Award-Winning Rendition Networks Secures $6 Million to Expand Sales and Extend Product Leadership.REDMOND, Wash. -- Ignition Partners Leads Current Round of Financing along with Madrona Venture Group, Menlo Ventures and Northwest Venture Associates Rendition ren·di·tion n. 1. The act of rendering. 2. An interpretation of a musical score or a dramatic piece. 3. A performance of a musical or dramatic work. 4. A translation, often interpretive. Networks(R), provider of the award-winning network configuration control solution, TrueControl, today announced that it has secured $6 million in new funding. Ignition Partners, a premier venture capital firm in the software industry, led the round with participation from existing investors including Madrona Venture Group, Menlo Ventures and Northwest Venture Associates. Rendition Networks' flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , TrueControl, is recognized as the leading network configuration control solution having recently won comparative product reviews in prestigious industry publications such as InfoWorld, Network Computing Storing and/or running applications in servers in a network. See cloud computing and network computer. and NetworkWorld. Leading global enterprises such as Countrywide Financial Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. (NYSE NYSE See: New York Stock Exchange :CFC CFC See: Controlled foreign corporation ) rely on TrueControl to ensure network regulatory compliance, security and availability across their corporate network infrastructure. "We've seen an incredible increase in the demand for TrueControl over the past year as enterprises increasingly make IT risk mitigation, especially network compliance and security, a top priority," said Raghav Kher, 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 Rendition Networks. "This new funding, along with the addition of Ignition Partners to an already stellar set of previous investors, positions us strongly to extend both our business and product leadership." TrueControl's comprehensive configuration control capabilities give organizations the ability to enforce policy and regulatory compliance in real-time, enhance network security, proactively prevent network outages A network outage is an interruption in availability of a system due to the communication failure of the network. Network outages cost money directly to the organisation (for example Banks, Airlines, Online Transaction companies); or cost money indirectly to customers ISP, , and also to quickly recover when an outage out·age n. 1. A quantity or portion of something lacking after delivery or storage. 2. A temporary suspension of operation, especially of electric power. does occur. TrueControl also integrates device configuration activity with helpdesk and fault management systems. "Rendition Networks has executed flawlessly by delivering a category-leading product and attracting an impressive list of marquee Fortune 500 customers, and we're excited about the prospects for future growth," said Ignition Partners' General Partner Cameron Myhrvold. "Timing is critical for success, and Rendition Networks has done a great job of capitalizing on the wave of increased regulatory oversight facing large enterprises." As part of this funding Myhrvold, Greg Gottesman and Frank Artale will join Rendition Networks' board of directors. Gottesman is a managing director with Madrona Venture Group. Artale, a former Microsoft and VERITAS Software Veritas Software Corp. was an international software company that was founded in 1983 as Tolerant Systems, renamed Veritas Software Corp. in 1989, and merged with Symantec in 2005. It was headquartered in Mountain View, California. executive, was most recently the CEO of Consera Software, which was funded by Ignition Partners and recently acquired by HP. Artale will assume the role of chairman of the board. Pricing and Availability TrueControl version 3.1 is available today. Pricing is based on the number of managed nodes and begins at $19,950 for 50 managed nodes. For more information about TrueControl and to arrange an evaluation, e-mail sales@renditionnetworks.com or call 425-636-2121. About Rendition Networks Rendition Networks is the leading provider of network configuration control software. Its flagship product, TrueControl, tracks and regulates changes -- in real-time -- across routers, switches, firewalls, and load balancers to provide greater accountability and insight for network changes, thereby ensuring compliance with regulations such as Sarbanes-Oxley and dramatically reducing downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. and increasing the security of a company's network infrastructure. The company is privately funded by Ignition Partners, Madrona Venture Group, Menlo Ventures, Northwest Venture Associates, Bertelsmann Ventures, and Vulcan Ventures. More information is available at: www.renditionnetworks.com. About Ignition Partners Ignition, headquartered in Bellevue, Wash., is a premier venture capital firm founded by leaders in the software, Internet, communications and wireless industries dedicated to igniting winning businesses in software, telecommunications and network infrastructure. Founded by former Microsoft and McCaw Cellular Communication senior executives, Ignition's partners and principals all have operational leadership experience in the software, Internet, communications and wireless industries. www.ignitionpartners.com. |
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