. “In Managed Objects, we saw a first class product, an impressive Global 2000 client list and a management team guided by a long-term business perspective. Managed Objects’ software enables customers to truly leverage the massive investments they have made in their IT infrastructures by correlating IT data to business metrics and services in real-time.”
Managed Objects’ revenue more than tripled in 2001, powered by a customer base that doubled in size. Siki Giunta, Managed Objects’ president and chief executive officer, notes, “In the past year, the technology industry has seen valuations drop and venture capital dollars dwindle. Yet our placement was oversubscribed, and our valuation was comparable to what it was in our last round of financing. Along with our strong revenue growth, this speaks to the need for our software and our role as a leader in the Business Service Management market. The funding will fuel our ongoing success and leave us well-positioned to achieve profitability.”
Other firms that participated in Managed Objects’ private placement include JMI Equity Fund, Lazard Technology Partners and Fidelity Ventures.
About Managed Objects
Managed Objects is a Business Service Management company. Our software, Formula, lets companies understand how their underlying technology infrastructure impacts top-line business. As a result, they can provide better service to their customers. That is why AT&T, Bank of America, BellSouth, Computer Sciences Corporation, Dell Computer Corporation, Fidelity Investments, Merrill Lynch, Reuters, Verio and others use Formula today. For more information, visit www.managedobjects.com.
Founded in 1998, FTVentures was the first venture capital firm in the U.S. to primarily invest in technologies that benefit the financial services industry. FTVentures now has more than $623 million in total capital under management and remains the primary investment firm for technology companies that develop products and services applicable to financial services. It invests primarily in mid-to-late stage private companies with developed technologies in three key areas: software and infrastructure solutions providers, electronic commerce enablers and payment sector technologies.
FTVentures-backed companies include 7-24 Solutions, Financial Engines, Corillian, Managed Objects, Caplin Systems, Xign, e-Security, PAYTRUST, CapitalStream, E-LOAN, Synchrologic, ValuBond Securities, ValiCert, CrossLogix, and ClearCommerce. FTVentures investors are 39 of the world’s leading financial institutions and include AIG, Bank of America Corporation, BNP Paribas, Charles Schwab, Credit Suisse Group, Deutsche Bank, Development Bank of Singapore (DBS), GE Capital, HSBC Holdings, Key Principal Partners, National City Corporation, Skandinaviska Enskilda Banken (SEB), Standard Chartered Bank, US Bancorp and Wells Fargo.
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