Business Layers Closes $25 Million Round of Financing; Investors Cite Market Opportunity.Business & Technology Editors ROCHELLE PARK, N.J.--(BUSINESS WIRE)--Sept. 10, 2001 Business Layers, a leading provider of eProvisioning(TM) solutions, today announced it has raised $25 million in a round of financing. Investors in this round include Canaan Partners, Ascent Venture Partners, Novell Inc., Gemini Israel Funds, Formula Ventures, Israel Seed Partners, and Shlomo Kramer, co-founder of Check Point Software. The completion of this round brings the total investment in Business Layers to $50.6 million. "We are very excited about the progress Business Layers has made in the Provisioning space," said Jim Furnivall, General Partner of Canaan Partners. "The company has exceeded its investors' expectations and has achieved a leading position in one of the hottest IT market segments today." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. recent research entitled, Cost-Benefits of Resource Provisioning Solutions by Jonathan Penn, Senior Industry Analyst at Giga Information Group, "The benefits of implementing a Provisioning solution are increased IT efficiency, fewer help desk calls, improved user productivity for new hires and tightened security." "We view this investment as 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. endorsement of our strategy, especially given the difficult state of the capital markets," commented Izhar Shay shay n. Informal A chaise. [Back-formation from chaise (taken as pl. )] Noun 1. , President 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 Business Layers. "This funding puts us in a position to expand our leadership in the rapidly growing Provisioning space. We intend to use these funds to provide additional value to customers and partners, and to continue to develop breakthrough eProvisioning technologies and products." eProvisioning, the process of allocating digital resources according to business needs, was introduced to the marketplace by Business Layers and has been endorsed by global organizations, IT and networking vendors, system integrators, analysts and investors. A recent J.P. Morgan report The Morgan Report was an 1894 report concluding an official U.S. Congressional investigation into the events surrounding the Hawaiian Revolution of 1893, including the alleged role of U.S. calls Provisioning "a leading candidate for the next hot market," with an estimated growth of 80% CAGR CAGR See: Compound Annual Growth Rate over the next three years, and an addressable Reachable. When something is addressable, it can be identified and manipulated independently of its surroundings. For example, screen pixels and RAM memory are addressable. Each of the screen's picture elements can be individually turned on and off, and each of the memory's bytes can be market potential of $1.0 billion. About Business Layers, Inc. Business Layers, Inc. is a leading developer of eProvisioning software designed to enhance the productivity and security of global organizations. The company's 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. , eProvision Day One(TM), enables its customers to improve time-to-productivity and reduce operating costs by securely and efficiently integrating employees, partners and vendors into existing IT infrastructure. Business Layers is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. with leading international investors including Canaan Partners, Ascent Venture Partners, Novell Inc., Gemini Israel Funds, Formula Ventures, Israel Seed Partners, and Garage Technology Ventures. Headquartered in Rochelle Park, NJ, the company has offices throughout North America, Europe and Israel. For more information, please contact Business Layers at 877-552-9377, or visit www.businesslayers.com. |
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