Arsenal Digital Solutions Secures $10.5 Million in Funding; Funding Follows Year of Extraordinary Success in Customer and Revenue Growth.Business Editors/High-Tech Writers CARY, N.C.--(BUSINESS WIRE)--March 24, 2003 Arsenal Digital Solutions (Arsenal), the leading Storage Management Services See SMS. (storage) Storage Management Services - (SMS) Software that enables network administrators to route backup data from various devices on a network to another device such as a server or a magnetic tape backup unit. (SMS (1) (Storage Management System) Software used to routinely back up and archive files. See HSM. (2) (Systems Management Server) Systems management software from Microsoft that runs on Windows NT Server. ) provider, announced today that it has completed a round of financing totaling $10.5 million, bringing the Company's total funding to more than $63 million. Contributing investors in this Series D round of financing include Covestco, Southeast Interactive Technology Funds and Southern Cross Capital. The new funding follows a year of extraordinary success for Arsenal whose customer base expanded by 264 percent while the revenue base grew by more than 215 percent. Arsenal is the fastest-growing provider of storage management services in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Arsenal currently supports more than 700 customers in 22 data centers, and has earned the trust of some of the world's largest companies. The proceeds from this financing will be used to expand services for customers and partners, and to enhance business development. "This strategic round of funding is a resounding re·sound v. re·sound·ed, re·sound·ing, re·sounds v.intr. 1. To be filled with sound; reverberate: The schoolyard resounded with the laughter of children. 2. vote of confidence in Arsenal's business model and our wealth of industry expertise," said Steven Horan, chief financial officer, Arsenal Digital Solutions. "With this new financing, Arsenal will capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its success to further penetrate the market and enhance our service offerings to meet the growing data protection and business continuity needs of our partners and customers." "This financing caps a year of extraordinary success in customer and revenue growth for Arsenal. Arsenal's rapid growth is a testament to the management team's ability to set and execute on its strategic direction," said Norvell Miller, managing director, Southeast Interactive Technology Funds. "We believe that Arsenal will continue to lead the market for storage services due to its accomplished management team, strong partnerships and impressive customer and revenue growth." In 2002, Arsenal was named to Deloitte & Touche's prestigious Technology Fast 50 program for North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , a ranking of the 50 fastest-growing technology companies in the state for its double-digit percentage revenue growth. Early in 2002, the Company named management veteran Frank Brick as chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Company. About Arsenal Digital Solutions Arsenal Digital Solutions, the leading Storage Management Services (SMS) provider, is focused on helping large enterprises solve their data protection and business continuity needs. Leveraging its proven storage and security expertise, Arsenal delivers a comprehensive and flexible suite of storage management services to more than 700 customers at leading Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Data Centers (IDCs) across the world. Headquartered in Cary, N.C., and founded in August 1998, Arsenal is a privately held, venture-backed company. For more information on Arsenal, its solutions and services, visit the company web site at www.arsenaldigital.com. |
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