Castek secures $10 million series B financing Round Led By International Venture Capital Firm.Business/Technology Editors TORONTO--(BUSINESS WIRE)--June 28, 2001 Investments by p3 Technology Partners, CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company Capital Partners and Altamira Management Ltd. confirms Castek as emerging leader in insurance business systems A third round of funding from a group of firms with experience in technology will help Castek Software Factory Inc. (www.castek.com) advance product development and propel pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin market access, Castek Chief Financial Officer Fay Wu announced here today. The $10 million funding, from the Netherlands-based p3 Technology Partners -- and Toronto-based CIBC Capital Partners and Altamira Management Ltd. -- was completed earlier this month. The funding marks the first Canadian investment by p3, a Dutch VC fund backed by bank-insurers ING and Achmea, and the third time that Altamira has participated in a Castek placement. Castek has created a number of acclaimed ac·claim v. ac·claimed, ac·claim·ing, ac·claims v.tr. 1. To praise enthusiastically and often publicly; applaud. See Synonyms at praise. 2. enterprise software products for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry in the U.S. and Canada, including Insure Insure can mean:
"p3's investment strategy is to seek out high-growth, innovative companies with established customers and track records of performance in the financial services industry," said Peter Huisman, partner with p3 Technology Partners. "Castek has consistently demonstrated the ability of its solutions to service critical, core business drivers and needs in this sector, and is clearly positioned to capture global leadership." "As a leading investor in technology, we're very pleased to continue our support of Castek by investing in this current round of financing," said Steve Masson, Vice President, Equities for Altamira. "We have had consistent confidence in Castek's ability to bring innovation to market." "Castek is a Canadian success story," Wu went on to say. "Ninety per cent of our business originates in the U.S. We are very pleased to have earned the confidence of p3 and CIBC, as well as the continued support of existing shareholders such as Altamira, in completing this round of financing. Given the current state of capital markets for technology, this says a great deal about Castek." About Castek Castek Software Factory Inc. is a successful, privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that specializes in business-critical software for the financial services industry, with a specific focus on property/casualty insurance. Founded in 1990, Castek is recognized in the industry as a leading practitioner of component-based development. The company has offices in Toronto and Ottawa, Ontario -- and Cary, North Carolina Cary is the second largest municipality in Wake County, North Carolina and the third largest municipality in The Triangle (North Carolina) behind Raleigh and Durham. It is the seventh largest municipality in North Carolina. -- and was named to the Top 100 Independent Canadian Software Canadians have been contributing to the development of computer software from the beginning of the 1940s. In 1979 the Basic Software Group was formed by Norm Francis, Ted Comfoltey, Keith Wales and Don Thompson. Companies in the Branham 300 rankings. |
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