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ALACRITY SYSTEMS RAISES $4 MILLION IN FIRST ROUND OF VENTURE CAPITAL FINANCING

 ALACRITY SYSTEMS RAISES $4 MILLION
 IN FIRST ROUND OF VENTURE CAPITAL FINANCING
 HACKETTSTOWN, N.J., Jan. 14 /PRNewswire/ -- Alacrity Systems, Inc. today announced that it has closed a $4 million round of venture capital financing designed to fund marketing, sales and customer support activities for the company's Desktop Document Manager.
 The Alacrity Systems Desktop Document Manager is the first product that enables users to quickly and easily store and manage paper and fax information with their Windows-based PC. The Desktop Document Manager transforms the PC into: an electronic storage and retrieval system for paper and fax documents; a fully functioning plain paper fax machine; and a personal copier. In addition, the Desktop Document Manager speeds printing from any Windows application by 500 percent.
 Suggested retail price for the Desktop Document Manager is only $1,999. The product began shipping in the fourth quarter of 1991.
 Edelson Technology Partners, Olivetti and other institutional sources participated in the financing, which was approved by the Alacrity Systems board of directors in late December.
 "This financing is another major milestone in the growth of Alacrity Systems," said Jim Folts, president. "Now that we've conceived the product and completed our development cycle, this financing will allow us to bring the Desktop Document Manager to market in an aggressive fashion. We will enhance our company's staffing in key areas and implement an aggressive marketing plan," continued Folts. "It will play a critical role in facilitating the transformation of Alacrity Systems from a development company to one that is staffed and equipped to sell, market and support our new product."
 According to Ray Bosso, a partner in Edelson Technology Partners who led the financing effort, "We believe there is a tremendous market for Alacrity's product. The Desktop Document Manager can improve the efficiency of virtually any office environment, by dramatically reducing the time and effort spent managing paper and fax information."
 Alacrity Systems, Inc. specializes in the development and manufacture of desktop document management systems for personal computers, and other solutions for printing, image processing, image retrieval and electronic publishing. Alacrity is a privately held company, headquartered in Hackettstown, N.J.
 -0- 1/14/92
 /CONTACT: Jim Folts, president of Alacrity Systems, 908-813-2400, or Gary Baker of Technology Solutions, 212-505-9900, for Alacrity/ CO: Alacrity Systems, Inc. ST: New Jersey IN: CPR SU: FNC


JT-TS -- NY043 -- 9545 01/14/92 12:13 EST
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Publication:PR Newswire
Date:Jan 14, 1992
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