Digital Harbor Secures $11 Million In Series B Financing
Financing from FTVentures and Insight Venture Partners caps year of 100 percent growth for company
Friday, July 29, 2005
Reston, VA – Digital Harbor, Inc., a leading provider of software for building and using composite applications, today announced the completion of an $11 million Series B round of financing led by FTVentures with participation from its existing investor, Insight Venture Partners. The investment caps a year of 100 percent growth for the innovative software company, which will use the funds to expand sales and marketing activities, particularly in the financial services industry.
“This financing will allow us to capitalize on the growing awareness of, and demand for, composite applications,” said Rohit Agarwal, Digital Harbor’s founder and CEO. “We are delighted to have FTVentures as a new investor and board member; the firm brings us valuable insights into, and an international network of connections within, the financial services industry, a key target market for Digital Harbor. Additionally, we could not be where we are today without Insight Venture Partners, and we value their continued support and deep knowledge of the enterprise software market.”
Digital Harbor’s PiiE platform helps enterprises easily build composite applications and make intelligent decisions by seamlessly linking real-time information from many systems in a single, contextual application. This ability to combine their existing information systems enables enterprises to extract more value from them at a fraction of the time, cost and skill level of traditional approaches.
“The problem that Digital Harbor addresses – helping users get a composite view of how information is related across systems – is the most fundamental challenge major corporations face, as they wrestle with cross-functional issues in such areas as compliance, risk management and cross-selling,” said Bob Barrett, Partner at FTVentures and new Digital Harbor board member.
“Digital Harbor’s business model changes the economics of developing composite applications and we are convinced that with our experience and our global network of major financial services firms, we will be able to help position Digital Harbor at the forefront of the next big growth wave in enterprise software,” added Mark Lotke, Partner at FTVentures and also a new Digital Harbor board member.
“We think composite applications will be the dominant paradigm for the next generation of enterprise solutions. Digital Harbor has developed a breakthrough technology that will change the way we think about integration and application development, and will lead to significant growth opportunities for the company” said Jerry Murdock, co-founder and managing director of Insight Venture Partners.
FTVentures provides capital to growth companies to finance organic expansion, acquisitions, recapitalizations and buyouts. The firm invests in software and business services companies that derive value from its unmatched Global Partner Network, which includes 38 of the world’s leading financial institutions. FTVentures’ Global Partner Network provides the firm with a unique vantage point into the business driven IT and operating challenges of the global enterprise. Founded in 1998, FTVentures currently has $623 million under management with offices in San Francisco and New York. For more information, please visit www.ftventures.com.
About Insight Venture Partners
Insight Venture Partners, with over $1 billion in funds under management, is the leading venture capital firm focusing exclusively in the software sector. Insight invests in growth-stage companies developing technology-based solutions that solve complex problems for the corporate enterprise. Headquartered in New York, Insight has taken a global approach to software investing in a market where speed, domain expertise, and the ability to execute are the foundations of success. Insight has built a strong global reputation for being a value-added partner to senior management of growth-stage software companies (www.insightpartners.com).
About Digital Harbor
Headquartered in Reston, Va., Digital Harbor develops PiiE, the leading platform for intelligent composite applications. The company’s customers include defense, intelligence and financial services sector enterprises and partners. These firms use PiiE to get more value from existing systems by combing in them in dynamic, contextual solutions for compliance, customer services, logistics, risk management, cross-selling and homeland security. Digital Harbor is the recipient of the prestigious 2005 Crossroads A-List award and has been named one of the Top 100 Private Companies by both Red Herring and KPMG/AlwaysOn (www.digitalharbor.com).
MINDSHARE PR, DIGITAL HARBOR