Cognet Corp. Secures Third Round of Financing from SI Ventures and C.E. Unterberg, Towbin.Business Editors VALHALLA, N.Y.--(BUSINESS WIRE)--June 27, 2000 Cognet Corp., a rapidly growing developer of software management technologies for corporate computing and emerging personal communications devices Typically refers to a terminal used to send voice, video or text. Mobile phones, wireless PDAs and personal computers equipped with microphones, speakers and cameras are all considered communications devices. See modem. , today announced that it has completed a third round of financing from investment firms SI Ventures, an affiliate of GartnerGroup, and C.E. Unterberg, Towbin, respectively, totaling more than $8.0 million. The company has now secured more than $16.5 million in financing. 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. Cognet Corp. 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. Dov Goldman, the company will utilize the proceeds from the investments to fuel its rapid growth, strengthen its financial position, and support development of the next generation of its flagship software management product. "We believe these strategic investments validate the acceptance among corporate and government information technology organizations for our software deployment Software deployment is all of the activities that make a software system available for use. The general deployment process consists of several interrelated activities with possible transitions between them. and management solutions," said Goldman. Sebastian Oghlidos, Associate Director of SI Ventures, noted Cognet Corp.'s software distribution and management technology addresses an increasingly complex and labor-intensive challenge for information technology (IT) departments - managing software across far-flung enterprises. "History doesn't repeat itself; its creation of the `new' that's not easily conceived. Cognet is certainly not about repeating history; it has the talent; it has the `next generation' technology, and now it has the strategic investors," he said. Oghlidos, along with Dr. N. Adam Rin, Managing Director with SI Ventures, will join Cognet's Board of Directors. Steve Novak Steve Novak (born June 13, 1984 in Brown Deer, Wisconsin) is an American professional basketball player currently with the NBA's Houston Rockets. He played college basketball in the NCAA at Marquette University, where he wore the jersey number 20. , Managing Director of C.E. Unterberg, Towbin's Internet Practice, said his firm's investment in Cognet Corp. reflects Unterberg's interest in companies with proven technologies, an established customer base, and an opportunity to become a dominant player in their respective fields. "Cognet Corp. has developed some outstanding software management technology that helps companies efficiently control and maintain their software lifecycles," said Novak. "There's a significant need in the marketplace for the solution they offer, and they're already starting to 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>. that market opportunity. We are particularly excited about some of Cognet's Internet initiatives." Under terms of the investments, C.E. Unterberg, Towbin committed $3.5 million in March of this year, while GartnerGroup affiliate SI Ventures and an associate investment partner committed $3 million in June. Both organizations received preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. for their investments. An additional investment by C.E. Unterberg, Towbin and SI Ventures in the amount of $5 million is scheduled to occur this fall. Headquartered in Valhalla, NY, Cognet Corp. is a rapidly growing developer of software management technologies for corporate computing and personal communications devices. Its 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. , Cognet 3.1, is a highly customized electronic software distribution solution that allows network administrators to automatically distribute and maintain applications for a range of networked desktop, remote and mobile devices. For further information, visit Cognet Corp.'s Web site at www.cognet.com or call 914-747-0770. FORWARD LOOKING STATEMENTS Statements used in this press release that relate to future plans, events, financial reports or performance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined under the private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially form those anticipated as a result of certain risks, uncertainties and assumptions, including but not limited to, market acceptance of the Company's products, adverse economic and market conditions, governmental regulation and regulatory uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Cognet Corp. undertakes no obligation to republish re·pub·lish tr.v. re·pub·lished, re·pub·lish·ing, re·pub·lish·es 1. To publish again. 2. Law To revive (a libel or a canceled will). or revise forward-looking statements to reflect anticipated or unanticipated events or circumstances after the date hereof. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion